giulio: no, we are going to have for sure an operating profit.nthat we have 4.9 for the six months. if anything is kind of stable, you should expect the second half not to be worse than the first half and it should be better. there is now no doubt we are going to add a sizable profit, we are going to have it be sizable, it is not just going to be higher compared to what we had last year, which was, by the way, a good year. we are going to had -- add a stronger performance anyway. manus: the inflows into pimco talk a little bit more about that. those come from? just some context. giulio: when you look at the flows, they are coming from the fixed income side. we see flows in multi-assets and alternative strategy. applies to pimco. it is on the equity side. equity market that went up in the second quarter, but in total for the mutual funds industry, we did not see positive inflows. that was kind of an interesting trend to see. inflows for the industry on the equity side, not for us. all other strategies have performed nicely. from a regional point o