This slide looks at various international markets and themes. On the left hand side of the page, we show the total return of thematic indices such as EM Asia Tech and European Luxury Goods alongside U.S. Growth and the broad international universe (ACWI ex-U.S.). You can see that EM Asia Tech and European Luxury Goods have outperformed or kept pace with U.S. Growth equities. On the top right, we show the revenue exposure of international indices to their home countries. For instance, Europe has more international revenue exposure than it does to its home countries. The bottom right chart shows the change in sector weightings of the MSCI EM and MSCI EAFE indices over the last 15 years. You can see that commodities has a much smaller weight in the MSCI EM index, and financials has a much smaller weight in the MSCI EAFE index, while both indices have increased sector weightings to Consumer, Tech, and Healthcare.