 Sure, Pat. To review, AI optimism has fueled strong performance of the Magnificent 7 and the cap-weighted S&P 500. Many equal-weighted strategies in segments like U.S. small-cap stocks have earned positive returns but have disappointed when compared to the Mag 7 and the cap-weighted S&P. Most of our clients are long-term investors, so I'm not a big fan of focusing on short-term performance, but July 10th may have marked the start of a rotation. Let me explain.