FidelityConnects: Passing the Torch: The Future of Fidelity Insights Class®

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Hello, and welcome to Fidelity Connects.

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I'm Agnes Doherty.

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After an extraordinary 40-year career at

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Fidelity portfolio manager Will Danoff will retire from

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day-to-day portfolio management at the end of 2026.

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In Canada Will oversees the Fidelity Insights Class Fund

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which has compounded at a rate of 17% annualized,

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outperforming the S&P 500 by 2% annualized

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since its inception in 2017.

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The good news is that Will Danoff will remain at Fidelity

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in an advisory capacity, ensuring that his investment

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knowledge continues to make an impact on both the

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organization and investors.

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Our next guests currently co-manage the fund alongside

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Mr. Danoff and will continue to hold co-manager positions

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following his retirement.

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What comes next for Fidelity Insights Class as it begins

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this new chapter, and how is the portfolio positioned

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today as market conditions evolve?

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Joining me now to discuss this and to provide an update on

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Fidelity Insights Class are portfolio managers,

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Nidhi Gupta and Matthew Drukker.

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Hello, Nidhi and Matt.

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Welcome to Fidelity Connects.

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Hi, happy to be here.

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Thank you.

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Just a reminder to everyone, today's webcast features live

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French audio interpretation and we also have a Q and A

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box available so please enter any questions that you do

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have. Nidhi and Matt, a really interesting fact

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about both of you, you started at Fidelity both as interns

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back in 2008.

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For many people in the audience today they may not have

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heard from you before so I think a really nice place to

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start the conversation would be to talk a little bit about

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your career so far, your journey at Fidelity.

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Nidhi, we'll start off with you.

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Thank you for having me and thank you everyone for all

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the support over the years.

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Matt and I actually started as interns in the summer of

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2007, we joined full-time

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in 2008 so we've been at Fidelity for

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almost 20 years.

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In that time I've managed several

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different funds since 2013,

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including Fidelity Advisor New Insights, which I

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began managing with Will in

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2020 so it's been almost six years on

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that partnership.

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Before that I was managing about $15 billion of tech

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sector funds for Fidelity.

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Before that the Communication Services Sector Fund

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with strong performance on all of those

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products.

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I was also our global technology sector leader

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for several years.

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During that time I covered as an analyst

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a lot of the large tech stocks

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including Google, Meta, Amazon, Netflix.

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Throughout my years at Fidelity as an analyst

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I actually started on our international team so I

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covered several different international industries

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including stocks within the industrial sector, the consumer

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sector. Prior to Fidelity I've covered the

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health care sector.

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Together Matt and I, I think, have covered the vast

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majority of the S&P 500.

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I think, most importantly, we've covered a lot of the

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biggest stocks in the index, I mentioned some

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of them.

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That's been hugely valuable because these are the companies

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that are growing the fastest and

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really setting the tone for a lot of the

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secular trends in the market.

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I would say the partnership with Will has

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been very organic over the years.

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I've worked closely with him on all the stocks I've

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covered throughout my career at Fidelity and all the funds

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that I've managed, especially when I

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covered some of these larger tech stocks that

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were some of the biggest positions of his

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portfolio that was when we developed a much closer

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relationship and he asked me to join him

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on Fidelity Advisor New Insights in 2020.

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That's been an incredible partnership and we've had really

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strong performance on that fund.

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Matt and I look to really continue the

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tradition with these additional

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assets.

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Matt, how about you?

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What's your Fidelity journey look like?

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I think as Nidhi said one of the things that's

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really special about this journey to now co-manage

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with her is we grew up as investors together.

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We covered a lot of different stocks, we managed select

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funds and we had the opportunity

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to work more and more closely with Will over time.

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I became a diversified co-manager with Will two years

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ago, so I joined four years after

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Nidhi.

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I think Will selected both of us because we're drawn to the

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same core philosophy that stocks follow earnings.

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We also have the same process that focuses

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on staying close to the industries, working

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with our very strong team of Fidelity analysts to

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find opportunities.

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We know how to work with the team because we were both

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analysts for the

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better part of a decade and a half.

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We're spending time together, meeting with companies,

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including quarterly callbacks, we're continuously

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seeking to identify stocks where

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growth is underappreciated by the market either

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in magnitude or durability.

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I think with two of us as co-PMs we can cover even

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more ground.

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Growing up as investors at Fidelity

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we've been through a number of very different market

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environments. Early in our careers we were actually interns

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in 2007 before the financial crisis so we

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started in our seats as that GFC

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unfolded. That was a formative experience.

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At the time I covered consumer discretionary companies

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and I remember Will reminding me,

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Matt, restaurants can be the canary in the coal mine for

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consumer sentiment.

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Consumers are two-thirds of the economy.

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When they start to feel less bad you might see it

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first in a splurge for better coffee in the morning.

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We started tracking

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store level activity at Starbucks very closely

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and sure enough, when same store sales

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stopped getting bad in March 2009 that

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turned out to be one of the earliest signs that cycle

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had bottomed. That early experience really

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reinforced how closely studying businesses

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can give you an investment edge.

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Of course, the real highlight was going with Will to

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meet Howard Schultz and dig into Starbucks' plan

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to sustain growth even after the stock had more

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than doubled from the lows.

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Will always says, just because a stock has doubled doesn't

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mean you've missed it. We didn't miss that one.

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As Nidhi said, over the next decade I went on to cover

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other sectors in communication services.

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Tech and communication

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services are now about half the market.

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Over the time covering tech we've seen these large digital

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platforms has really given us

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a front row seat to several major technological transitions

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from the rise of the internet, the mobile internet,

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cloud, the evolution of digital advertising and

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video streaming. Mow we're in this next

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phase as generative AI begins to

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reshape many industries and drive a

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big part of the economy.

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We feel well prepared for that.

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Just throughout all of these environments and

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investment trends the constant has been working closely

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with Will. His approach has always been bottom-up

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fundamental research and a simple idea

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that over the long run stocks follow earnings.

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That philosophy has guided the fund for decades and

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it will continue to even when Will steps down

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from his active PM role to become an

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advisor at year end.

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There's no doubt that Will Donoff has been one of the most

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successful franchises here at Fidelity.

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It's so incredible, you two are the

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stars that have been chosen to take over

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the reins. It's so interesting listening to you speak

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because I'm hearing things like you grew up together in

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Fidelity working alongside Will and his

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team. It sounds like there's such an inherent, strong team

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approach to everything and Will has really sort of

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institutionalized his way of thinking.

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Nidhi, if I could pass the next question to you, I'd love

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to just hear a little bit more about your experience

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working with Will Danoff and what are the sort of

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key elements of his process that you're going to continue

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to carry through in the Insights Fund today.

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Matt mentioned one of them, which is stocks follow

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earnings.

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That means we're doing bottoms-up research, we're working

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really closely with the research department which covers

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over 2,000 stocks globally.

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As Matt mentioned, we've been in the trenches with the

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research department so we have close relationships there.

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Will's other philosophy is keep turning over rocks,

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keep looking for ideas, keep learning from companies.

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For Matt and I, we sit right next to Will, Will

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sits right there, Matt sits on the other side of him, just

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this mantra

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of keep turning over rocks, that's kind of the air

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Matt and I breathe every day, and we have been for

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almost 20 years.

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We spend a lot of time meeting companies.

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In our offices we're usually

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packed with a schedule of

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back-to-back meetings with CEOs and CFOs on a daily

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basis in our offices.

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We're very frequently travelling to meet companies

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at their offices.

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Matt and I are actually going to go to California with Will

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next week.

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We're going to meet with Jensen at the Nvidia GTC

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conference in San Jose.

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We're having dinner with OpenAI.

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We were out in California in December.

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We had an amazing lineup.

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These are industry leaders, they're pioneers in

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the industry and we're getting a front

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row to these

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executives and founders and what they're

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trying to build, and that's extremely valuable.

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I mean, at the end of the day, this is a people business,

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you're all trusting us as fund managers

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and we're, in turn, trusting these founders

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and CEOs to build these

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businesses.

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I think that trust takes time to build

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and it's something Matt and I have worked hard at over

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our nearly 20 years at Fidelity.

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I can share a few examples but this

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trust is really what ultimately helps us

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sort of filter through the noise in the market and

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really figure out who the winners and losers

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will be in a particular industry, as

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opposed to getting caught up in the

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quarterly earnings reports or the daily

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kind of volatility of geopolitical risk

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and whatnot.

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Google, it was deemed an AI loser

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in 2023 and 2024.

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We've known the company

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since the IPO, we

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had a lot of conviction that they have the best AI

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technology and the best management team to get

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it done. The stock has doubled

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since then. Netflix, the stock

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got under $20 in 2022, the

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market sentiment was awful.

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We went out to meet with the management team in summer

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of 2022. We were able to

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get a really good read on some of the initiatives that they

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were launching. That's a management

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team that we've known for a really long time.

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We bought more, the stock is 5X

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since then. It just goes

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to show that as long as we maintain these

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relationships and continue to build them I think

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we will continue to have an edge on

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filtering through the noise in the market and betting with

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the management teams.

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I think that's really

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the secret sauce of Will's performance.

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I think it's a tradition that Matt and I have

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grown up in and will be continuing.

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That sounds like an epic trip to California that you have

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planned. Some of the names you mentioned there, it's really

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incredible that you have direct line of access to them and

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such a great advantage of Will Danoff and his

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brand but also the bigger and larger Fidelity engine.

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Matt, I wanted to talk to you a little bit about private companies.

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Nidhi, you just mentioned a couple of private companies

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you'll be meeting with in California.

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We can see that SpaceX is in the top 10.

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Matt, maybe talk us through the process around privates

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and how they've been able to add alpha to the portfolio

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as well.

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Privates can be up to 5% of the portfolio.

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The

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private investments are really

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good. They need to be a good investment in their own right

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but they're also a great source of information

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for us.

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Now because companies are staying private longer

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they're now at record high in terms of percentage

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of the market, close to 10% of the market.

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Having access to the privates is a differentiator

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versus passive investing.

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One of the things that's interesting about SpaceX is that

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we were able to invest in the company really

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early through Fidelity's private investing

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platform.

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That was when the business was still sort of a

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to-be-proven launch provider.

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We underwrote the opportunity on the

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ability for them to achieve reusable rockets alone,

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but over that time the company's evolved

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dramatically as it expanded into satellite communications

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with Starlink which is a key driver

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of cash flow. Our position in SpaceX

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has grown the best way possible really

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mostly through the success of the business so it's

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grown into a bigger position.

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Our original investment basis was under 10 billion

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valuation, I think, Nidhi.

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As the company's continued to execute

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the value has compounded and is rumoured to IPO at

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a valuation of over 1.5 trillion.

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They can't all be 150 baggers but...

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You'll do your best.

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I think what's fascinating about

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SpaceX seeing the company up close

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and getting the insight into how remarkable

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Elon is at solving problems.

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I remember Nidhi and I and Will visited

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the Falcon rocket engine in L.A.,

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one thing that really stood out was this manufacturing

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philosophy.

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Traditional aerospace companies often

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design a single very large complex engine and

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SpaceX instead was building many smaller engines

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with a standardized design and then combining

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them to generate more thrust.

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That enabled them to manufacture

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at scale faster, improve reliability

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and then iterate off those units.

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This idea that

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Elon was pursuing was a vertical integration.

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If a component in the supply chain wasn't available from a

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supplier they were literally producing parts right

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there on the assembly line, sometimes with 3D printers.

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We saw something similar when Starlink satellite

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was still in the early phases.

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We went to the manufacturing facility, we

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do these third-party expert calls and everyone

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else outside of SpaceX and all the experts were telling

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us that satellite interlinks with lasers

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to connect the satellites wouldn't be solvable because

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in low earth orbit the lens wouldn't burn up

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on reentry and you simply just can't have thousands

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of objects raining down on earth.

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With this concern in mind we

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go to the factory, the engineer's

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giving us the tour and showing us how they solve

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this unsolvable problem by inventing a new solution

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using aluminum lens instead of the

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hardened glass.

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That ability for the network to then be a mesh system

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where data can hop around space enabled them to win

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government contracts and now play a bigger role in

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direct to cell phones.

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It's these experiences in meeting with the management

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teams, Will always says the passive

17:45.720 --> 17:49.080
indexes aren't meeting with the management teams,

17:49.080 --> 17:52.120
they're not touring factory floors, and they're

17:52.120 --> 17:55.600
not even asking questions let alone the right questions.

17:59.280 --> 18:02.480
It's that engineering culture and pace of innovation

18:02.520 --> 18:05.680
at Starlink that has really driven their success.

18:05.720 --> 18:08.920
It's early, there's other engineering problems

18:08.960 --> 18:11.960
to be solved but we might be talking about space data

18:11.960 --> 18:12.960
centres next.

18:13.840 --> 18:16.160
Truly incredible, 150 bagger.

18:16.160 --> 18:17.160
Go ahead, Nidhi.

18:18.680 --> 18:21.640
I was just going to add, Will not only

18:21.640 --> 18:24.640
says to turn over rocks but he always says show

18:24.640 --> 18:26.920
up to a meeting, ask a good question.

18:26.920 --> 18:29.640
To Matt's point, the passive funds are not building

18:31.120 --> 18:33.520
relationships with these companies, they're not walking the

18:33.520 --> 18:35.280
factory floor.

18:35.280 --> 18:38.160
I think because we've built some of these relationships

18:38.160 --> 18:41.160
over the years, management teams really appreciate the long

18:41.160 --> 18:44.160
term strategic questions that we ask

18:44.160 --> 18:47.160
which makes them, in turn, more available to

18:47.160 --> 18:50.320
us, and I think more honest with us about the risks and

18:50.320 --> 18:53.280
opportunities which then helps us have a

18:53.280 --> 18:56.640
more informed view on the investment thesis.

18:56.640 --> 18:59.600
Netflix, for example, I covered the stock

18:59.640 --> 19:02.640
from 2012 when they just

19:02.640 --> 19:05.320
had gotten into streaming and no one really believed in

19:05.320 --> 19:08.240
them through 2020.

19:08.280 --> 19:11.240
Matt covered it after that but by that point

19:11.280 --> 19:14.240
they had over 200 million global

19:14.240 --> 19:15.240
subscribers.

19:16.640 --> 19:19.600
That journey was the one on which I was able to

19:19.600 --> 19:22.720
build a relationship with them because Fidelity sort

19:22.720 --> 19:26.040
of believed in what they were trying to achieve.

19:27.400 --> 19:30.920
I had a chance to speak at three of their executive

19:30.920 --> 19:34.080
off-sites where they had 900+ plus of their

19:34.080 --> 19:36.560
top employees present.

19:36.560 --> 19:40.080
I hosted four of their

19:40.080 --> 19:42.800
quarterly public earnings calls in 2021.

19:44.680 --> 19:47.800
This is a relationship that they

19:47.840 --> 19:50.840
really value as well so when we

19:50.840 --> 19:54.120
go out there or we're trying to figure out

19:54.120 --> 19:57.520
what their next move is they're available

19:57.520 --> 19:59.080
to us.

19:59.120 --> 20:02.160
It's sort of this two-way street.

20:02.160 --> 20:04.640
I think it's it's always been a really great

20:05.760 --> 20:09.000
partnership for Fidelity with these management

20:09.040 --> 20:13.200
teams built over many years across multiple analysts.

20:13.200 --> 20:16.400
You make a good point, Nidhi. It's not just the quantity

20:16.400 --> 20:19.280
of meetings it's the quality of meetings.

20:19.280 --> 20:22.960
I'm thinking about how simple sometimes

20:22.960 --> 20:25.920
the questions even need to be.

20:25.920 --> 20:29.000
What are you most excited about as a management

20:29.000 --> 20:32.440
team, getting that what really makes the business

20:32.440 --> 20:33.440
unique.

20:34.560 --> 20:38.480
I'm thinking about this meeting we had,

20:38.480 --> 20:41.440
just as an example of how a typical meeting

20:41.440 --> 20:42.440
might go, a

20:44.760 --> 20:48.800
little over a year ago we met with Casey General Stores,

20:48.800 --> 20:52.680
the ticker is CASY, it's a $25 billion market cap.

20:52.720 --> 20:55.640
Casey's operates gas stations in the Midwest.

20:57.840 --> 21:00.600
Your baseline going into that meeting might be how could

21:00.600 --> 21:04.440
gas stations generate durable alpha?

21:04.440 --> 21:07.480
Early in the meeting Will immediately started

21:07.480 --> 21:10.760
asking about food, their food offerings.

21:11.800 --> 21:14.040
The CEO of the company really lit up.

21:14.040 --> 21:17.080
It turns out Casey's is a top five

21:17.080 --> 21:20.400
seller of pizzas nationwide from only 3,000

21:20.400 --> 21:22.680
locations in the US.

21:22.680 --> 21:25.840
The CEO is explaining one of the secrets is to

21:25.840 --> 21:28.960
make the fresh dough on-site daily.

21:28.960 --> 21:31.960
Moreover, it got right into the heart

21:31.960 --> 21:35.360
of the economic driver of the business which is how having

21:35.360 --> 21:38.600
popular food, other consumables as

21:38.640 --> 21:41.880
well as gas, in one place helps them beat standalone

21:41.880 --> 21:45.240
pizza chains or standalone gas stations because

21:45.280 --> 21:48.360
they have more flexibility on price and they drive better

21:48.360 --> 21:49.760
foot traffic.

21:49.760 --> 21:52.920
Even differentiated models in

21:52.920 --> 21:56.040
competitive industries can profitably win share but

21:56.040 --> 21:59.040
you might not get that insight if you don't

21:59.040 --> 22:02.000
meet with the company, if you don't ask the right question

22:02.040 --> 22:03.320
and have this open mind.

22:05.080 --> 22:06.680
Matt, have you gone and tasted the pizza?

22:06.680 --> 22:07.680
Is it as good as they say it is?

22:08.760 --> 22:10.720
It's pretty good.

22:10.720 --> 22:13.680
I spent some time in New York

22:13.680 --> 22:15.440
so my pizza bar is pretty high.

22:15.440 --> 22:17.760
Pretty high, yeah, I can imagine.

22:17.760 --> 22:20.240
We've got lots of questions coming in from the audience so

22:20.240 --> 22:21.720
I'd love to get to those.

22:21.720 --> 22:24.520
Lots of questions around today's market environment.

22:24.560 --> 22:27.560
Nidhi, let's start with you and talk a little bit about key

22:27.560 --> 22:29.280
themes that are in the portfolio.

22:29.320 --> 22:31.880
Technology is one of them so let's start there and what are

22:31.880 --> 22:35.000
you seeing broadly within the tech space right

22:35.000 --> 22:36.000
now?

22:38.160 --> 22:40.960
Really, the topic of the day is AI.

22:44.000 --> 22:47.160
It's sort of a newish topic for the market but for

22:47.160 --> 22:51.200
us it's a topic that we've been focused on for

22:51.240 --> 22:53.200
well over a decade.

22:54.400 --> 22:57.840
We've been investors in Nvidia for

22:57.880 --> 22:59.440
over a decade.

22:59.440 --> 23:02.480
I remember going out to

23:02.480 --> 23:04.120
California to meet with Jensen in,

23:05.680 --> 23:08.960
I think it was 2011 or something,

23:08.960 --> 23:11.920
when he was talking about AI.

23:11.920 --> 23:15.240
Matt and I have both covered Google

23:15.240 --> 23:18.600
over the years and they've been at

23:18.600 --> 23:20.240
the forefront of AI.

23:20.240 --> 23:23.440
It was more focused on machine learning and recommender

23:23.440 --> 23:26.480
systems in the past and it's moved to large language

23:26.480 --> 23:29.560
models more recently and even more recently

23:29.560 --> 23:32.160
we're talking about agents.

23:32.160 --> 23:34.080
I think this has the potential to alter

23:36.040 --> 23:39.080
almost every industry so that's something

23:39.080 --> 23:42.240
that Matt and I are spending a lot of time on.

23:42.240 --> 23:45.320
The infrastructure buildout for AI is

23:45.320 --> 23:48.560
spanning across not just

23:48.560 --> 23:51.800
the tech value chains like semiconductors

23:51.800 --> 23:55.160
and networking and compute

23:55.160 --> 23:58.560
but it's also found its way into the industrial

23:58.560 --> 24:02.080
sector with companies that are providing power,

24:02.080 --> 24:03.680
companies that are providing labour, electrical

24:06.520 --> 24:09.520
equipment. It's really kind

24:09.520 --> 24:12.520
of found its way into other

24:12.520 --> 24:14.280
parts of the market.

24:14.320 --> 24:17.400
Now as we're looking towards the application

24:17.440 --> 24:20.680
development phase of AI

24:20.720 --> 24:23.960
we're really trying to think about what are the industries

24:23.960 --> 24:27.040
and companies that will win and

24:27.080 --> 24:30.400
lose with AI.

24:30.400 --> 24:32.240
There will be companies that will

24:34.600 --> 24:37.360
have larger addressable markets, they will have stickier

24:37.360 --> 24:39.360
products, they will have higher margins, and then

24:40.480 --> 24:43.520
there's companies that will face more competitive

24:43.520 --> 24:46.680
intensity, have lower margins because they have to

24:46.680 --> 24:49.920
pay an intelligence task tax to the

24:49.920 --> 24:51.720
large language model providers.

24:52.760 --> 24:55.720
We're in the early phases of trying to sift

24:55.720 --> 24:58.840
through all of this and figure out what

24:58.840 --> 25:02.160
are the spots that we really want to play in.

25:02.160 --> 25:05.440
Matt, we've recently seen more broadening of the market

25:05.440 --> 25:08.440
of late, can you talk us through how you're

25:08.440 --> 25:11.600
seeing things there and any other opportunities

25:11.600 --> 25:13.840
outside of the technology space that have piqued your

25:13.840 --> 25:14.840
interest.

25:16.800 --> 25:20.000
Like Nidhi said, I think a lot of the AI

25:20.000 --> 25:23.080
focus and returns has been on infrastructure and the

25:23.080 --> 25:26.680
bottlenecks around standing up this seemingly insatiable

25:26.720 --> 25:28.080
demand for compute.

25:29.120 --> 25:32.200
That CapEx has reached 2.5% of US GDP.

25:34.280 --> 25:37.400
You see a lot of action in semiconductors, memory in that

25:37.400 --> 25:40.240
supply chain. Well, why is this happening?

25:40.240 --> 25:43.440
Compute is becoming intelligence and

25:43.480 --> 25:47.160
with agents compute can use tools or complete tasks.

25:47.160 --> 25:50.120
I think, just like Nidhi, I think where the puck is going

25:50.160 --> 25:53.440
is where can the application of

25:53.480 --> 25:56.440
the intelligence for business processes, where can

25:56.480 --> 25:58.600
that improve customer value proposition?

25:58.600 --> 26:00.560
This is a big theme.

26:00.560 --> 26:03.560
We've seen this in surprising places like transport

26:03.560 --> 26:05.600
logistics and insurance underwriting.

26:05.600 --> 26:08.760
We're asking every management team how they're

26:08.760 --> 26:11.760
going to transform their business and trying

26:11.760 --> 26:15.120
to discern where it can't be competed away,

26:15.120 --> 26:16.120
those advantages.

26:17.280 --> 26:19.640
The most important driver is always going to be earnings

26:19.640 --> 26:20.640
growth.

26:20.640 --> 26:22.600
I think independent of AI

26:23.880 --> 26:26.840
aerospace aftermarket is a theme we

26:26.840 --> 26:29.440
have exposure to, small-cap defence with

26:31.560 --> 26:35.040
defence budgets going up but also

26:35.040 --> 26:38.080
how the role of technology and warfare

26:38.080 --> 26:39.520
is evolving.

26:39.520 --> 26:42.280
There's some really interesting startups there.

26:43.360 --> 26:46.720
Electrician labour contractors are

26:46.720 --> 26:49.960
in very high demand because of more power

26:49.960 --> 26:51.200
infrastructure that's needed.

26:52.960 --> 26:56.120
We meet with companies that do automation for warehouses to

26:56.120 --> 26:57.880
support e-commerce,

26:59.360 --> 27:02.640
spectrum capacity for space-based broadband

27:02.640 --> 27:05.760
has been a trend.

27:05.800 --> 27:08.760
There are demand trends out there and we own

27:08.760 --> 27:10.280
many of them.

27:10.280 --> 27:13.400
I think one of the key ones, though, is going to be

27:13.400 --> 27:16.480
how this intelligence layer gets implemented

27:16.520 --> 27:19.560
and where's the enduring

27:19.560 --> 27:22.760
differentiation there through customer value

27:22.760 --> 27:24.120
improvements.

27:24.400 --> 27:26.800
Okay, well, in the interest of time we will leave it there

27:26.800 --> 27:30.000
but it's been wonderful speaking with both of you today and

27:30.000 --> 27:33.080
hearing the stories of your journey so far

27:33.080 --> 27:36.200
at Fidelity, all the incredible lessons that

27:36.200 --> 27:39.640
you've learned over the years from Will Danoff, and

27:39.640 --> 27:42.800
that you continue to have great access to company

27:42.800 --> 27:45.880
CEOs. Will has taught you such incredible

27:45.880 --> 27:48.920
work ethic. We hope to see you in Canada in the

27:48.920 --> 27:51.840
near future but thank you so much for the conversation

27:51.840 --> 27:52.840
today.

27:53.720 --> 27:55.400
Thank you, everyone.

27:56.560 --> 28:00.480
<b>Thanks for watching or listening to the Fidelity Connects</b>

28:00.480 --> 28:04.640
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28:33.440 --> 28:37.240
<b>The views and opinions expressed on this podcast are those of the participants,</b>

28:37.280 --> 28:41.200
<b>and do not necessarily reflect those of Fidelity Investments Canada ULC or</b>

28:41.200 --> 28:45.200
<b>its affiliates. This podcast is for informational purposes only, and should not</b>

28:45.200 --> 28:47.760
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28:47.760 --> 28:50.040
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28:59.200 --> 29:02.760
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29:02.760 --> 29:05.200
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29:05.200 --> 29:07.360
<b>with fund investments.</b>

29:07.360 --> 29:09.040
<b>Thanks again. We'll see you next time.</b>