On the LHS, the green line shows the MSCI APAC ex-Japan Index's relative performance against MSCI World Index, which is a benchmark for DM equities. The grey line shows the GDP growth of APAC ex-Japan minus that of DM, a measure of emerging APAC ex-Japan's GDP outperformance. As you see from the chart, the greater APAC ex-Japan's GDP outperforms DM, 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. DM 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 DM to outperform.