Good afternoon, everyone, and thank you for joining us today for the WAM Capital, WAM Microcap, and WAM Research FY 2026 full-year results and Q&A webinar. This is your company, and we appreciate you taking the time today. We look forward to answering your questions in the latter part of the webinar. I am April Lowis from the Investor Relations team, and today, I am joined by Oscar Oberg, Lead Portfolio Manager, and Tobias Yao, Portfolio Manager. Oscar and Tobias, along with the rest of the investment team, look after WAM Capital, WAM Microcap, and WAM Research. Today, Oscar and Tobias will talk through the full-year results and provide an overview of the investment portfolio. Before we begin, a disclaimer is displayed for you on screen for you to read, and what we discuss today will be general in nature and is not financial advice. I will now hand over to Oscar. Thanks, April, and good afternoon, everyone. Unfortunately, the 2026 financial year is personally the hardest market that I have experienced in my time at Wilson Asset Management, around 11 years, and probably 20 years in markets. It is certainly the hardest market that WAM Capital has experienced since the GFC in 2009. As Geoff and I spoke about at the call in early September, the tough market has meant that the WAM Capital board has chosen to reduce the dividend to a more sustainable level from the AUD 0.155 annualized that we had previously over the last 10 years, to now a target of AUD 0.08. Now, it is important, and I want to reiterate that today, that that is a target, and it is obviously subject to market conditions and of course, our performance across the funds. If you have a look at slide three, now, t his is a summary of the dividend changes that were made. No doubt, we will get some more questions on this on the call, but please feel free to look at the recording that is on our website, but also to call in. We have got an extensive corporate affairs team, and we are here to answer your questions, whether it be on email or on the phone. Now, turning to slide four, and you can see the performance of the four funds that we manage across small caps. I really want to start off with WAM Active today, because I think that is a good demonstration of the divergence that we saw across a number of sectors through 2026. Shaun and I were on a call in early July talking about WAM Active's performance. It was nothing short of spectacular over that period. It is important to note this is a very small fund. It is much smaller than the other three small cap funds that we manage, being WAM Capital, WAM Microcap, and WAM Research. It looks across all spectrums of the market. It looks at small caps, it looks at large caps, and it also looks at industrial companies, and it looks at resources companies. Now, when we got to October of 2025, that first four-month period of the 2026 financial year was very good for all our funds. Industrials did very, very well over that period in time because interest rates were forecast to go down. When this flipped and we went from cutting rates to increasing interest rates, resources did extremely well. A number of commodities such as gold and copper have increased quite in extraordinary way over that period. Shaun did exceptionally well to flip, effectively, the portfolio from 100% industrials to almost all resources. Him and the team had a number of concentrated positions that did exceptionally well. Because of this, you can see the performance being around 76% last year was nothing short of extraordinary. But I thought it was important to note WAM Active, and given the strong resources exposure there, you can see how much it outperformed the other three funds. As I've said many times on these calls, industrials is generally where we like to focus in WAM Capital, WAM Microcap, and WAM Research. This is in sectors such as healthcare, software, retail, automotive. Why is that the case? It's because these are the sectors that best fit our investment process. The resources sector, on the other hand, has many different variables, such as commodity prices, that we need to forecast, and it's generally not something that does fit our investment process. For those three funds, it's generally mostly small cap industrial companies. Now, if you look at the 2026 financial year, and as you can see in WAM Active's performance, resources materially outperformed industrial companies. If we look at small cap resources sector, which is largely dominated by companies in gold, small cap resources outperformed small cap industrials by a massive 30%, and this is one of the best results, really, over the last 30 years. What's more, and we've said this many times on calls, large caps outperformed small caps. It was, I think, the fifth year in a row where this happened, and on average, it's been around 7% per annum over the last five years. The best example of this is BHP. BHP is around 10% of the index. It went up 60% last year. So, 10% of 60%, 6% underperformance. We don't own a share in BHP, and so of course, that impacted our performance. Now, turning to WAM Microcap, and we'll look at this specifically. This is the first year, the 2026 financial year, that we actually underperformed since we launched the fund in 2017. As I said before, resources outperformed industrials by 30%. Approximately 30% of the small ordinaries index is resources, so that was a 9% headwind. We underperformed the market by 8%, so we actually didn't do too badly. The microcap companies are illiquid and really struggle in these tougher periods. When we got to the end of the year and we reviewed our performance, while we're disappointed, clearly, we're okay with it, and it was a very tough year, and that has actually continued into the 2027 financial year. It's WAM Research where I want to spend a bit of time on. WAM Research is really where we apply our investment process, and we invest for the longer term, and we're investing through cycles. We get benefits when interest rates go down, and it means it's more difficult when interest rates go up. We invest, as I said before, across a number of sectors exposed to interest rates, such as software, retail healthcare, automotive, et cetera. Now, as we've said at the call in early September, it wasn't just interest rates that hit these stocks. It was also war, artificial intelligence, and of course, government policy. Now, I don't want to hide behind the fact that this was our toughest year that we've experienced in performance in WAM Research, largely due to our stock picking. We'd come off very good years, 2021, 2022, 2023, 2024, 2025, and a number of the stocks that did very well for us fell by the wayside due to unforeseen events. Unfortunately, the best example of this, well, it's probably not the best, but the most relevant example of this was Tuas, which is a telecommunications company based in Singapore. We had done exceptionally well with this stock. We bought it at AUD 0.50. It went to around AUD 7, I think. And it announced the merger between itself and the number three player in Singapore, M1. All the research we did, the channel checks pointed to this merger happening. There was nothing to suggest it wasn't going to happen. Then, about a day before the merger, a random announcement happened with Tuas saying they'd incorrectly used spectrum in Singapore. The shares fell, I think it was 67% on the day. That was a 6% weighting WAM Research, so call it a 4.5% hit on our performance. So, we had a number of little examples like that. Well, sorry, we had a number of examples of tough stocks. It wasn't as bad as that, but we had a number of those examples. Normally, they get offset by positive announcements, whether it be a takeover or also earnings upgrades. Now, the problem was, because it was so tough, these catalysts that happened, and they always happen for us, it just became a liquidity event for investors to sell. Therefore, the investment performance got hit very, very hard through the 2026 financial year, unfortunately. Now, there's a bit in there, but with WAM Capital, it's generally a 50/50 weighting between WAM Active and WAM Research. As I said before, WAM Active actually performed okay through the 2026 financial year. It was WAM Research that really hit us hard in the portfolio. So, look, in summary, and I said this before the call in early September, I want to reiterate that myself and the team are working extremely hard at the moment. We understand the pain that shareholders are in right now with the dividend change, and we are working as hard as we can to make sure this portfolio is positioned in the best companies, the best industrial companies, that will outperform once this macroeconomic climate comes back into our favor. Now, I'll just turn to slide five, and I've largely mentioned this previously, just around interest rates, geopolitical risk, artificial intelligence, and government policy hitting the portfolio. I'll just move to slide six. Slide six and seven is looking at interest rates and how important they are to our portfolios. This slide's showing the period from 2010 to 2018. It was coming out of the GFC. As you can see, interest rates peaked at 4.75% and fell to 1.5%. The small cap industrial companies did really well over that period of time. You can see that in the red line. This is largely what we invest in. They slightly outperformed the broader market, or call it the All Ordinaries Index, in that sort of eight-year period. These are some of the best years for the fund that we achieved. Now, if we go to the next eight-year period from 2018 in the next slide, slide seven, looking at 2018 to today in 2026, y ou can see COVID hitting the market, and then interest rates went to zero, and we had a great year in 2021. But then interest rates went up, and we went largely from 0% to where we are today at 4.5%, and likely to probably go higher over the next three or four months. But as you can see in the green line, the All Ordinaries Index, dominated by large cap companies, has materially outperformed small cap industrial companies in the red line, and that is largely what we invest in. Now, the positive for shareholders is that the market moves in cycles. We are currently in a very difficult interest rate hiking cycle at the moment. At some point, when interest rates go down, this will be very positive for all our portfolios, and w e saw this for about a four-month period from around sort of June to October to 2025, when industrials actually outperformed the All Ordinaries Index. So, that is what investors need to look forward to. As I said previously, we are very confident in our holdings, and the actual companies are doing very well. The share prices are not, but the companies are doing well. So, we think once the market comes back to us, we will do well. So, we are seeing positive signs. Now, I am going to go through these four dot points here, but going through them, I do not want investors to conclude that, "Oh, I think the market, our performance is going to go really, really well and maybe be up 20% or something in the near term." I want to reiterate, it is a very difficult market at the moment. There is a war, it has not concluded, and interest rates are going higher. So, obviously, preface what I am going to say with that comment. But we are seeing positive signs. So, the first sign was the portfolio, as I said previously, did very well over reporting season. We had over 60 companies report, and over 70% beat earnings expectation. That is really high for us. That is as high as it has been even in the good times. Now, I am not saying 70% of those share prices went up, but for the fact that our portfolio is actually, from the numbers perspective, doing really well in a very tough environment, you have to ask the question, what will happen once the environment improves? So, that is what we have got to look forward to. The second one is around takeovers. So, in 2022, the last tough period, takeovers was really the start of the market really improving, and we are definitely seeing this right now. We are seeing Reliance, Steadfast, Cleanaway, Equity Trustees, Perpetual, Energy One. So, it has been a lot of companies in the last three to four months, as much as we have seen, and that was nonexistent over the last 12 months. So, offshore buyers are seeing Australia as an attractive market, which is positive, which we hope can kickstart our valuations in small caps. Now, we are looking at sort of decade low valuations, and we have a lot of stocks in the portfolio where the share prices are below asset value. Companies such as Harvey Norman, Premier Investments, Cedar Woods, there is a lot of them. I think the best example is Harvey Norman, where in the last 30 years, Harvey Norman's share price has only twice been, or sorry, this is the third time in the last 30 years the Harvey Norman share price is below its net tangible asset value. In the previous two times, if you invested in Harvey Norman at that point in time when it was below its asset value, if you held for the next two years, you doubled your money. That is why we own Harvey Norman right now. There is a number of other catalysts and so forth, but we think the business is in a strong state and can weather the storm and will come out stronger. Look, then finally, despite the fact we do think there will be another interest rate hike and potentially one more, the quicker they go up, the quicker they go down. We think the 2027, we are hoping for stabilization rates. We definitely think that will happen. The question will be whether there will be cuts. Certainly, I would say Matt and Damien in the large cap team certainly think that with how they are thinking for WAM Leaders and WMX. I think what I will leave you with is JB Hi-Fi is a great example of this. In the 2026 financial result, JB Hi-Fi, for the first eight weeks of the 2027 financial year, so from July 1 to call it the middle of August, delivered negative sales growth. The last time that happened was in 2012. If you go back to 2012 and look at the next 12 months, JB Hi-Fi, sorry, JB Hi-Fi, t he Reserve Bank dropped interest rates seven times in that one-year period. Now, I do not want you to come off the call thinking that Oscar and Tobias and the team think interest rates are going to fall seven times, but I tell you what, if they are stable and potentially might go down one or two times in 2027, this will be extremely favorable for our portfolio of stocks. So, going to the next slide, slide nine, and this is an example of our travel that we have done. It is the most extensive travel we have ever done as a team. It is a function of it being a very tough market and just of a lot of uncertainty. For context, in the February reporting season back in 2026 when artificial intelligence really hit a number of the companies that were in the portfolio, I literally got on a plane the week after reporting season. I have never done that before in my life at Wilson Asset Management, but it was just to get to United States and just work out what was going on. It was not just a trip that I did. Tobias has been to China, Singapore a couple of times. I went to the United Kingdom. We have been across the country, Australia numerous times, New Zealand. We are doing as much as we can, doing as much work across all the industries, the private companies or suppliers or whatever, competitors, trying to really get those extra angles on the stocks that we cover and make sure that we are in the right stocks for when the market comes our way. The last slide I will leave you with is 10. Sorry, it has been a bit of a marathon, but if you look at this, this is showing our performance from 2020 to 2026. The last two times, 2020 and 2022, you can see the portfolio bounce out of what was really a hard period. 2020, of course, was COVID. 2022 was the Russia-Ukraine war and inflation. 2026 is war, inflation, and artificial intelligence. Now, unlike 2022, it is still tough. I do not want investors to come off the call thinking we are going to do 18% or 26% in FY 2027. The portfolio at the moment is around sort of - 2%, I think. It is underperforming the All Ordinaries Index by a couple of percent, but it is outperforming the small industrials index, which is what we can control, which is great. But it is still a very tough environment, still very fluid. So, look, it is going to be uncertain. The AGM updates in November will likely be weak. But the positive thing, and always need to remind yourself, is the market always looks 12- 18 months forward, and if the market thinks interest rates are stabilizing or going down, it will come back to small industrial companies, and that is what we are looking forward to. So, I will leave it at that. I will pass it on to Tobias to talk about some stock picks. Thank you, Oscar. For many of our investors, you know our investment process is to look for undervalued growth companies with catalysts that could rerate the share price. So, the four companies you see on the slide effectively all fit our investment process, and these are large positions in the fund. The first one is Cedar Woods. Oscar mentioned this earlier. That is trading below asset backing. Cedar Woods is a property developer, with exposure in Western Australia, South Australia, Victoria, and Queensland. What is unique about this business is they have been very prudent and conservative in how they allocate capital and when they deploy capital. As you know, with property, it is all about when you buy these assets, and they sort of add value to these assets, and therefore, when they finish the construction phase, then they sell these assets on market. Now, we are seeing that they are reaping the benefit of those great purchases. In the last result in August, they saw a share earnings growth of over 30%. What is most important is their FY 2027 guidance, 90% of that is underwritten by pre-sales. So, their pre-sales number was up over 25% year-on-year. So, that is an example of a company that is significantly undervalued. It is trading on 7x price-to-earnings ratio with 15% earnings growth over the next few years per annum. And again, to Oscar's point earlier, trading at below the asset value on its book. So, that is a company we quite like. The other company on the slide is FDC. FDC is a diversified fit out and construction specialist. It is quite a large company with AUD 2 billion of revenue, and its market cap is over AUD 1.3 billion. It is a recent IPO entrant. It listed in July of this year. However, it has been around for over 36 years, having delivered consistent top line and earnings growth. What is unique about FDC is the fact that it is a founder-led company, 40% of the shares are owned by the two founders, but also another 20% are owned by the employees. So, 60% of the shares are owned by insiders, and that is a very large amount of alignment of interest. We quite like that with some of the stocks that we have. One of the benefits of FDC and why they have been so good at delivering strong growth over time is their reputation and the consistency which they have delivered these projects on time and on budget. We believe that over the next few years as we head into the Brisbane Olympics, there is going to be a lot of projects coming online, and these guys will be a key beneficiary of that amount of work that is coming to the market. The other stock on there is called Megaport. For many of our investors, you have probably heard us talk about Megaport in the past. For those of you that is new to the story, Megaport is a global technology business that stitches together compute, storage, and network to help solve a lot of that digital infrastructure challenges for many large enterprises globally. About a year ago, they bought a business called Latitude.sh, which allowed them to go into the AI compute part of the business, and as you may have read, that part is doing really well. We have been doing a lot of industry meetings, both domestically and overseas. One of the key trends that we are seeing in the market, and it is happening in the U.S. live, is the move away from cloud back into a hybrid model. If we take a step back, over the last two decades, companies around the world have been moving data from on-premise, which is effectively servers in the office, into cloud, such as Amazon Web Services, Google, or Microsoft. They have been doing this for about two decades. With AI and the intensity of AI compute, the most optimal way to manage the data and the storage and the intensity of that AI compute is to move part of that data back from the cloud into specific servers that deals with AI compute. Megaport is the best beneficiary or the purest beneficiary of this structural trend, that is listed on the ASX, has a global diversified customer base with over 1,000 interconnected data centers around the world. They help companies move that data from the cloud and into AI compute. The EBITDA in 2026 was AUD 77 million. Over the next three years, their EBITDA could potentially go up 10x to over AUD 700 million. That sort of growth we just do not see on the ASX, and hence why we believe that as they continue to win more contracts and to continue that growth, the share price will rerate over time. Finally, Maas Group, MGH. We have spoken about this in the past. It is one of our large positions. It is a founder-led company owned by Wes Maas, which owns over 50% of the business. Now, we are nearing the end of the completion of the sale of the construction materials business, and we believe Maas now is the purest and the best exposure to the AI capital expenditure boom that is going to happen in Australia. We have done an extensive amount of work here and overseas, visiting industry participants across all spectrum of the value chain. We believe Australia is uniquely placed to be able to take on the AI compute demand of the world. We are very lucky we have ample land, water, and with the right infrastructure built, we will have electricity, and also the rule of law. When we speak to industry participants from the large language models and global companies, Australia is the ideal destination for them to build these AI factories, particularly in non-metropolitan areas, that is where they need sort of the space. So, how does Maas Group benefit from this? They are the preferred supplier to build the power cubes for Firmus, as you may have read in the papers. Firmus, which is a large AI factory, is looking to list over the next month. It is backed by NVIDIA, Blackstone, and a couple of large U.S. funds. Now, Maas builds the power cubes for Firmus. They have already won AUD 1 billion worth of work, and a s Firmus embark on their rollout of AI factories across the country, Maas will get, in our view, a lot of that work. At the same time, they also have a lot of Firmus shares on the balance sheet. There is around AUD 500 million of Firmus shares at AUD 230, which was the last valuation prior to the IPO. So, we believe Maas is the best exposure to the AI factory build-out that we believe would continue for the next three or four years. Great. Thank you, Oscar and Tobias. Thank you again, everyone, for joining and submitting questions. As Oscar mentioned earlier, we recently hosted a WAM Capital FY 2026 results, dividend, and performance webinar in detail. The recording is available on our website. To allow plenty of time for the stock-specific questions that we have seen lots coming through, we are going to address four of the most common questions we have received on the dividend and performance first, and then we will move on to stocks. If your question is not covered, I encourage you to watch the recording of the WAM webinar, and we will also be happy to speak to you afterwards individually after today's discussion. So, [Neil], [Richard], and [Colin] have all asked about the share price for WAM Capital. Why has the share price fallen over the past year? Okay, there's a bit in that. I think if you go, as I said in my intro, the first four months of the financial year was actually very positive for all the funds, and we generated profit. The market went up, we went up higher than the market, we generated profit, we added to the profit reserve. When we got to the end of October, the net tangible assets of WAM was AUD 1.70, and the share price was about AUD 1.90. The share price was trading at, call it, a 15% premium, approximately, to what the assets were worth. Then, so the market's gone up, we've gone up. I think our absolute performance was sort of, call it, 10%, and basically, interest rates went up, artificial intelligence, war, government, and it just hit us really hard, and the portfolio fell. The portfolio went from, call it, +10% absolute to -10%. So, that's a 20% move from the end of October to the 30th of June. Quite extreme. That means you take 20% now off the value of the portfolio. The net tangible assets then goes from, call it, AUD 1.70 to, say, AUD 1.35. Then, we've paid you two dividends. So, that's AUD 0.0775 a half, that's AUD 0.15. So, AUD 1.35 goes to AUD 1.20 net tangible assets approximately, and that's where we're at today. But then the question is, why has the share price fallen so much? Remember what I said at the start was the share price was trading at a 15% premium, and as Geoff has said many times, he likes to buy shares when they're trading at a discount to the net tangible assets. The risk is if you buy at a premium to net tangible assets, that that premium becomes no longer. That's exactly, unfortunately, and we're all hurting here because we're all shareholders too, that's exactly what's happened. The AUD 1.90 has now gone to AUD 1.20. It's gone from a 15% premium to now trading more or less in line with the net tangible assets of, call it, AUD 1.20. There's a big movement there, and it's largely absolute performance of around 20% dividend, and then that's for the NTA, the net tangible assets. But then, for the share price itself, you've got to take into account the premium no longer becoming a premium. Unfortunately, that's just the way it is, and that's why it's fallen over the last year. Thanks, Oscar. [Louise], [Thomas], and [Daisy] have asked, "Why was the dividend reduced?" Yeah, so obviously, I am not on the board. It was a board decision, and I reiterate, it is a target. It is a target, that is very important, and it is a very fluid market right now. However, if you want to take it back a step and say, "Well, how do dividends get generated?" Now, if we have a portfolio, and say on the 1st of July, that portfolio is worth AUD 1, and then, over the course of the year, that portfolio goes up 10%, so it is AUD 1.10. Effectively, that AUD 0.10 profit, let us call it, just for simplistic sake, is AUD 0.10 that goes into the profit reserve. Now, let us say that portfolio pays a AUD 0.05 dividend, and we pay the AUD 0.05 dividend over that financial year, t he AUD 0.10 in the profit reserve, we pay you a dividend, goes to AUD 0.05, so we have only got AUD 0.05 left in the profit reserve. Now, let us say the next year, the market falls 20%. You have not generated a profit, so you have not added to the profit reserve. However, you still pay your dividend. So, that profit reserve, which was AUD 0.10, then went to AUD 0.05 after you paid the first dividend. You have then made a loss on the portfolio because the market is down. That AUD 0.05 that was in the profit reserve, you pay a dividend, and suddenly you are at zero. I am trying to keep it as simple as possible. That is what has happened. Really, you go back on it, in January 2024, there was a decision to move our franking from 100% to 60%. Franking is different from dividends. Franking you generate from realized gains in the portfolio, so that is when we physically sell shares. Dividends is from the unrealized gains that we make. Now, they should, more or less, mirror each other, but there can be sometimes some timing differences. The fact that we moved from 100% to 60% shows you that we were very, very close to cutting the dividend in January 2024. The reason why we did not, simplistically, was that January, we had a very, very good month, and that just kicked the can down the road. 2024 and 2025 were great years for the business, and unfortunately, 2026 was very bad, but we kept paying the dividends, so we ate away at the profit reserve. Then, the start to 2027 was a continuation of that bad environment in 2026. Putting that all together, the board is looking forward and looking 12 months forward. As it stands today, there is AUD 0.0775 that will get paid in October, and they have given a target for AUD 0.04 in April or May next year. I will leave it at that, but it just shows you that we basically ate away at our profit reserve as we were paying the same rate of dividends in three really tough markets, which was, of course, COVID, Russia-Ukraine war, and then last year being another war in Iran. So, hopefully that, I tried to make it as simple as possible, h opefully, that made sense. That's great. Thank you, Oscar. The next question comes from [Roger] and [Phyllis]. When will the share price recover? Well, I have no crystal ball there, obviously. We'd all like to recover as soon as it can, and look, there is no doubt that we think about the share price and have done so for as long as we've been at the company. What I will say now, and we've said it many times on calls, is that with the dividend reducing to a level, as much as it hurts because there's a reduction in income, what it means is that we should actually see an improvement in capital growth, capital growth being the share price. When you pay a dividend, when the ex-dividend date occurs, the share price generally falls by the value of the dividend. We have been paying a super high level of a dividend for a long period of time, to the extent where the dividends that we've been paying has actually been more than the share price, the growth in the net tangible assets or the share price. So, this is now more equal now. So, once the market's returned to some sort of normality and, say, on average, the market goes up, say, 10% a year, it should be a more favorable outcome, let's say, for the share price. The difficulty is, the total shareholder return is probably the same. It's just a better distribution between the share price and the dividend. Previously, it was more weighted or heavily weighted to the dividend. Thank you. The final question of the first lot we have is on profit reserve. I believe there's a slide that we've got to help answer this, but could you please talk about the profits reserve of some of our LICs? Yeah, that is a good question because I think what came up a bit after the WAM Capital announcement was, I think, some of our investors were worried about the other funds and what it meant for them. I think it is important to note that WAM Capital is very much isolated from the other funds. A decision was made by the board 10 years ago to increase the dividend to a level, which in hindsight, and hindsight is a wonderful thing, was probably a bit too high. The other funds, on the other hand, you could argue, have probably learned from that experience and have been gradually increasing their dividends in smaller increments over the journey. Because of that, you could see, if you have a look at the slide, and it is in the appendix, the dividend coverage, which is effectively the profit reserve d ivided by effectively the dividends we are paying out, and i f we look at sort of WAM Research, WAM Microcap, and WAM Active, it is between three to four years. So, there is plenty of buffer there. It was really WAM Capital, which was the outlier there. Unfortunately, we have seen the dividend get cut as a result. The point I am trying to make here is there is much more coverage across all the funds, and you can see that in the appendix in the presentation. Thanks, Oscar. If any shareholders still have questions regarding the dividend rebase or WAM Capital’s recent performance, you can find a link on our website to watch the previous webinar, or you could submit your question through the Q&A function, and our team, including myself, would really like to follow up with you. We will now turn to some broader and more stock-specific questions, so broader markets as well. [George] has asked, “Could you provide more detail on the scope of EVT,” and the ticker is EVT, “their strategic review? Is it focused on the property portfolio, or does it encompass the broader business as well?” The second part is, “If it is a whole of company review, are all strategic options being considered to maximize shareholder value?” Well, the answer is yes. This is a company we have spoken about on numerous conference calls. It has been a company we have owned for a long time. It has been a frustrating one for us because you often see with companies where the share price just does not reflect the intrinsic value of the company, and there has been various reasons why this has been the case of EVT, but it has basically stayed at the same share price for over a decade. So, it is fair to say that shareholders have probably had enough. But that was a very powerful statement in the August result. And yes, our interpretation of that is, originally our thesis was around certain buildings in the CBD getting sold and being realized for more than what their valuation was on the books, b ut now, we think all options are on the table. Fo r those of you who do not know the stock very well, that is a large hotel business that is doing well over AUD 100 million of earnings; Thredbo, which should do in a normal year between AUD 30 million- AUD 35 million of earnings; a cinema business that I think is finally recovering from COVID, which used to do well over AUD 110 million of earnings, probably doing around AUD 60 million right now; and then a suite of property. But yeah, we think the business is worth well over AUD 20, and it is currently worth AUD 13. [George] has asked a few more stock questions. IDP Education, which is IEL, the share price has fallen an extraordinary 96%. Do you think the fundamentals justify such a drop in the company's valuation, and do any of your funds hold a position? So, a great example of how hard small cap investing has been, like, w e were sitting here in 2021, the share price was AUD 40, and today, it is AUD 1.50. Is that right? You take a step back and you go, we look at it, and we have got a small position in it because we actually think management is doing a very good job, r eally good job. The balance sheet is fine. It is just everything is against them, and i t is just basically coming down to immigration of international students. They are based in Australia, Canada, U.K., and small business in the U.S., and basically, all government policy at the moment is to restrict visa applications for international students. So, you could not get a worse environment for the company. But again, you take a step back and you go, "Well, they are actually performing quite well." It is trading at a very low valuation. At some point, there will be growth, as it just gets too low, and change of government policy, and you get a bit of growth, and that will be off to the races again, and you will see the share price increase quite a lot. So, look, it is so small now, it actually made it into our WAM Microcap portfolio, believe it or not. It used to be an ASX 100 stock, almost ASX 50, I think. It is incredible, but a great example of how tough small cap investing has been over the last few years. [George] has also asked, "Recently, Oscar was positive on Aspen Group, APZ. Could you please elaborate further as to why you think the company is best suited to weather the current macroeconomic environment, especially in light of rising interest rates? So, interest rates in the near term, you cannot buy Aspen if you are worried about interest rates right now. If you are investing for the next six months, it is not going to do well. That is the first thing I would say. But if you have got a longer time horizon, we certainly do. Th is is a high-quality business with an exceptional group of founders. They are in a sweet spot, which is in affordable housing. The median rents of their developments are around 30% lower than the median house price, median rent. This is a part of the market, which is basically going to see a lack of supply because of the negative gearing changes. Investors were a large portion of this market, and they are just gone. These guys are going to be, what we think, the last people standing. You take a step back and you look at the numbers, and it is a very similar story to Cedar Woods, where the business is performing, the share price is not, but the business is performing. They have got a lot of pre-sales. This year is largely complete, FY 2027 financial year. 2028, the outlook looks pretty good too. If you look over the next three to five years, we think this business can deliver 15%-20% earnings growth a year. Yet the shares are trading at 14x earnings, I think it is at the moment. As soon as the market changes, history tells you when a company is organically growing like that, it probably trades well over 20x earnings, and w e think it has got its own little story, and their settlements are actually going to increase by 50% next year, irrespective of the market. So, we are very, very positive of the stock. Will it go up in the near term with interest rates? Probably not. But we need to be prepared because as soon as that switch clicks over and investors want to get into stocks like this, we need to have a position. I think they are being very selective with their site acquisitions. They have built a lot of margin of safety in a lot of these assets they're acquiring. To Oscar's point, a lot of that upside, you are not seeing it now, but once it comes onto the market, we can see that come through in earnings effectively. And there is blood on the streets right now. I think that is one thing we have got to think about is the good companies out there, and we think we own a lot of them. They make their best decisions in tough markets, and I think a lot of investors who read the paper would have heard about Bathla in Sydney. It is a horrible situation for a lot of people. Private credit has a lot of issues at the moment as well. So, you have got the negative gearing changes, investors pulling out of the market. But we could be sitting back here in the next two or three years, and these guys are just picking and choosing the land acquisitions that they want to buy because there is no competition. That is when we are doing our industry work, we are always trying to understand. Tobias and I just went to New Zealand, and there are two companies over there, for instance, that look extremely interesting because two of their largest competitors could go under. It is tough over in New Zealand at the moment but let us say we go back to mid-cycle, and all of a sudden, you have got three businesses, three big competitors, and now, it is all of a sudden two competitors. These companies will earn materially more in that period. So, we have got to take a long-term view, and those are the opportunities we are seeing right now. Again, which gives us confidence that when the market comes back to our stocks, the stocks that are in our portfolio will earn materially more and will end up getting a higher valuation because of that. I think one of the common questions we ask all the management teams is: How are you playing offense. Yeah. In the current environment? It is good to play defense in the short term, but our view is that if they are setting the business up for the next three to five years, then we, as shareholders, will benefit when these sorts of opportunities come to fruition. Yeah. Cedar Woods, that is a great example. What was the earnings growth? It is like 30%. They beat earnings expectations. [crosstalk] By 15%. If you have a look at the share price, it is down 15% since this result. We went in the meeting; we couldn't be happier with how the business is going. It's trading on the lowest valuation it's ever traded on. So, it's very frustrating, but a gain, you've just got to take a long-term view. It will change at some point, and we'll do well once that happens. [Jennifer] has asked, "I saw Geoff Wilson has been buying WAM shares. Do you both own WAM, and have you been increasing your holding?" We both own WAM, and I would say, I have been quoted saying this in public presentations, so I do not mind saying it. Years ago, when people would ask me this question, I would say, "Well, look, we run WAM." I run WAM effectively, but WAM is my lowest holding. I have still got a lot of shares, but it is one of the lowest that I have got in the suite of WAM products. They go, "Well, that does not make sense. Why is that?" I go, "Well, it is trading at a 30% premium to its net tangible assets." What I can say now is that for the first time in my 11 years at Wilson Asset Management, WAM Capital is now trading at a discount. WAM Capital is now my largest holding across the WAM products, and that holding is likely to materially increase in the next few months. Great. Thank you. Hopefully that was a good answer. I am not on the board, so you cannot see the buying. Yes, exactly. All I can say is I've bought a lot. Yes, fair enough. Maybe not as much as Geoff. Good enough. But I bought a lot. That is good to know. And I will continue to keep buying. Yeah. Because this, hopefully, it came through in the presentation, but we are seeing extreme stress in this part of the market right now. There is a lot of factors going against us. You have got to ask yourself the question, what happens if they change a nd fundamentals come back? So, y eah, we will wait, and when that happens, it will be very positive. Yep. A lot of latent value in the portfolio, given all the earnings upgrades as well that you've had. Oh, totally. Yeah. Totally. [Derek] has asked, "What do you believe sets WAM Research apart from other small and mid-cap funds when markets become more challenging, and how is that reflected in portfolio positioning and performance?" Look, first thing I'd say is WAM Research, we had a bad year last year. No question. There was a lot of lessons that we could've learned from that. I think, in hindsight, sometimes, you can outperform. I know it sounds crazy, but maybe our performance in 2023, 2024, 2025 is inflated, if that makes sense. WAM Research has been our best fund for years. If we go back to coming out of COVID, we had a lot of the e-commerce players, and we sold those companies really well, which was great. Coming out of 2022, we were positioned well in retail, which was on its knees at that point in time, and then we got some really good stock picks that our peers weren't there. Like Tobias bought Tuas at AUD 0.50, it went to AUD 7. GDG, we owned at AUD 0.50, went to AUD 8. Johns Lyng Group was AUD 1, went to AUD 9. There was a lot of examples like that. The 2023, 2024, 2025 results were excellent. There's a lot of lessons we can get from last year, was, as I said, we're investing for the longer term. Perhaps a number of companies just ran out of gas, and the falls that we saw in them were magnified, and I think that's the key, by the market. It is very unusual for a company to fall 67%. Look, in the WAM Research portfolio, that was a 6% weight at the time, but a month earlier, I think it was like a 10% weight. So, w e did actually sell some. Look, we had no idea that was going to happen, but that was an extreme example. Webjet got investigated by Spanish. Tax Authority. Tax Authority. Yeah, a company that was definitely, so I would say with Webjet, you get those things in a year. Look, we invest in smaller companies. They are not BHP, they are not Commonwealth Bank. Random things happen. So, you get that in a year, but it is offset by something like a takeover, and no one was taking over companies last year. Interest rates are going up, there is a war, there is artificial intelligence. For Webjet's example, people were thinking, "Oh, there is no such thing as a travel agent in 20 years' time. Why would I buy a travel agent?" So, that was just wasn't there, and so, what I was trying to say before in the earlier part of the presentation was some of the cracks that you get from making mistakes over the course of a year weren't covered over last year. Basically, the performance that you saw was just basically everything being hit. Look, it is not going to hide behind the fact that we had a tough year, no question. A lot of that, we think, was because we had such good years previously and we should have probably sold a few names, and we didn't, so t here are lessons there. But, in terms of the way we invest, it is not going to change, and it has proved to outperform over the longer term. And despite the bad year, even if you have a look at the numbers, we still outperformed, and I think it was like 4% a year or something like that since inception. Look, don't get me wrong, it hurts. It was a bad year. But yeah, as I said, the team is excited and working as hard as we can to rectify it. I think, to add to Oscar, it is the cadence of idea generation. We think, over the next few years, when our portfolios perform, it is because of a new cohort of companies that we can get in early and then does well as these businesses grow, a nd rather than effectively investing in businesses that have pretty high valuations, have sort of reduced in valuation, and expecting these valuations to come back. So, I think when we look back, I think maybe a decade ago when we got onto the software as a service trend pretty early, it takes a bit of time for a lot of these global trends to come into Australia. Our job is to find the right companies, these companies hopefully undiscovered, and when there are incremental buyers as these businesses deliver, let us say Cedar Woods, when the macro turns, for example, the share price will go up, and a lot of our peers would not have it, and if they are buying shares, the share price goes up. We want to be in the right cohort of companies that sort of gives us that next leg of growth. Thank you. [Steve] has asked, "How have you adjusted your investment strategy to hedge against the persistent momentum trade driven by ETFs and superannuation funds that is working against active managers?" That is a great question. It is getting harder; there is no question. Yeah, and we saw it at its, yeah, and i t will keep happening. As I said before, we are long-term investors, and we have got to roll with the punches. There will be periods where there is lower interest rates, and the herd, i.e. ETFs and so forth, will come flocking back because they want to buy retailers, they want to buy automotive companies, they want to buy tech companies. When interest rates go up, they sell those companies and they buy resources, they buy oil and gas, and they buy financials. Unfortunately, that is the market, and it is getting magnified every year now because active fund managers are losing money. There is no question we got impacted by active fund managers, in particular on the research side of the portfolio because the research side of the portfolio is fundamental. It has an investment process, it is very strict, and a lot of other funds have a similar investment process to us. If there is a AUD 1 billion small cap fund that invests the same as us and suddenly loses all their money as it goes into passive, that AUD 1 billion of small caps get sold and creates selling pressure on all your stocks. So, there is no question that that impacted our portfolio and continues to do into 2026 and 2027. Now, the positive, again, is if you get that swing the other way, it can magnify your gains. I think that is important to understand that, and I think lessons from 2026 for sure is when we get that benefit, is to realize you are getting that benefit and potentially take some shares, to sell some shares and take it off the table, if that makes sense, if the reverse is happening to you. Maybe, in hindsight, we did not do that enough through 2024 and 2025. But again, if we did not hold two assets at a big weight, then we would not have had the performance that we did. So, it is hard. But yeah, look, as I said, that is a big structural impact on the industry. There is no question. No question, particularly in small caps. I think there are a lot of companies that is not in the index that is sort of coming up. So, our job is to find the right ones. If they execute and the catalysts play out, hopefully, the share price will go up and then the market cap gets large enough for there to be sort of a risk of getting into the index, and then you will see the follow-on buying from the ETFs. In these cases, what we see is it is almost a permanent rerate in the valuation of these businesses. So, historically, when a company delivers consistently over time, you see the share price sort of trend up. But nowadays, with passive money, it sort of takes a bit of time for it to really come up. But then when it does, it is quite exponential in terms of the share price chart. As an example, there was a fund manager two weeks ago, I think it was, ran AUD 2 billion. Yep. And they are closing the doors. It is not like click your fingers and that AUD 2 billion gets bought. It creates selling pressure on all the stocks, and we have a number of stocks that they own, and every single one of them is down probably 15% this month. So, that is a headwind. Now, I do not think I have seen a fund win money for a while. That would be nice. The point I am trying to make, like, it can happen in reverse, so you have just got to be across the flows and what is happening and making sure that you are taking advantage of it. Unfortunately, we are just in a tougher period of the market right now. We also have the benefit of having a closed. Exactly. Pool of capital as well, so you are not forced sellers. Exactly. Exactly, and that is why we can make long-term bets and ride through a cycle. I am telling you right now, Cedar Woods, we keep bringing it up, but I think it is a painful one for us because the company is performing really well. It is trading at price earnings multiple of 6.5x, should be at 12x. If we are confident in the earnings of the company, irrespective of what the interest rates are doing, we think it can grow 10%-15% a year. At the time the earnings go up 20%, let us call it, and then the market wants to put 12x earnings on the stock, that is like 130% upside or something like. We have seen takeovers in the space as well. Yeah, exactly. So, it has got to be patient. It is hard, but you have got to be patient. [Joseph] has asked, "Does WAX, so WAM Research, mirror and track a certain portion of WAM Capital's portfolio, or is it completely independent with its own strategy?" Maybe it is worth touching on the three strategies. Yeah. We have been talking about today. Okay, so years ago, well, probably from prior to 2023, if there was AUD 1 of a company in WAM Capital, there was AUD 2 either on WAM Active or AUD 2 in WAM Research, if that makes sense. So, a 1% position in WAM Capital was 2% in WAM Research. And broadly speaking, 50% of WAM Capital was WAM Research, 50% was WAM Active. Then we decided, because of the strategy and the mandate of WAM Active from years and years ago, it needed a life of its own, so we split off WAM Active. That is now headed up by Shaun Weick, who is still in our team. And that has got a life of its own now. Now, for WAM Capital, it is still 50/50 WAM Active, WAM Research. Sorry. For WAM Capital, it is still 50/50 WAM Active and WAM Research, and it is still that 1% and 2% dynamic in WAM Research. I would say, generally, how we run the portfolio is it starts with WAM and then goes to WAM Research. So we are always thinking about WAM, but WAM Research will be more concentrated than WAM Capital, if that makes sense. Could you maybe state what the three broad investment strategies are? Yep. For like WAM Research, WAM Capital, and WAM Microcap? And then the WAM Active? Okay. Yep, no worries. I will start with WAM Active. WAM Active is across all sectors, all stocks, the whole market. It is just catalyst investing. If there is a strong catalyst, buy into it. If the catalyst is not there, sell. Then, [inaudible] then catalysts like an acquisition, earnings upgrade, divestment, initial public offering, something like that. WAM Research is more fundamental. It is our investment process, and so we are looking for undervalued growth companies with a catalyst, and we want a price-to-earnings ratio that is less than the growth of the company. We are seeing some quite large distortions there at the moment. We want a strong management team. We want a strong company in its chosen field of expertise, and then we need a catalyst to rerate the company. That is WAM Research. WAM Capital is 50% WAM Active, 50% WAM Research strategies. WAM Microcap is the same as WAM Capital, 50% WAM Active, 50% WAM Research, but just looks at companies less than AUD 300 million market cap. Great. Thank you. [Tony] has asked, "Why have you been selling Integral Diagnostics, IDX?" Well, again, sometimes, you need to take some profits. It has been a tough stock last 12 months. We really like the stock. Materially undervalued, and a great example of what we are seeing in public markets at the moment. Transactions in radiology and private markets go for about 12x- 13x earnings. IDX is currently trading at, I think about 7x earnings. There is a variety of reasons for that, but at some point, we think it will get taken over. But it did need a new lease of life. It has got a new CEO, and potentially, they could be divesting their New Zealand business, which we think would be very positive for the stock. Why we have been selling it, we sat at around 4%-4.5% of the company over the last, call it two or three years. The share price fell to about AUD 1.80. At that point, we bought more shares and went to around 6% of the company, and that is why you saw the change in substantial notice come out. We were buying, I think AUD 1.80, AUD 1.90 or something, and then the shares have actually rallied following a better-than-expected result, and we sold some at AUD 2.35, I think it was, which means we are below the substantial change. It does not mean we are out of the company. We are still sitting at about 4.5% of the company or something like that. If the shares fell back to AUD 2, AUD 2.10, we would be buying it back. That is one thing to be mindful of. Do not necessarily look at our substantial changes and go, "If it becomes substantial in a stock, that means we are buying it. If we cease substantial, it means we are selling it, we are out of the stock." That is not the case. It is because that threshold is 5% of the company. That is something to be mindful of. Just because we go substantial company and are over 5% of the shares, do not necessarily mean that it is the biggest position in WAM Capital. How Tobias and I look at the portfolio, it is about the weighting of the company in the portfolio. We do not care about the percentage of company that we are. We do monitor it, but it is more important getting the right weighting of that company in your portfolio, which is different. [Michael] has asked, "WAM Microcap is a substantial shareholder in EDU Holdings, ticker is EDU. Could you please give your views on the company and its future prospects?" Yep. So, EDU Holdings, effectively for those that are not familiar with the name, is effectively, think of it as a, the company is called Ikon Institute, i t is effectively a university, where they take students, both domestic and international, to do courses such as hospitality, nursing courses, where you get a bachelor's degree. Out of every stock that we have in the fund, it probably has the lowest PEG ratio. It is currently trading on around 5x price-to-earnings ratio with 15%-20% of earnings growth, which they have consistently done, with a net cash balance sheet. Again, to Oscar's point, I think in any other markets, the stock would be. It would have tripled. Would have probably gone a lot harder. It is a founder-led business. Their university intake is about 1% of the total university students intakes every year. Now, obviously, there is a lot of noise in terms of, as we touched on with IDP, however, they are a very small part of the market. They are very specialized in the courses that they deliver. And the students that undertake these courses, they actually have to pay out of pocket. So, they are effectively doing these courses over a period of three years or four years, get their degree to enable them to find a job in Australia. And so, from our perspective, the company has done an exceptional job of managing through, I guess, the macro volatility, continue to grow their earnings per share growth. It is a very high dividend-paying company as well, and they are very conservative balance sheet. So, our view is, as they continue to launch new courses, and as they continue to grow the pool of students that is coming through their universities, the share price will go up with the earnings growth. [Jenny] has asked, "I note Artrya, AYA, was a top holding in most of the WAM strategies, but it looks like it has now been reduced. Can you please comment on your current thoughts? Was it following EIQ or another decision?" No, not particularly. I mean, the EIQ announcement clearly wasn't good for Artrya because it just raises question marks around the FDA approval in the United States. But look, it's a completely different field of expertise. And look, we're very, very confident on the stock. I think the stock did exceptionally well. As to my earlier comments, sometimes, stocks can go really well. I think it went up, like 4x last year, 400% or something like that. And we thought it was appropriate to sell a few shares into the index change, which was last, last week, where there's a lot of passive buying because it's just entered the ASX 300. So, wouldn't read into it too much. It was more there was a liquidity event. If the shares fall, we'll probably keep buying. And we've done a lot of work on this stock. I've visited them in one of their hospitals in Atlanta back in March. This is an enormous opportunity for this company. So, yeah, very positive on it. And the ex-Chief Financial Officer of Pro Medicus has recently joined it, which gives it some credibility, which is great. The management team's doing a good job. Wouldn't read into it too much. We're very bullish longer term. [Chris] has asked, "You hold Imricor Medical Systems, IMR, in your WAM Microcap fund, although it is far from a microcap. Why do you continue to hold it in the fund, or have you been a recent seller?" I can answer that easily. For WAM Microcap, it's when we first buy the shares. Imricor was on its knees when we first bought it, I think. The market cap might've been like AUD 50 million. Yep. It's raised a bit of money since then. The share price has gone up. We're not forced sellers of these companies. Zip Money, for instance, is in WAM Microcap because we bought it really well years and years ago. As long as it's less than AUD 300 million market cap in terms of free float, we can own it, and we're not forced sellers. Do you want to talk about Imricor? Yeah. So, Imricor has done exceptionally well. It actually went into the index very similar to AYA, so we actually took the opportunity to sell some just with the liquidity. What they've actually done behind the scenes, especially with their recent Philips partnership, is nothing short of amazing. One of the uniqueness of this business is it's been around for actually over two decades. The technology has been tested, tried for a very long period of time. If we read a lot of the use cases, both in the U.S. and also in Europe, for the technology, and this is effectively as investors, this how we, I guess, gain confidence on the technology and on the stock, is the doctors and the specialist doctors are raving about this technology. We think as they continue to deliver on that, the share price will get rerated. Again, as with AYA and EIQ, it's a long journey and it takes time, and the share price would go up or down, and we take our opportunity to either add to a position or reduce or take profit. Again, that was a company I spent a whole morning with in San Diego at a children's hospital, looking at their technology and talking through ablation and I guess effectively what they were disrupting in time. The doctors we spoke to at the time were incredibly supportive. There's a long journey ahead of it, but again, yeah, we really like the story. We've got a few questions on Firmus. Maybe I'll ask [Ben]'s one first, which is how big the holding is, and are there escrow restrictions? I've got the exact numbers, if that's helpful. Firmus was 2.4% of the portfolio at the end of June 2026, and 1.9% at the end of August. I'll throw over to you for maybe the escrow question. Yeah, just quickly. Yeah, so we sold a portion of our Firmus holding, just to take some profits really, because it's, I mean, I must admit, it's been a, Tobias and Shaun first saw them, and the valuation was what? AUD 43. AUD 43, and within a year, now the valuation was AUD 230. So, we sold around, the initial holding was AUD 10 million, and we sold around AUD 30 million. We've made effectively 3x, but that's only a portion of our investment. So, effectively, well, we've got free carry, I guess you could say, on the remaining investment, but it's now in WAM Capital. It's probably at the AUD 230 share price. It's around AUD 35 million, I think, 2% weighting. Clearly, there's a lot of news flow, but w e're actually seeing them today after this call, but there's a lot of news flow that'll be coming in on the stock in the next week or two. And [David]. Escrow. Yes. We don't know yet. Yeah, okay. Yeah, we don't know. We assume there will be some. Yeah. Because it's going to be a decent raise, but we'll wait and see. [David] has also asked, "Will you be selling post-IPO?" I suppose it will be dependent on that then. Well, it is dependent on the process and. Yeah. The catalyst ahead of it. Do you want to talk about what we think, like in terms of. Yeah. We have a question from. [crosstalk]? I think it is interesting. Yeah. I think there is an article on Firmus every single day. But because it is a private business, I think a lot of the achievements have been overlooked, because you do not get the regular updates as with listed companies. Effectively, there is a lot of, I guess, conjecture all the time. But what they have done, I think, over the last couple of years have been nothing short of amazing in terms of when was the last time you have had a partner as large as NVIDIA, Blackstone, that has come in and put that amount of equity into an Australian business? What they have done incredibly well has been able to put together effectively a business that we believe would be, I guess, the go-to business in Asia Pac in terms of their AI compute demand. People often ask us in terms of what is their competitive advantage. I think engineering, I think what often gets overlooked with a lot of the big numbers is the fact that they really come from an engineering background. If you speak to the individuals involved, what they have done, and this is having done our due diligence, what they have done on the engineering side or the back end to ensure that their technology is the most efficient in running AI compute, which is their singular focus, and scalable, I think that is quite unique. If you think about a lot of the neoclouds globally, a lot of them start off as Bitcoin miners, because with Bitcoin miners, you effectively want to achieve the lowest cost of energy. For that, often it is in the middle of nowhere. Now, when NVIDIA came along and effectively handed out the blueprint to how to build NVIDIA AI giga factories, they have effectively partnered with the likes of Firmus to be able to roll out their ambitions in turning these AI factories, the blueprints, into actual assets. Firmus have been, from all the feedback we have had, NVIDIA is very happy with initially the engineering capability and the innovation they have created as part of this journey, but also how they have executed on the way to not only get sites, get approvals, build, commission the assets, but also attracting capital and attracting some of the biggest names in the world to this company. I think once the prospectus becomes public, and I think the IPO pipeline is, sorry, the timeframe is sometime late October, we will see a lot more on that, and hopefully they get their chance in the sun. Maybe to summarize, [Sally]'s asked, "For shareholders with a long-term investment horizon, what gives you the greatest confidence in Firmus's ability to deliver attractive returns over the next three to five years?" Yeah, so I think Australia, and particularly Firmus is more than just Australia now, given they've won very large contracts in Malaysia and in Indonesia with OpenAI, and they've obviously got Meta, I think that's public now, and NVIDIA is a big customer, s o these are proper largest companies in the world and backing Firmus. Why is this attractive to us? Because we believe if they can continue to deliver, there's no reason why the large guys will use them to expand the footprint. Australia's very uniquely placed, but also Indonesia, Malaysia, these are areas that will take on a lot of capacity to be able to service the significant growth in AI demand. If you saw what NVIDIA was trying to do maybe a couple of months ago with the AUD 500 million of financing agreement, effectively, they believe their chips are assets and therefore, they could be lent against by banks and sort of other institutions. To demonstrate this, they have an ample amount of data, so if you think about their six-year-old chips, the pricing of those chips are still going up, even with the newer generation of chips. So, the biggest shift, I think, in perception over the next few years will be the fact that due to the significant increase in AI demand, the intrinsic value of these chips, even the older generation chips, are actually significantly higher than what the market is attributing value to. So, Firmus' ability to be able to not only roll off the existing contracts but actually make a significant amount sort of returns from that initial CapEx they spend is going to really underwrite that return on capital equation. [Andrew] has asked, "What is your current view on Tuas, TUA, and have you heard further from the company in relation to the breaches in Singapore?" Yeah. Great question. Tuas is reporting its results tomorrow. We continue to like the operations of the business. They continue to win share. Obviously, the regulatory uncertainty is what is holding it back. We continue to have Tuas in the fund. We will find out a bit more tomorrow in terms of where that is at in terms of the regulatory outcome. I think if you look at the business now, 50% of the market cap is actually in the cash, which they raised as part of the acquisition. So, that is still sitting on the book. The other 50% of this market cap is effectively what the market attributes its value to the rest of the business, which is about 50%, 11%, 12% of the Singaporean mobile market. We think that is significantly undervalued. However, when will the share price go up? I think we need to see the regulatory effectively clear up, and then I think people will be able to value that part of the business more appropriately. [Michael] has asked, "Will you consider strengthening the investment team?" Well, we are, but I would say that is more of a function of WAM Active doing quite well. We added Sophia Mulligan from Macquarie back in January. She has done exceptionally well. Then, we are hiring another person at the moment. But I would say that is more of a function of WAM Active and doing very well and our view that we could grow that fund as opposed to, "Oh, we need an extra person because we are concerned about our performance last year." We know, yes, it was a tough year. I think we outperformed, I think it was, what was it? 2023, I think it was 4%, 14% in 2015. In 2025, 2026 was 9%. Unfortunately, we have been just hit hard. But the process works over the long term, and you have got to invest through cycles, and this is just a very, very difficult cycle right now. But when it turns, it is going to be very positive. Speaking of difficult cycles, [Debbie] has asked, "How will Labor's budget CGT, so capital gains tax, and small business tax changes affect Wilson Asset Management now?" Well, it is interesting, is not it? When the budget happened, I remember I made a joke saying it was like someone got this dagger, and that was like the final like death. Dagger. I don't know what it was for us. Because the problem with the CGT, and obviously Geoff's been talking about a lot, and we noticed in the August result, it just sapped the confidence out of everyone. Everyone being businesses, because I think the view is that, well, we just don't know what changes they're going to make in the future. If you think about it, the small cap companies are about growth, and they're about investment, and investing for growth, let's call it, w hether you're a startup or a small company, you want to buy another business or whatever. But changing the rules around CGT, it doesn't encourage you to do that. It actually encourages you to pay dividends. Who pays dividends? Large cap stocks. It's interesting. We'll know the full effect of this probably in the tax loss selling, I'd say, in May and June. Hopefully, it doesn't come to that. But it is potentially, for retail investors in particular, a very difficult environment. You look at sectors like biotech or technology that need capital to grow, but if you get a win, now it's inflation adjusted your cost base. So, potentially, it's a decent change for smaller companies. No question. I think, having spoken to a lot of global funds, it's no doubt a lot of capital, like overseas capital, that was in Australia investing behind Australian companies have been pulled out because they just don't think Australia, given a lot of the changes in not only the interest rates, but obviously the policies, is that attractive. Pa rticularly with AI demand being very strong, and that effectively sucks capital as well, people just find better areas or better countries to invest behind. Offshore funds that previously were active in the Aussie equities market, sort of pulling out and going, "Well, we would rather go invest in Korea," for example, or elsewhere, because the risk-reward payoff for them is a lot better. So, we definitely see that, and we've seen that over the last 10 months. [Debbie] also mentioned Wilson Asset Management broadly, and I think what we have seen or what we expect to see is that it is positive, a bit of a tailwind for LICs because we tend to pay higher dividends. Yes, dividends. It should be. In terms of total. It should be. Yeah. [Greg] has asked about Data#3. At the Perth Roadshow earlier this year, I mentioned Data#3. So, [Greg] mentioned Data#3 to one of your fund managers, suggesting it would be a good time to buy it. Do you have any thoughts on the stock? Yeah, we own it. We bought it. We owned it at that period. I think we bought it in April, I think at around AUD 7. Had a tremendous result, I think went to AUD 12. The company's doing really, really well. A big beneficiary of artificial intelligence, given they're sort of an integrator, or call it a distributor of software products. It's high-quality business. I actually saw, had a very funny meeting in the U.K. with a company, their offshore peer called Computacenter. We got the founder and he was calling in on a video call, and he's sitting on a beach of all places because he's got his daughter's wedding. Like, "Why are you talking to these idiot Australian fund managers?" He made a comment, he goes, "I've normally hated quarterly reporting, but jeez, I wish our quarterly was tomorrow," or something like that. I was like, "Oh, okay, that's all you need to know for Data#3," and another company called Dicker Data. Look, obviously, products for hardware and software for artificial intelligence is booming right now. Once that gets delivered, you'll need services and managed services to implement it and try and get the most efficiencies out of it, and that's where Data#3 will come in. [Jack] has asked about Corporate Travel Management, CTD. What are your views of CTD? Yeah, it is probably remiss of me. I talked about it last conference call. Clearly, it is, from my perspective, it is the worst stock call I have ever made. Maybe I will take you through what happened. We did in the previous call but might as well do it again. Corporate Travel had a lot of conjecture around the accounting of the business back in 2018. There was a fund called VGI, who were very vocal about it and did a lot of work. Turns out they were right, and it was a great piece of work in hindsight. We did not own it then, and then COVID happened. Corporate Travel coming out of COVID was the only travel company that did not raise money. Every other travel company was broke except for Corporate Travel. So, we would always say to ourselves, "Well, if the accounts were fictitious, then surely, it would have gone under, would have raised money, et cetera." But it did not. Then, from that 2020 period to I guess 2025, Corporate Travel was trying to get back to where they used to earn back in 2019. I think in early 2025, we met the founder, and the vision was basically to compound earnings per share growth of 10%-15% for the next five years. Things were getting better in the corporate travel market, and this was after the Israel conflict at that point in time, where obviously there was no war, but it was starting to subside and there was some more positivity coming back into travel. So, we bought a position, and that was not actually the biggest position at all. I think it was like 1%. Yeah. Of the portfolio. Then, it went into trading halt in August 2025. What happened was, effectively, the portfolio went down. We paid two dividends, so that weight went from 1% to sort of like 1.5%-1.6% I think it was. Yep. As it was in trading halt, which was frustrating. Yeah, of course, it turns out that the reason why they didn't go under in COVID was they were effectively overcharging the United Kingdom government for a lot of work. Now, whether or not that was by mistake or not, we'll know in due course. But look, I guess, we sold out of the company at a material loss. It's great that they've relisted, and I think it's at around AUD 1.90, AUD 2.00 a share, I think, w hich is great, and I hope it is successful. We don't want something like that, insolvency like that at all. Yeah, very frustrating one. We made a mistake, d idn't do enough work on the accounting in hindsight. Yeah, so that and Tuas were the two biggest losers last year. For WAM, that cost us about three and a bit percent of performance. Probably 3.5% of performance. Yeah. [Chris] has asked about fees. "How many years have you taken out a performance fee on top of a 1% management fee?" I have the numbers if that would be helpful. WAM's received a performance fee 19 out of 27 years, WAX is nine out of 16 years, and Microcap is seven out of nine years. [John] has asked, "Does the WAM team forecast any negative market factors after the U.S. midterm elections?" Well, it just adds to the uncertainty, I think. That's the market we're in. I don't know about you, but I think there's just more important factors at the moment, being a war and inflation, rather than the midterms. It just adds to this constant wave of uncertainty we've had for a long time. So, I think we're probably more fixated on when inflation starts to moderate. We think Australia will moderate faster than, will be earlier than the U.S. Clearly, a war, and just some sort of ceasefire conclusion will be positive. We saw that, actually had a really good period in the fund from middle of May to early July, into the end of the financial year, which was when a lot of demand came back into smaller companies. Unfortunately, the war restarted. [Roger] has asked, "High interest rates could be around for years. What happens to WAM Microcap in this scenario?" WAM Microcap, unfortunately, is going to struggle. There's limited liquidity in the stocks that we own. It doesn't take much for someone to sell the stock to send it down. I think the best example is what Tobias spoke about with EDU before. It's our largest position. They have upgraded, oh my God, how many times? Every time. Seven times? Yeah. We own it for a year. I reckon it's upgraded earnings seven times. It's bought back how much of their shares? Well, yeah, it's buying back every day. Buying back shares every day. I think it's on a net cash price earnings multiple valuation. 5x. 5x. Yeah. Growing at what? 20+? Yep. At least. Yep. Normal market, that would've tripled. Honestly, it would've tripled, and it hasn't. Because people. It's up 30%-40%. It is up. It should have been up a lot more. We have companies like Beacon Lighting, which we think the guys are doing a good job. It is almost trading back its IPO price. Baby Bunting is the same. It is trading like they are going out of business. There is no liquidity, so they just keep falling every day of small amounts of liquidity. Look, it is going to be a tough period for WAM Microcap. We have been calling that for a while. I think there was a period, I think I remember the 2023 and the 2025 financial year was inflated because resources fell, and we got a big benefit from that. When you get higher interest rates, the reverse happens. Again, we are confident in the stocks that we own. It is just you need, w hen you have periods of uncertainty, market flocks to large caps. When that uncertainty subsides, they go to mid-caps, then they go to small caps, then they go to micro caps, and that period can take a long time to go back to micro caps. Look, we are having a very tough 2027, the start of 2027 for micro. I think this year will be very, very tough. The other thing with the fund, I am making it sound really negative. Even after the last year, I think we have averaged out performance since we launched it in 2017 is like 7.5% a year. That is a very good number. If you told us that in 2017, we would have said no chance. We have proved to outperform. I think with WAM Microcap, when we are doing well, there is a lot of initial public offerings, there is a lot of acquisitions. Here is another one. A company called GenusPlus, which we have owned for years, talked about it many times here, did an EPS accretive acquisition, which means their earnings per share goes up 50%. Sorry. An accretive acquisition means their earnings per share goes up. It was 60%, six zero, 60%. Stock is down, what? 10% since they did it? Yep. Another one, Vysarn, another company we own. It was a, what was it? 40% accretive acquisition? [crosstalk] Down 20%. Normal markets, they go up 40%, they go up 60%, just that is what we do not have the benefit of. When you have a bad stock, there is nothing there to offset it. But hey, we have just got to be patient and invest for longer term, like we are. I think, over time, it is the trajectory of interest rates rather than. Yeah. The level. So, even if we just see a period where the interest rate effectively stays where it is, and there's some level of macro certainty on that, then I think a lot of these businesses could attract additional capital. Yeah, the problem was how rapid it all happened in October. We were going from four cuts, I think, from memory. Yep. It went to two hikes in the space of one consumer price index print. That was around Melbourne Cup time, I think. That was extreme. As I said earlier, we were outperforming across all funds at that point in time, and the market was up, we were up. Couldn't have been happier with how things are going, and then that happened. When we got to January, February, we'd gone from outperforming to sort of there or thereabouts of the market. Then, artificial intelligence hit. That cost us, what? I'm guessing about 5% or so. Yeah. Then the war, and as soon as the war happened, it was all over, unfortunately. We need all those things to subside, and then, yes, WAM Microcap will do well. It's a purist way of investing at Wilson Asset Management. Don't have to necessarily worry about what we're talking about with ETFs and passive funds. It's literally, here's our process. Does it fit it? Will they deliver? Is management good enough? Are we getting in there before all our competitors? Yes, then this should go up. But they are small stocks, so it is what it is. On this theme, [Ray] has asked about IPOs. WAM used to gain a lot of exposure to new IPOs, so initial public offerings. Do you see the IPO market moving back into favor for WAM in the future? Oh, it will work in favor once it happens. Tobias talked about FDC. That was a great IPO. We had GemLife, what was that? April 2025. Did very, very well. [crosstalk] IPOs will do well if Firmus. Yeah. Well, we'll look at Firmus. This is why we need Firmus to go well. There's so many naysayers. Sharon. At the moment. Oh, Sharon will do well. A lot of naysayers in the press at the moment, but it'd be great if Firmus does well. Encourage companies to list. I know we've talked many times that there's been a lot of takeovers, particularly in the industrial space. I think there's one building materials company left. There used to be, like, six. Not long ago either. So yeah, we need IPOs. It's been a massive headwind for all portfolios for about almost a decade, I think. Yep. I would say, yeah. There's been reducing levels of companies on the ASX every year. [Jonathan] has asked, "Given government spending continues to be poorly managed, along with international pressures, how sure are you that the interest rate hiking cycle in Australia is nearing completion?" Well, it's. It's a good point. Yeah. I think a lot of it is supply-driven interest rate, and obviously with the war. Yeah. It is not like historically with economic cycles, the inflation is demand-driven. It is actually just effectively supply-driven, and we have been importing that inflation. Hopefully, with more certainty on the geopolitical side of things, then that sort of driver of inflation comes down, but also, it is the comping of the. Yeah, exactly. For instance, I think the last consumer price index print, the previous year was, I think, about 1.9%, and I think that was 3.5%. Yeah. I think. So, it was 3.5% on the 1.9%. I think in October, they're comping, CPI's comping like 3.8% or something like that. So, it's just the law of large numbers as you get towards it. But I guess from our perspective, and we won't sit here and pretend we're very good on the macroeconomic side, that's more of a John, Matt, and Damien area, b ut all the companies we're speaking to is talking to a softening, and that's all we can really go off. And we just got, as I said, we've got to be patient and wait for as soon as we get that, it will happen quicker than we think, I think. But you can't have auction clearance rates at decade lows, mortgage applications 30% lower, house prices declining at like, what is it? 15% annualized rate since March or April. Yeah. It's going to come through in the economy. Yes, the government's frustrating with how much they are spending. Minimum wage seems to keep going up by a lot every year, and that gets pushed through with higher prices. So, it is very frustrating, but it has to slow. It has to slow. And that's all we need. [Dean] has asked about AI. You previously mentioned AI as a factor affecting WAM's share price. Can you explain more specifically how AI has influenced the share price and the underlying portfolio holdings? Yeah, it is not the share price, it is the holdings. I will let Tobias. Tobias knows AI a lot better than me. I would say the problem with AI when it came out with Claude and OpenAI with agents back in January was, just remember, interest rates started going up, so that impacted consumer-related companies, retail, automotive, property. We had a big portion of companies in our portfolio. They were not necessarily in those sectors, but they might have been insurance brokers, travel agents, mortgage brokers, real estate portals. When that came out with those announcements, all those stocks, they got fell quite extensively and also got shorted from hedge funds because the view out there was these agents, they are going to basically render these businesses to be irrelevant in 10 years' time, or something like that. Not only do we have the portion of the portfolio exposed to consumer, which is a big portion of the portfolio, I would say it is probably 30%, something like that, t hen we had another 10% or 15% of the portfolio that was impacted by AI. Then you go, "Okay, that is great. What are the sectors not impacted by AI?" Resources. It is very positive for banks because they take out costs. Oil and gas companies. What do not we own? We do not own the top 20 stocks. In the end, BHP, because of their copper exposure, has been a huge beneficiary of AI. So, not only did our portfolio go down, but the stocks we did own went up. Again, it makes this huge difference in terms of your performance. In summary, I will let Tobias talk about AI just broadly, but yeah, not an impact on the share price, but an impact on the portfolio, so call it the net tangible assets. Yeah, I think, one of the mistakes we made was when we saw this AI trend happening, we did an extensive amount of work on the underlying companies and to try to work out whether they will be disruptive or not effectively. So, we have gone through each one of them. This would have been, when it first started, then we were very happy with how resilient these businesses are. Unfortunately, at the time, the trade or the trend was to sell first and ask questions later, because it did not really matter what we thought, it is just the perception of the market. Obviously, the market is the buyers and sellers, so if you have an incremental additional seller that does not actually believe in the resilience, the share price would have been sold off, and e ffectively, that sort of created the death spiral in the share price. As we did more work, we got more confidence through our journey on some of these businesses, so we started to add to those positions. What we've seen over the last six months, particularly with a lot of the software businesses, we've actually seen an increase in many of these businesses back to, I guess, not back to previous highs, but they've made back some of the difference. It's now become clearer of who are the winners and who are potentially the ones that will be impacted. Pro Medicus, TechnologyOne, yes, they've come back quite a bit, but if you looked at their outperformance relative to the cohort of stocks, they've actually improved. Outside of these type of companies, what we've done is to work out who are the AI beneficiaries going forward, because ultimately, if we believe this thematic will continue, and in our case, around the capital expenditure that's going to occur in this country, we want to find effectively the next companies that's going to go through this period of hypergrowth. What we've done after proving the resilience of some of the existing positions is to find beneficiaries of that AI spend, which is how we've positioned the firm, obviously Maas Group, Firmus, just some examples. We need to see hopefully that play out. If our thesis is correct, these companies will get a re-rate, and then therefore the performance will go on with it. Like Carsales, what was Carsales, which the company's been around for a long time? Yes. What, AUD 40 I think at the end of December? Yep. Then it hit AUD 20. Yep. When, probably May? Yep. What was the average price earnings valuation of multiple valuation of Carsales for a 10-year period? 30x? 30x, yep. Yep. Yep, and. Where is it today? 20x? It's 20x. Yep. Yeah. That's a 33% reduction in the valuation of a big company, Carsales, largely because of AI. As we've said in the. The performance hasn't changed. They've. No, that's really, yeah. No, that's. Consistent performance, top line and bottom line. Exactly. I reckon normal market was probably 45x after its result in August. It was a great result. It's concerns around AI. Yeah. I think if you looked back after Liberation Day happened, Australia was considered the safe haven, so you saw a lot of offshore capital coming into Australia because the likelihood of us having the lowest tariffs relative to a lot of our peers. So, that sort of drove a lot of the outperformance in some of the larger liquid growth companies in Australia. When the AI shift changed, money went back into the U.S., into Asia, the semiconductor companies, and effectively, again, you have just seen this mass exodus of capital out of Australia into other countries that are perceived to have more AI sort of beneficiaries. Got a few more stock questions. [Stan] has asked about SkinKandy, SK1, what has happened? Yep. SkinKandy is another IPO, actually. Oh, there is another one. It has done well for us. It is a recent IPO, which we have got to talk about. But effectively, the management are ex-Lovisa, senior management from Lovisa. They have actually done incredibly well over that period. Now, I do not have any piercings, but it is effectively a rollout of SkinKandy stores where they do piercings and offer that service to consumers. It is a lot safer given the higher threshold of requirements and training, and also a lot of products. What we see is that while piercings, I guess maybe when we were kids, it was frowned upon, a lot of that generation are now parents, and they are more receptive to their kids having piercings, and that trend, I think will continue. Often, we have one piercing that leads to multiple piercings, and these are recurring customers that wanted to go somewhere safe, get their piercings done, or change and buy new piercings. So, we believe that the growth in SkinKandy will be quite attractive over the next few years because they are not just doing this in Australia, where they have proven the model. They are going to South Africa, going to the U.S., and potentially in the U.K. So, we want to be there as part of this trajectory of rolling out their model globally, and it is quite a unique model, and this is what we saw in the early days of Lovisa when they first started. It was very small. They had a very unique and niche area, and it was not actually impacted by the macro environment. In fact, the youth segment has been pretty resilient from a lot of the interest rate expectations and the consumer confidence. So, yes, it is a company we quite like. We think over time, they continue to roll out new stores. Their like-for-like sales is over 5%, and we believe they will enter into new regions and that could supercharge their growth. We have got [Joseph] who has asked about Qualitas, QAL, has had some big swings in the last 12 months, but fundamentals seem consistent. Is now a good buying opportunity? Yeah, we think so. We own Qualitas in the WAM Microcap fund. There is a lot of noise with private credit. One thing that separates Qualitas, there are a couple of things. Firstly, they are very conservative in terms of how they lend. I have spoken to so many developers that complain about how hard it is to actually get money from Qualitas, given the extensive amount of due diligence and the documents they require to actually lend against these projects. The other unique part of Qualitas is the majority of their capital comes from institutional investors. A lot of the noise that you have seen in the media with private credit funds, they take a lot of money from retail investors. So, when investors pull money out, then they have a liquidity crunch and a liquidity issue. Qualitas does not. Qualitas, they have also announced to the ASX that they have no exposure to Bathla and Bathla-associated entities. To the point that I think Oscar spoke about earlier, when there is a crisis, how do you take advantage of this crisis? There is definitely a lot of noise in the private credit space. What does that mean? I think they can write new loans at much higher return because effectively a lot of the other guys are now out of the market over this period as they have to clean out their books. The returns they are generating is going to be amplified during this period. They continue to deliver 20% earnings growth. I think the price-to-earnings ratio is at 13x. Obviously, sentiment is not good from a sector perspective, but we believe they are one of the winners of this sort of shakeout in the private credit space. [David] has asked about Megaport. MP1 has traded within a relatively narrow range over the past year, despite delivering strong gains from some entry points. When you invest stock, do you have a target exit price, and h ow do you determine when it is time to sell in a case like MP1? Yeah, we do have a target price. However, our investment product is driven by catalyst. Often, what we find is when companies do well, the inertia sort of carries the momentum of the business, and there are additional catalysts that could re-rate the share price over time. From our perspective, Megaport is not a business that is growing at, say, 10% consistently. Therefore, if the price overshoots, we think it is overvalued and therefore we sell the share price. Michael Reid, the CEO, when he first came on, that is when we started buying the shares. He has done an amazing job growing the share price. I think it was AUD 3.50 when we first bought shares. Over the last, even though they have had this trajectory, the Latitude.sh acquisition is probably one of the best acquisitions and particularly given the timing of when he acquired that business. What gives us more confidence, I spoke about this earlier, but effectively everyone's moving from a pure cloud infrastructure to a hybrid model, where they have to take compute or data from one of the large cloud providers and put it into their own environment, which Megaport manages. They also have the network. The demand is significant, and you've seen the contract momentum they've achieved, where these contracts are coming on, they're paying back the capital in two years. Then the service which they've acquired after year two is effectively a free carry. As we've seen with six-year-old NVIDIA chips, the price is still going up. So, we think there's that long tail of value that the market hasn't attributed to a lot of the capital expenditure. It just takes a bit of time, takes a bit of education, and we think over time, the intrinsic value will be reflected, but the EBITDA is going up 10x over the next three years, and. The stock's flat. The stock's flat. Without the result, it upgraded. 26%. Earnings. 27%. 26%, 27%, 28%. It won a contract, it got a debt facility, and it fell like 15%. 15%, yeah. Well, where's the logic? Yeah. We have got a couple of quick stocks to do. Bapcor, BAP. Are you a buyer at? Yeah, we are a buyer. We participated in the capital raise back in February, and Chris, the new CEO there, is ex-Supercheap Auto, ran that business, so knows how to run an automotive business. I think it is fair to say things have changed pretty quickly there. It was a dog's breakfast, I think, when he took it over, it is fair to say. Balance sheet and just the trade business in particular not being run appropriately. Yeah, I think he is in a turnaround. This is a vintage WAM Capital stock. Yeah, I was looking at the numbers last week. AUD 2 billion of sales, and the analysts have AUD 30 million of profit in two years. Before COVID, the business used to do over AUD 100 million in profit. Look, we do not need to get to AUD 100 million of profit to be successful in this trade. If we can get it to AUD 50 million or AUD 60 million, should double our money. Yeah, really like it. We own it in WAM Microcap, WAM Capital, WAM Research. What about SRG Global? Yeah, like it. Management team's done an exceptional job. We first bought the shares, I think it was at AUD 0.70. It's now in the ASX 200, now AUD 4 a share. They've done exceptionally well, and in a very positive mining services environment across all commodities. They've done a really good job at increasing the maintenance exposure in the business, and so you've seen a re-rating of the valuation as a result. We own it in WAM Active and also in WAM Capital. We've owned the stock for probably about three or four years. [Bill] has asked, what is your position in Vysarn, VYS, after the acquisition did not proceed, and why was that? Well, the answer is we are, and we're a substantial holding in the company, and the company's doing very, very well. What these guys do is, as mines get deeper, the water exposure in these companies increases, and so these guys will drill out and pump out the water for miners. They've done two acquisitions recently. One of these acquisitions, which was the smaller one, they basically announced the acquisition, said, "We're doing due diligence on the company," and then two months later said, "We've done due diligence. We don't like what we see. We're not going to proceed with the acquisition." What that means is that when they announce the earnings per share accretion or the increase in the earnings per share, it's reduced by a certain amount. So, the shares got hit early last week, have fallen about 20%. They've still got the cash on the balance sheet. We don't want them to do an acquisition that might be a bad one. So, they've probably got a pipeline of acquisitions as well, so there's probably another acquisition they could be looking at. Yeah, it's frustrating, but again, part of small cap investing. It is what it is, and we're backing the team over longer-term. [Deep] has asked, "Are there any share rights issues, placements, or capital raisings coming up for WAM Microcap soon?" Not on the board, but I would dare say I doubt it. Thanks. [Ben] has asked, "Are market fears about AI going to turn out to be like another Y2K bug?" We ask this question to ourselves every day. The difference between 2001 and today is that, and this is what everyone says, so I hate saying it, I must admit, but the biggest companies in the world that have the best balance sheets are funding this AI rollout. If you go back to 2001, there was a lot of frothiness, let's call it, in the valuations of these tech companies that were coming to market. Don't get me wrong, there's some AI companies that are coming out now that are no good. But if we focus on what we focus on, which is companies like Megaport, Firmus, Maas Group, they're really exposed to the hyperscales largely, and they're spending, what is it, AUD 1.2 trillion in CapEx this year, and it's going to keep increasing. I think when we go to the quarterly results, we are looking at them every, w hen Google and Microsoft, when they are all reporting, and they are not slowing down, and they are seeing something we probably cannot see in terms of the return on investment they are getting. Look, it is no question the biggest risk on the market, is if it does slow, and i f we look at small caps just broadly, AI is probably the only real sector you can say is doing quite well at the moment, because a lot of the infrastructure build that goes around it. Just broadly speaking for global markets, it would be quite negative given how big those companies are. Look, we are asking ourselves that question all the time. We are doing a lot of work, obviously going to the U.S. and the U.K., working out what is going on, listening to podcasts. At this juncture, we are confident in it. I think, just to add to what Oscar is saying, the challenge is it is moving so quickly. Yeah. I think 10 months ago, when agentic AI came out, it significantly increased the usage of AI. Previously, a couple of years ago, you are using ChatGPT, you are typing in prompts. Now, there are automatic prompts, there are platforms where agents speak to agents and effectively transact. The increase in that on compute is significant. I guess our job is to find where is that value in the value chain. If you looked a bit back, with the rise of Anthropic, OpenAI, a lot of that value in the last three years has been around the large language models. Then, you now have open weight models, open source models, new models, and everyone's like, "Hold on, is that where all the value is, or are there values higher up the value chain or lower down the value chain?" In Australia, obviously, you benefit from the infrastructure layer, or the actual AI factories, because if it is built in Australia, it is hard to effectively move that data elsewhere. But it is just trying to work out where is that value in the value chain, and that changes by the day, to be honest. I think we listen to all the podcasts overseas, and you do all the meetings, and you try to triangulate all the pieces of data to work out what is relevant for Aussie-listed small cap companies, which is our investable universe. Final question from [Joe]: "What are your top three investment ideas right now?" Well, I will just say the four names we have on the deck, are Cedar Woods, FDC, Megaport, and Maas Group. I think near term, you would say Maas Group. Yeah. I think from my. Maybe one outside of this. I think one we haven't spoken about, which we have a. IPG. Yeah. Oh, you want to use IPG? Yeah, you do it. There is a company called IPG. Effectively, they are the distributor for a lot of the electrical and mechanical components for a lot of their data centers, AI factory build-out. Obviously, the requirement for that will be huge, and if you think about the phase of a build-out for a data center, you do the civil stuff first, then you build the buildings, and then you do the structural mechanical, and then finally, the electrical type of work. A lot of that spend is towards the end of the project. I do not think the market has truly realized just how much work that is coming their way from projects that is effectively being actioned and that is going to complete. I think IPG is trading on 15x price earnings ratio, and I think that is one that is under. I think the sector, if we are sitting here in this time next year and we have outperformed, the sector that will carry us is retail, and call me crazy, but I will give you an example. JB Hi-Fi today is AUD 65. In December, it was AUD 120. Harvey Norman is AUD 4.20 today. December, it was AUD 7.50. Nick Scali is AUD 14 today. I think December, it was AUD 26. In this period, if you look at Nick Scali, they have got a U.K. business that they bought a couple of years ago that was doing like 40% gross margins. It is now doing the equivalent gross margins, Nick Scali Australia. You could argue it is getting stronger. That sector looks really, really interesting. I am not sure, it is clearly not in the near term, but if investors think interest rates are going down, they will move very, very quickly because no one owns them. We saw it in July. We saw a little bit of that in July, and we have got smaller positions in these companies ready to go, because we are looking at the earnings forecasts for analysts in outer years, and we think they are materially wrong. We think they are too low. We have just got to be patient. But I have never had a time, we have never had a time in WAM Capital where we would look at a portfolio and we go, "That stock probably will double." But when you are in a hot market, you would never say something like that. But now, we would look at things like Avient at AUD 13. I think we think that could double to AUD 25. Cedar Woods, bring it up again. AUD 6 share price should be AUD 12. Aspen Group, that could easily double. There are so many examples like that, and for them to double, they are just going back to where they were. They don't actually have to do. They just need a better market. Imagine what could happen if the industry structure changes or something like that, which we're seeing with a lot of other companies in other sectors. There are a lot of examples like that. But reiterate what I said earlier, it's going to be harder before it gets better. No question. That's all we have time for today. To stay informed with our latest investment insights, and join our community of 100,000 email subscribers, please do subscribe to our emails. You can also follow us on LinkedIn, X, and Facebook, or visit our website for more. Finally, we'll be visiting Wollongong, Newcastle, Noosa, Toowoomba, Gold Coast, and Geelong throughout October and November for our shareholder presentations, to meet with you, our valued shareholders. At these events, you'll hear from members from the investment team and also learn more about our Future Generation companies. You can register to attend the event using the QR code on the screen. I'll now hand back to Oscar for any closing remarks. Yeah, just want to thank everyone for their time this afternoon. Obviously, it was a big call. There's a lot of detail to get through. But clearly, it's been a tough environment, and we acknowledge that for our shareholders. As I said a couple of times, we're working extremely hard to make sure the portfolio's positioned. We want to come here when interest rates have come down and show you what this portfolio can do in a more favorable market. So, that's what we're focused on. Team's doing really well. I personally couldn't be happier with the team through what's been an extremely challenging period. Extremely challenging. We've got the right team, we're ready to go, and we've got an investment process that's proved to outperform over 30 years through the cycle. We've just got to have faith in that and we'll be okay. But look, just wanted to say thank you for all your support. Really appreciate it. And if you need anything, we're only just a phone call away, so thanks a lot.