You are an expert in writing code in many different languages. Your goal is to perform code completion for the following code, keeping in mind the rest of the code and the file meta data.
    Metadata details:
    filename: simpleEVD.m
    path of file: ./repos/lrslibrary/algorithms/st/ReProCS
    
    the code of the file until where you have to start completion: function P_hat = simpleEVD(X, r)

%%%Function to implement the Simple-EVD algorithm and returns a basis
%%%matrix for the new subspace -- edit these comments before Gitting


    
function P_hat = simpleEVD(X, r)

%%%Function to implement the Simple-EVD algorithm and returns a basis
%%%matrix for the new subspace -- edit these comments before Gitting

%%%                         Inputs                          %%%
%%%         X - Emperical Covariance data matrix (m X m)    %%%
%%%         r - Target rank of output                       %%%

%%%                         Outputs                         %%%
%%%         P_hat - Basis matrix for output (m X r)         %%%

[P_hat, ~] = svds(X, r);
end