The left chart compares the earnings between export-oriented companies within Asia Pacific ex-Japan, against those which derive a majority of their revenue domestically. The green line illustrates that domestic-oriented companies have delivered more consistent earnings growth and, subsequently, returned to long-term investors, especially in the past few years, as market volatility remains quite elevated. Meanwhile, the right chart shows that Asian exports have a close, positive relationship with corporate profits. As Asian exports continue to hold up in the past few months, we expect corporate profits to trend upwards going forward.