it's a shift of 14% up into cash that i want to bring to hannah gooch peters. s an equity analyst. she should be able to tell me if she's getting more defensive for christmas. how are you? hannah: good morning. i'm very well. i think the shift into health care is typical actually. it is slightly more protected, given its more predictable cash flow streams against the likes of lysing -- rising interest rates. people are thinking about investor's right now. the move to cash isn't why we are with valuations right now. if you look at valuations in the u.s. in particular, looking at a 60% premium. potentially in the technology index which has shown to be very vulnerable over the last few days. it's become very expensive. i can see why managers may be making that move towards the end of the year. manus: here's the point that you make. as we go into next year, with the fed which will perhaps quicken the taper, these are your words not mine. it's unlikely that the u.s. will have the same ability to outperform europe to the same extent as last year. this is going into ne