On the left, the green line shows the MSCI APAC ex-Japan Index's relative performance against MSCI World Index, which is a benchmark for developed market (DM) equities. The grey line shows the GDP growth of APAC ex-Japan minus that of developed markets, a measure of emerging APAC ex-Japan's GDP outperformance. As you see from the chart, the greater APAC ex-Japan's GDP outperforms developed markets, the better APAC ex-Japan equities do versus DM equities. We observe that that the grey line has been trending down since the pandemic started, showing APAC ex-Japan economic growth outperformance vs. developed markets has been shrinking. With the U.S. economic growth expected to accelerate on the back of the largest U.S. fiscal stimulus post war times, we would expect developed markets to outperform. Meanwhile, the right chart shows that Asian exports have a close, positive relationship with corporate profits. As Asian exports continue to surprise on the upside in the past few months, we expect corporate profits to trend upwards going forward.