Global Emerging Market Equity - HSBC · market equities. Introduction We believe that the secular economic development theme in emerging markets remains robust, and we see profit

New approaches to investing in emerging market equity

December 2016

Global Emerging Market Equity

This document is intended for Professional Clients only and

should not be distributed to or relied upon by Retail Clients.

The information contained in this document is not intended

as investment advice or recommendation. Non contractual

document.

2 Non contractual document

Contents

Introduction 3

Strategic asset allocation 4

Tactical asset allocation 6

New approaches for investing in emerging markets 9

Smart Beta: Fundamental weighing 10

Smart Beta: Lower Volatility 11

Active fundamental stock selection: Emerging market opportunity 12


Today, we believe investors are

being paid to take risk in emerging

market equities.

Introduction

We believe that the secular economic

development theme in emerging markets

remains robust, and we see profit growth as key

in supporting further emerging market equity

appreciation.

In our view there are several potential catalysts

for profit growth:

• Improvements in global growth

• Stabilisation in commodity sector profits

• Accelerating growth of local economies

• Valuation multiple expansion on rising

expectations for profit growth

• Company (and investor) attention to

Environment, Social and Governance

considerations

However, the recent US Presidential election

has brought additional headwinds for the asset

class, as proposed policies may harm the

emerging market export engine. At the time of

writing, specific asset classes, markets, sub-

sectors and currencies have moved on

anticipation of proposed changes.

Looking at economic development trends and

the outlook for company profits, we believe

emerging markets continue to offer investment

opportunities

We believe asset allocators and active

managers can be proactive in looking for

attractive entry points and take advantage of

perceived mispricing to capture the long-term

investment potential of emerging markets.

Investors may look to access emerging market

beta, or alpha-seeking strategies within

emerging markets.

In this document we first discuss strategic and

tactical asset allocation topics for investors to

consider, then introduce investors to new

approaches for investing in emerging markets.


We assess medium-term expected returns for

emerging markets equity based on dividend

yield, earnings per share growth, and market re-

pricing.

The results suggest that, as at 30 September

2016, emerging market equities’ expected

returns appear attractive versus developed

market equities, government bonds and cash

(Figure 1).

In a low interest-rate environment, emerging

markets have also been offering an attractive

dividend yield relative to developed market

equities, indicating discipline in their cash flow

management (Figure 2).

This implies that emerging market beta should

be a serious consideration for asset allocation.

Expected returns and dividend yield

may drive allocations into emerging

market equity.

Strategic asset allocation

Figure 1

Expected 10-year nominal returns

(Annualised, USD unhedged, %)

Source: HSBC Global Asset Management as at 30 September

2016. For illustrative purposes only. Any forecast, projection or

targets where provided is indicative only and is not

guaranteed in any way.

(1,6%)

(1,0%)

0,6%

0,9%

2,7%

2,7%

4,2%

6,9%

5,9%

5,1%

9,0%

8,8%

5,5%

(5%) 0% 5% 10% 15%

Japan JGBs

German Bunds

UK Gilts

US Government Bonds

US Corporate Credit

EUR High Yield

US High Yield

Local EM Debt

Global listed real estate

Developed Markets

Asia ex Japan

Emerging Markets

Global

2,0%

2,5%

3,0%

3,5%

4,0%

4,5%

déc.-

09

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Emerging Markets Developed Markets

Figure 2

Dividend yield

(12m forward, %)

Source: IBES, MSCI, DataStream, HSBC Global Asset

Management as at 30 September 2016.

Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management (France)

accepts no liability for any failure to meet such forecast, projection or target. The performance figures displayed in the document relate to the

past and past performance should not be seen as an indication of future returns.


Adding emerging market equities to a diversified

equity portfolio could positively impact the

overall portfolio characteristics.

• Emerging markets have typically had about

three percentage points higher volatility than

developed markets (Figure 3).

• However, the correlation between emerging

market and developed market returns has

remained relatively low (Figure 4), which

means an allocation to emerging markets

may not significantly raise the overall

portfolio volatility (Figure 5).

0%

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50%

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Emerging Markets Developed Markets

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0 10 20 30 40 50 60 70 80 90 100

Vola

tilit

y (

12m

)

Percent allocation to Emerging Markets

Figure 4

Correlation of Emerging Markets versus

Developed Markets

(52 week, weekly returns,%)

Figure 5

Portfolio volatility for varying allocation to

Emerging Markets

Figure 3

Volatility

(12 month,%)

Portfolio consists of MSCI Daily TR Emerging Markets net and

MSCI Daily TR World net. Source: HSBC Global Asset

Management as at 30 September 2016.

Simulated data is shown for illustrative purposes only and does not

constitute any investment recommendation in the above mentioned

asset classes. Simulations are based on monthly index returns.

Prospective investors should understand the assumptions and

evaluate whether they are appropriate for their purposes.

Emerging Markets: MSCI Daily TR Emerging Markets net USD

Developed Markets: MSCI Daily TR World net USD

Source: HSBC Global Asset Management, Bloomberg as at 30

September 2016. For illustrative purposes.

Emerging Markets: MSCI Daily TR Emerging Markets net USD

Developed Markets: MSCI Daily TR World net USD



The performance figures displayed in the document relate to the past and past performance should not be seen as an indication of future

returns.


Economic acceleration

We have recently seen signs of economic

acceleration, including an improvement in

emerging market exports (Figure 9), which

could set the stage for profit growth.

In China, there have been signs of growth

stabilisation in key economic indicators such as

industrial production, retail sales, fixed asset

investment and export volumes (Figure 10).

These trends could alleviate fears of a hard

landing.

Figure 12

Brazil manufacturing PMI

Figure 10

Chinese economic trends

(Year-on-year,%)

Source: CEIC, HSBC Global Asset Management as at 30

September 2016.

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Industrial Production

Retail Sales

Fixed Asset Investment (RHS)

Export volume (RHS)

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Real GDP, qoq, % (LHS)

Manufacturing PMI (RHS)

Figure 11

Russia manufacturing PMI


September 2016.


September 2016.

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Value Volume

Figure 9

Emerging market exports

(% change, year-on-year)

Source: CPB Netherlands Bureau for Economic Policy Analysis as

at 31 August 2016.

Tactical asset allocation

Fundamentals could be signalling

profit growth and resuming of share

prices upward trend

In Russia, recent manufacturing and GDP data

suggest the economy is exiting recession

(Figure 11), while manufacturing is stabilising in

Brazil, with expectations for fiscal and political

reform (Figure 12).


Growth forecasts and monetary policy

GDP growth and inflation forecasts have been

steady in major countries (Figures 13 and 14).

Should growth acceleration require support,

there is scope for monetary policy easing.

Current monetary policies are not particularly

loose compared with pre-financial crisis levels

(Figure 15). Further easing could provide a

strong liquidity backdrop for equity markets.

US Presidential election

The recent US Presidential election has brought

additional headwinds for the asset class,

however, as proposed policies may harm the

emerging market export engine, through on-

shoring manufacturing, imposition of tariffs,

limitation of remittances or repatriation of foreign

profits. It remains to be seen the extent to which

these and other proposals are implemented,

and this could generate market volatility as

debate unfolds. At the time of writing, specific

asset classes, markets, sub-sectors and

currencies have moved on anticipation of

proposed changes.

Certainly, asset allocators and active managers

can be proactive in looking for attractive entry

points and take advantage of perceived

mispricing to capture the long-term investment

potential of emerging markets.

Figure 15

Real policy rates

Source: HSBC Global Asset Management, Datastream as at 7

September 2016.

-1%

0%

1%

2%

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4%

Chin

a

India

Indonesia

Ma

laysia

Ph

ilippin

es

Th

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rea

Ta

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2003-2007

Current

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Brazil Russia India China

Figure 13

2017 GDP growth forecast

(Year-on-year, %)

Source: HSBC Global Asset Management, Bloomberg as of

November 2016.

Figure 14

2017 Inflation forecast

(Year-on-year, %)

Source: HSBC Global Asset Management, Bloomberg as of

November 2016.

Any forecast, projection or target where provided is indicative only

and is not guaranteed in any way. HSBC Global Asset

Management (France) accepts no liability for any failure to meet

such forecast, projection or target.


In making tactical allocations investors have

traditionally considered the direction of oil

prices, the strength of the US dollar, and the

direction of interest rates when aiming to

understand the potential direction of emerging

market equities. We see these apparent

headwinds as reflecting an historic perception

rather than the current reality.

Oil-price sensitivity

There appears to be an historic positive

relationship between the level of emerging

market equities and the level of oil prices

(Figure 6). Oil prices could be an indication of

economic growth, with marginal demand largely

arising from emerging markets.

Certainly, a rise in oil and commodity prices

could have a beneficial impact on overall

profitability and index return, though the impact

could be more muted than in the past, as energy

and materials names now comprise only a

13.6% weighting within the MSCI Emerging

Markets index.

US Dollar sensitivity

There appears to be an historic inverse

relationship between the level of emerging

markets and the level of the Dollar Index,

possibly reflecting the historic sensitivity of

external debt positions of emerging market

countries to foreign exchange movements

(Figure 7).

As discussed in a recent brochure1, external

debt positions have fallen over time, and there

has been a shift away from short-term debt

towards medium to long-term debt. Foreign

exchange reserves may offer a buffer for short-

term external debt. A strong US dollar may also

be beneficial to emerging market exports.

Direction of interest rates

There is a relatively low correlation between

emerging market returns and changes in US 10-

year Treasury yields (Figure 8), averaging 0.20

over the past twenty years. The

communications of the US Federal Reserve

may contribute to this, as policy moves are well-

signalled.

Rising interest rates may also signal confidence

in economic growth, which would be supportive

of emerging market profits, though it may raise

the discount rate for long duration assets.



Figure 7

Dollar Index

(DXY)

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MSCI Emerging MarketsDollar Index (DXY inverted, RHS)

Figure 6

Oil prices

(Brent Crude $/bbl)

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MSCI Emerging MarketsBrent Crude ($/bbl, RHS)

Source: HSBC Global Asset Management, Bloomberg as at 30 September 2016



Figure 8

Correlation with interest rate changes

(MSCI Daily TR Emerging Markets Net vs

US 10-Year Treasury yield)

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Correlation

US 10-Year Treasury yield (%, RHS)

1 “Could emerging market equities regain momentum?”

HSBC Global Asset Management, November 2016

The performance figures displayed in the document relate to the past

and past performance should not be seen as an indication of future

returns.


New approaches to investing in emerging market

New approaches to investing in emerging

markets

Investors looking to access emerging market

beta, or alpha-seeking strategies within

emerging markets, now have a number of

compelling investment options to consider,

spanning the risk spectrum.

Of the equity investment approaches in the

diagram above, a number stand out today as

applicable to emerging markets. We highlight in

the subsequent pages some of the new

developments in emerging market investing.

Passive Cap-Weighted Indexation

A range of cost-effective country exchange-

traded funds (ETFs) are now available for

tactical allocation, including:

• Asia ex Japan: China, Korea, Taiwan,

Malaysia, Indonesia

• EMEA: Russia, Turkey, South Africa

• Latin America: Brazil, Mexico

Smart Beta: Fundamental weighting

Alternative weighting schemes, or Smart Beta,

seek to deliver excess returns over market

capitalisation-weighted indexation, by taking

advantage of excess volatility in markets.

Fundamentally-weighted strategies can be well-

positioned as a fulfilment option for a core

emerging market equity allocation.

Smart Beta: Lower volatility

Investing in emerging markets comes with

volatility. A lower volatility approach provides a

way to accommodate this volatility, and it could

be a viable alternative to higher beta emerging

market strategies.

Active Fundamental Stock Selection

Typical stock selection strategies aim to identify

significant mispricing within the market.

Active investment strategies now seek to

incorporate:

• Environmental, Social and Governance

(ESG) considerations in investment

decision-making, as such factors can

have a material effect on a company’s

fundamental outlook

• Carbon exposure (CO2 emissions) and

carbon intensity (emissions per unit

revenue), as companies face an industrial

shift to a low carbon economy and the risk

of regulation under carbon pricing

scenarios

Beyond the more familiar emerging markets,

investors could consider the Frontier Markets

asset class which comprises countries in earlier

stages of economic development. These

countries tend to have lower GDP/capita, lower

levels of infrastructure investment, and less

mature institutions.

* The majority of client interest is currently for factor and

multi-factor strategies in global, World ex US and US

equity. That said, we do have the capability to mange

these strategies in emerging markets.

Smart Beta / Alternative Weighting Schemes

Passive

Cap-Weighted

Indexation

Active

Fundamental

Stock

Selection

Fundamental

Weighting

Lower

VolatilityMulti-Factor*Single Factor*

Pure Factor Economic ScaleGlobal

Multi-Factor

Equity investment approaches


Smart Beta: Fundamental weighting

Approach

A fundamentally-weighted strategy can provide

investors with broad emerging market equity

exposure.

As an example, the HSBC Economic Scale

Index (ESI) strategy weights companies based

on their economic footprint, that is, their

contribution to the global economy, as

measured by Gross National Product (GNP), or

‘Value Added’.

In contrast to traditional market capitalisation

weighted indices (MSCI All Country World), the

weights for developed and emerging markets

differ for an alternative weighting scheme

(HSBC ESI Worldwide), as it puts a higher

emphasis on emerging markets (Figure 16).

Weighting companies in proportion to their

economic footprint, rather than price, helps to

avoid the performance drag associated with

systematically overweighting overpriced shares

and underweighting underpriced shares.

Rebalancing

Rebalancing can also be a key driver of

performance in Smart Beta strategies.

To demonstrate the value of rebalancing,

portfolio returns can be decomposed into the

sensitivity to the styles/factors identified by

Fama and French. The ‘alpha’ not attributed to

these styles/factors can be associated with

rebalancing.

Rebalancing can make a significant

contribution to the excess performance in

emerging markets, with relatively little exposure

or sensitivity to small cap and value factors

(Table A). This potential for excess return from

rebalancing increases with the volatility or

‘noise’ of the underlying market.

Combination with active strategies

As a core equity allocation, a fundamentally

weighted strategy can be blended with an

active strategy. As an example, a base portfolio

of 50% core Developed Markets and 50% high

conviction active emerging market exposure

could be compared to a blended portfolio

including an allocation to a fundamentally-

weighted strategy.

At a portfolio level, the allocation to Smart Beta

adds alpha at an absolute level over a 10-year

period, while reducing risk (annualised

volatility) from 20.1% to 19.6% (Figure 17).

Table A:

Value of RebalancingOverall

excess return

Potential

rebalancing

‘Alpha'

Market

beta

Small-

cap

beta

Value

beta

Tracking

error

HSBC ESI Emerging Markets 3.67% 3.42% 0.98 0.05 0.31 3.70%

HSBC ESI Worldwide 1.79% 1.22% 1.00 0.24 0.28 2.75%

HSBC ESI World 1.47% 1.00% 1.00 0.22 0.27 2.74%

Figure 17

Blending a core fundamentally-weighted

strategy with an active manager

Figure 16

Emerging market weights

Base: 50% MSCI World index, 50% HSBC GIF Global Emerging

Markets Equity; With allocation to Smart Beta: 50% MSCI World

index, 30% HSBC GIF Global Emerging Markets Equity, 20%

HSBC ESI Emerging Markets. Source: Euromoney, using monthly

returns in USD with gross income re-invested from 31 Jan 2005 -

29 Jul 2016.

Source: HSBC Global Asset Management, MSCI as at 30 June

2016. Allocation is as at the date indicated, may not represent

current or future allocation and is subject to change without prior

notice.

71%

29%

90%

10%

0%

20%

40%

60%

80%

100%

Developed markets Emerging markets

HSBC ESI Worldwide MSCI All Country World

-50%

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150%

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Cum

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Base With allocation to Smart Beta


returns.

Index data prior to 15 June 2012 is back-tested (simulated) data calculated by the independent calculation agent, Euromoney Indices. Data

subsequent to the Index launch date has been calculated daily by Euromoney Indices. Past performance and back-tested (simulated) data are not

a reliable indication of future returns. Back-tested performance results have many inherent limitations and were achieved with the benefit of

hindsight by means of a retrospective application of the HSBC Economic Scale Index rules-based methodology to determine the appropriate

weightings. The results do not represent the results of actual trading using client assets and as such do not include any dealing costs that may be

incurred by funds tracking an index. No representation is being made that the Index will or is likely to achieve results similar to those shown. In fact,

there are frequently sharp differences between back tested performance results and actual results subsequently achieved. The data is

supplemental to the GIPS® compliant presentation at the end of this material. Source: Datastream, data (using weekly total returns in GBP with

gross dividends re-invested) from 4th July 2001 to 30 March 2016.


Smart Beta: Lower Volatility

Investors allocating to emerging markets may

often consider core strategies, aiming for

outperformance.

As an alternative, a lower volatility strategy

could be an attractive proposition, given the

higher volatility of emerging market equities

and the historic return characteristics of the

MSCI Emerging Markets Minimum Volatility

index.

Looking back at historic performance compared

to the MSCI Emerging Market index, the MSCI

Emerging Markets Minimum Volatility index

outperformed as the tech bubble burst, but

generally lagged during the multi-year bull run,

particularly in the closing stages.

Since the Global Financial Crisis unfolded, the

Minimum Volatility index outperformed, then

lagged the rebound on a one-year basis but

began to outperform on a trailing three-year

basis from September 2008 onwards (Figures

18 and 19).

As the global economy began to recover, there

has been a period of heightened volatility and

the Minimum Volatility index has typically

outperformed the standard index.

Investing in emerging markets comes with

volatility. A lower volatility approach provides a

way to accommodate this volatility and offers s

a viable alternative to higher beta emerging

market strategies.

MSCI Emerging Markets Minimum Volatility less MSCI Emerging MarketsSource: HSBC Global Asset Management, Bloomberg as at 30 September 2016. Data shown is gross and the effects of commission, fees and other charges will reduce the overall return.

MSCI Emerging Markets Minimum Volatility less MSCI Emerging MarketsSource: HSBC Global Asset Management, Bloomberg as at 30 September 2016. Data shown is gross and the effects of commission, fees and other charges will reduce the overall return.

0

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MSCI Daily TR Emerging Markets Net USD (RHS)

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MSCI Daily TR Emerging Markets Net USD (RHS)

Figure 18

Minimum Volatility performance difference

(One-year returns)

Figure 19

Minimum Volatility performance difference

(Three-year annualised returns)

Typical characteristics of lower volatility

investing

In general, lower volatility approaches aim to:

1. Offer a smoother performance pattern

• Can lend higher confidence in funding

obligations and liabilities

• Aim to help soften the impact of equity on

overall portfolio risk or Profit and Loss

statement

• Can allow or balance a tactical allocation

to more aggressive, higher volatility

strategies

2. Offer lower drawdowns

• Can require less capital appreciation to

rebuild balances

• May provide the capacity to stay invested

with less likelihood of triggering a de-

risking decision

3. Deliver better risk-adjusted returns

• May appeal to investors with strict risk

budgets who appreciate more return for

the same level of risk assumed

• Investors who need to hold internal capital

against risk weighted assets could find

additional capital efficiency if risk-adjusted

returns are increased


returns.


While emerging market beta is clearly attractive,

we see a clear opportunity for active managers

to add value through stock selection.

The breadth of investment opportunities within

emerging markets is advantageous: the MSCI

Emerging Markets index contains over 800

names across 23 countries and eleven sectors,

allowing managers to reflect relative

preferences (Figure 20). Ex-post, the dispersion

of one-year returns confirms that stock selection

has the potential to add value (Figure 21).

Today we see a dispersion in the relationship

between Profitability and Valuation (Figures 22

and 23), indicating a potential investment

opportunity that could be confirmed through

proprietary fundamental research.

As discussed in one of our recent brochures4,

dispersion is seen also in the ESG profile,

carbon exposure and carbon intensity.

0 50 100 150 200

ChinaKorea

TaiwanPhilippines

ThailandMalaysia

IndonesiaIndia

RussiaTurkey

South AfricaPoland

Czech RepublicHungary

GreeceEgypt

UAEQatar

BrazilMexico

ChilePeru

Colombia

Number of stocks

Consumer Discretionary

Industrials

Materials

Energy

Financials

Information Technology

Consumer Staples

Health Care

Telecommunication Services

Utilities

Real Estate

0%

10%

20%

30%

0% 10% 20% 30% 40% 50%

EB

IT/E

nte

rprise v

alu

e

Return on Invested Capital (%)

-100%

0%

100%

200%

300%

Source: HSBC Global Asset Management, MSCI, as at 30

September 2016.

Figure 20

Stock selection opportunity

(Country-Sector exposure combinations)

Figure 21

Dispersion in stock returns

(Individual stock one-year return,%)

Source: HSBC Global Asset Management as of 30 September 2016.


Figure 22

Dispersion in Profitability-Valuation

(Return on Invested Capital and EBIT Yield,%)

0

2

4

6

8

0% 10% 20% 30% 40% 50%

Price-t

o-B

ook (

x)

Return on Equity (%)


Figure 23

Dispersion in Profitability-Valuation

(Return on Equity and Price-to-Book)

Active fundamental stock selection: Emerging market opportunity

4 “Could emerging market equities regain momentum?”

HSBC Global Asset Management, November 2016


returns.


We believe that the investment thesis for

emerging market equities remains intact and

investors are being paid to take risk in the asset

class.

We have shown that in our opinion emerging

market equities offer attractive expected returns

and dividend yield. Additionally, adding

emerging market equities to a diversified equity

portfolio could positively impact the overall

portfolio characteristics, as the correlation with

developed market equity has remained

relatively low.

We believe there are several potential

considerations for tactical allocations:

• Beneficial impact from oil price increases

• A strong US Dollar may be positive for

exports

• Low correlation between emerging market

returns and changes in US 10-year Treasury

yields, may signal less sensitivity to interest

rates

As emerging market equity investing is

developing, with new approaches arising, we

see both alpha and beta opportunities for asset

managers.

Capturing this investment potential of emerging

markets requires robust investment solutions.

HSBC Global Asset Management offers a

breadth of equity investment capabilities that are

differentiated by design and tailored to deliver

clients’ investment objectives.

Conclusion

Contacts

Client Management

Tel: +33 (0)1 41 02 51 00

Email: [email protected]

mailto:[email protected]


Important information

This document is distributed by HSBC Global Asset Management (France) and is only intended for professional investors

as defined by MiFID. The information contained herein is subject to change without notice. All non-authorised

reproduction or use of this commentary and analysis will be the responsibility of the user and will be likely to lead to legal

proceedings. This document has no contractual value and is not by any means intended as a solicitation, nor a

recommendation for the purchase or sale of any financial instrument in any jurisdiction in which such an offer is not lawful.

The commentary and analysis presented in this document reflect the opinion of HSBC Global Asset Management on the

markets, according to the information available to date. They do not constitute any kind of commitment from HSBC Global

Asset Management (France). Consequently, HSBC Global Asset Management (France) will not be held responsible for

any investment or disinvestment decision taken on the basis of the commentary and/or analysis in this document.

It is important to remember that the value of investments and any income from them can go down as well as up and is not

guaranteed. Investments in emerging markets are by their nature higher risk and potentially more volatile than those

inherent in established markets. Fluctuations in the rate of exchange of currencies may have a significant impact on

performance. The value of the underlying assets are strongly affected by interest rate fluctuations and by changes in the

credit ratings of the underlying issuer of the assets. All data from HSBC Global Asset Management unless otherwise

specified. Any third party information has been obtained from sources we believe to be reliable, but which we have not

independently verified. Past performance is not a guide to future performance.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and

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“MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy,

completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this

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indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.

(www.mscibarra.com)

Important information for Luxembourg investors: HSBC entities in Luxembourg are regulated and authorised by the

Commission de Surveillance du Secteur Financier (CSSF).

Important information for Swiss investors: This document is intended exclusively towards qualified investors in the

meaning of Art. 10 para 3, 3bis and 3ter of the Federal Collective Investment Schemes Act (CISA).

HSBC Global Asset Management is the brand name for the asset management business of HSBC Group. The above

document has been produced by HSBC Global Asset Management (France) and has been approved for distribution/issue

by the following entity:

HSBC Global Asset Management (France) - 421 345 489 RCS Nanterre. Portfolio management company authorised by

the French regulatory authority AMF (no. GP99026) with capital of 8.050.320 euros.

Postal address: 75419 Paris cedex 08, France. Offices: Immeuble Coeur Défense | Tour A - Etage 21, 110, esplanade du

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Copyright © 2016. HSBC Global Asset Management (France). All rights reserved. Updated in December 2016.

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