wouter: we still like the high-yield sector.e are underweight on equities even though we are relative to em in europe. we still like from a 5-10 year, the private aspect. it is total -- those areas that we point to as being more attractive. core fixed income, the higher starting yields before have turned that into a more attractive asset. that loc to lower your risk without too much return. manus: we are only beginning to understand what that really means. real rates and quantitive tightening. it was a very different get call. where do you want to be positioned in five years time? do you want more renewables? how do i position for an energy crisis and inflation narrative? wouter: one of the important -- lower growth. that over inc.'s to a higher inflationary environment, that is a difficult environment. one of the aspects that comes with the are that real assets are becoming more attractive. we are focusing on that to boost our risk profile. that is infrastructure and natural resources as well as real estate. all of those compon