Alejandro Garza
Global SMID Cap: Finding Value Outside the US
Alejandro Garza comes from the world of active stock-picking in emerging and developed markets , his firm started as an SMA service provider with a 50/50 client base split between Mexico and the U.S. The AZTD ETF represents the quantitative, rules-based version of their flagship global developed market stock selection strategy. It's an interesting case study in how an active manager translates two decades of fundamental research into a systematic framework , and why that SMA-to-ETF path matters for credibility.
From Active Stock Picking to Quantitative Rules
The origin story goes back 20 years. Alejandro's firm developed a proprietary quantitative model with six factors , five fundamental and one technical. The vision was to identify, within a quantitative framework, which specific fundamental variables work best at selecting stocks that compound value over time.
The six factors, in Alejandro's words:
Free cash flow is "first and foremost" , they look at free cash flow yield, free cash flow margin, and trends in free cash flow generation. "We firmly believe based on experience that free cash flow generation is the variable that really allows companies to create value and compound value over time."
Return on equity measures business quality and the ability to sustain returns over time. Earnings growth captures the growth component, including top-line growth for economies of scale. Earnings revisions have become increasingly valuable as consensus data has improved , "when we started 20 years ago, there wasn't as much information as we do now. But now there's just good information in order to build a solid factor around earnings revisions." Value ensures they're buying quality companies at reasonable prices, using price-to-earnings and earnings yield. "We want to buy high-quality companies that grow and compound capital at high rates over time, but at a good price." And finally, momentum serves as a confirmation factor , "that final confirmation that says, okay, yes, this is going in line with the fundamentals."
Scoring and Selection
The model generates scores across all six factors for every company in the investable universe, ranks them, and selects the portfolio systematically. The weighting of each factor and how they're combined was calibrated over the firm's 20-year history of active stock selection , not from academic backtesting but from real-world portfolio management experience.
The SMA-to-ETF Path
The progression from SMA to ETF is one Brad finds particularly relevant , THOR followed a similar path. Running the strategy as an SMA first gives you a live track record and real-world experience managing the portfolio through different market environments before taking on the additional complexity and cost of an ETF wrapper.
Alejandro's firm maintains both businesses. The SMA remains their primary flagship with the full active, fundamental due diligence approach , meeting with management teams, deep company research. The ETF (AZTD) is the quantitative translation: same investment philosophy captured in rules-based form. The two products serve different client needs , the SMA for investors who want active management with manager discretion, the ETF for those who want the systematic version at lower cost with daily liquidity.
Emerging Markets Expertise
With a significant Mexican investor base and two decades of experience in international equities, Alejandro's firm brings genuine on-the-ground expertise to global stock selection. This isn't a U.S.-centric firm bolting on international exposure , it's a firm that was built international from the start, with boots on the ground in both Mexico City and the United States.
The quantitative process applies globally, but the fundamental factors are calibrated to work across different market structures. Free cash flow matters everywhere, but how you measure it and what constitutes attractive levels varies by market. That calibration comes from 20 years of actually investing in these markets, not just backtesting data.
For advisors evaluating international equity strategies, AZTD offers something relatively rare: a rules-based approach built by practitioners who've been actively investing in these markets for two decades. The SMA business validates the underlying philosophy; the ETF makes it accessible and tax-efficient. It's the kind of story that takes a long time to build, which is exactly why it's hard to replicate.
The earnings revisions factor deserves special attention because it captures something that's genuinely changed over 20 years. When Alejandro started, consensus data was sparse and unreliable. Today, the depth of analyst coverage and the speed of revisions make it a powerful predictive signal. A company seeing upward earnings revisions across multiple analysts is telegraphing fundamental improvement in near-real time. Combined with the confirmation from momentum , which ensures the market is pricing in those revisions , the six-factor model captures both the fundamentals and the market's recognition of those fundamentals. The SMA track record through multiple market cycles validates that this combination works in practice, not just in theory. For advisors who often hear about factor-based investing from a purely academic perspective, AZTD represents a rare case where the quantitative framework was derived from and validated by 20 years of active investing with real capital at risk.
Key Takeaways
- Alejandro Garza comes from the world of active stock-picking in emerging and developed markets , his firm started as an SMA service provider with a 50/50 client base split between Mexico and the U.S.
- The AZTD ETF represents the quantitative, rules-based version of their flagship global developed market stock selection strategy.
- It's an interesting case study in how an active manager translates two decades of fundamental research into a systematic framework , and why that SMA-to-ETF path matters for credibility.
- Alejandro's firm developed a proprietary quantitative model with six factors , five fundamental and one technical.
Listen to the full conversation on Spotify, Apple Podcasts, or YouTube.
Full Transcript
4,781 wordsMachine transcribed from Brad Roth's conversation with Alejandro Garza, with speakers identified automatically. Timestamps link to that moment on YouTube. Lightly cleaned, otherwise unedited.
Welcome to Behind the Ticker. I'm Brad Roth, Chief Investment Officer of Thor Financial Technologies and Portfolio Manager of THLV, the Thor Low Volatility ETF. Behind the Ticker uncovers the inner workings of the ETF industry. We will interview portfolio managers and ETF service providers to dive deep into their work lives and their businesses. We will learn the inner workings of their strategies and what drives them as they continue to grow their company. Many of these individuals are entrepreneurs and will have unique and compelling insights to share as much goes on behind the ticker. Please note, nothing in this show is investment advice and it is meant solely for educational and entertainment purposes only.
Welcome to Behind the Ticker. Today we have Alejandro Garza. He is the founder and portfolio manager at Aslan. They run the Aslan Global Stock Selection Developed Markets Small Mid-Cap ETF. It is a mouthful, but it perfectly describes what this fund is trying to accomplish. It has the ticker AZTD. They use a very unique and proprietary rules-based strategy to identify, in their opinion, the top 27 stocks based on fundamental factors that you should be investing in in North America, Western Europe, and developed Asia. So there is a real opportunity for alpha generation with this strategy.
I talked to Alejandro about a variety of things. I really think you're going to appreciate and enjoy this episode with Mr. Alejandro Garza. Alejandro, welcome to the show.
Brad, thank you very much. Very nice being here. Thank you.
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So before we get started, please explain your background and eventually why you decided to start the firm Aslan.
Thank you. Yes, well, I started the firm almost seven years ago, 2016. And right at that point, I had spent 10 years with the Ashmore Group and before that with Emerging Markets Management, which used to be one of the pioneers in emerging markets investing out of Washington DC, in the Washington DC area. So I had that experience, 10-year experience. Before that, my experience was in corporate finance and also in investment banking, mergers and acquisitions. I was a little over 20 years of experience at that point. And really what I wanted to do, first of all, I wasn't getting any younger. So this was something that I always wanted to do. But the reason why I really wanted to do this is it was was and still is because I thought there was a better way of approaching investments
Globally. And basically what that boils down to is three things. Number one, combining quantitative analysis with fundamental analysis. I think the combination of those two ways of approaching markets and investments is really helpful and really provides for a competitive advantage when you combine those two aspects in an efficient way, quantitative analysis and fundamental analysis. The other aspect that I thought that we could really make a difference was in terms of stock selection. And stock selection meaning you have to build a concentrated strategy if you really want to beat the market. So combining those three things, quantitative analysis, fundamental analysis, really in-depth analysis with stock picking and the aim of building a very concentrated strategy or portfolio, 15 to 20 names, was really the way that I thought, you know,
This is the best way we can achieve returns for our clients. It was really difficult to do that in a corporate setting or corporate setup. So that's what I intended to do and still try to do to this day.
Yeah. Well, and it's an interesting story and I agree with you. we have a quantitative firm and applying fundamentals can also be very helpful. And so I'm very anxious to get into some of the things you guys are doing with your strategy and how the process works. But before we get too technical, I always like to ask, what are some of the things, I know you're in Colombia right now, what are some of the things you like to do when you're not running the company, when you're not
Running money? Well, let me tell you a little bit about myself and my background. I'm originally from Mexico, spent most of my career in the US, New York and Washington DC. My wife is from Colombia. And so we spend some time here in Colombia, maybe one or two months every year, we come down here to Colombia. This is a little town in the middle of the coffee fields here. So it's a beautiful place. And we're able to combine some of the things that I'm really passionate about and really love doing. And, I've done all through my life, ever since I was a kid. Reading is a big one, spending a lot of time reading, hiking, going up the mountains and, through the fields,
Et cetera. And nature, that's another thing that we enjoy a lot as a family with a friend, et cetera. The other thing is astronomy, astronomy and astrophotography. Really, really love that. We have beautiful, clean skies here in Colombia, up in the mountains. So that's another big one. So astronomy, reading, hikes and walking up the mountains. Those are some of the big things that I really enjoy in life.
That sounds great. Me being and growing up and living in Pittsburgh, an old coal town, I couldn't tell you the last time I've seen stars. So a nice, clear sky would be great every once in a while. And I was wondering, too, you have a unique firm name, Aslan. How did you come up with the
Name? What is the meaning behind that? Yes, absolutely. Aslan is a word from Nahuatl origin. Nahuatl is the original language of the Aztecs and some of the peoples in the Central Valley of Mexico. Obviously, I wanted a name when I started my firm. I wanted a name that conveyed that Mexican origin, Mexican tradition. But I think it also has some beautiful connotations to it. It literally means place of Heron. Heron in Spanish is Gaza, and that's my last name. So I was able to fit in there, the family legacy with the Mexican origin. And it's really a place of mythical origin for the Aztec people. The myth goes that they came out of a place that allegedly was somewhere in present day southwest US, and they migrated to central Mexico, and then they found it
To North State land, which eventually became Mexico City. So that's kind of the origin of the name. And also, I was working with Ashmore. Friends of mine were with Trotters. And we have all these English names or Anglo names that invest in Latin America and Mexico. We wanted to have something that
Was from Mexico that invested in global markets. No, I love it. It's very unique, and I love the strategy behind it. So, or in the origin behind it. So thank you. Thanks for sharing that. But let's jump into the ETF. So let's talk about AZTD, which is your global stock, small mid-cap strategy. Let's start at a very high level. What is it at the outset? What is the strategy really trying to
Accomplish? Absolutely. Thanks for that question, Brad. I think first and foremost, what we do and the DNA of our firm is we try to solve problems. What are the problems that our clients and our investors have? How do we solve those problems? This strategy is a global developed markets, small and mid-cap stock selection strategy. That's a long definition, but it says exactly what it does. And it came out of the requirement of many of our clients three years ago, really, three or four years ago, that we're telling us, okay, we're well covered in the US. We have plenty of ETFs, indexed ETFs. We're well covered there. There's some ETFs for emerging markets and for global markets.
But this segment, we feel like there's a lot of interesting companies and there's not necessarily a way of investing through stock selection in a concentrated way like we do. So what we did was, oh, and also we have a large investor base in Mexico, obviously, for obvious reasons. And in Mexico, the local regulations do not allow for actively managed ETFs for being listed in Mexico. And at the same time, if you are listed in Mexico, you have very significant tax advantages, basically a 10% tax compared to a 30 plus percent tax on returns.
So we said, okay, we have this quantitative plus fundamental process. We specialize, or we like to say and think that we specialize in stock picking, and we like to think that we're good at it. We've had very good performance. How do we build a strategy that is actively managed, does the stock picking in a concentrated way within this very specific segment of the global developed markets, small mid-cap space that can then be instrumented through an ETF and then cross-listed in Mexico? Yep. So we set out to first create an index. So we hired Solactive, which is a European index provider. They're out of Frankfurt in Germany. We created our index with our proprietary model and proprietary rules. And then after publishing the index, the index was first published November 2021. We then went with Tidal Financial Group, and they
Provided us with the white label turnkey solution, which is following the index, creating all the filing and all the infrastructure for the ETF, and eventually listed the ETF August 18th of 2022. So we're just a few days away from our first anniversary.
Oh, that's great. Yeah.
So yeah, that's what we did. We solved the problem for our clients. How to invest in small mid-caps, global markets through a stock selection strategy.
And I want to stay on the ETF, but you mentioned something there, which is kind of a strong investor base in Mexico. Do you guys provide SMA services on this index? Do you have other advisory type services you provide clients outside of this ETF?
Yes. Actually, we started our business as an SMA service provider, and most of our business is still in the SMA space. Our investor base or client base is 50-50 Mexico, US. So we have a significant business in the US. And our primary flagship strategy is the global developed market stock selection strategy, but it's a stock picking strategy. That's an active strategy. And we do the full due diligence and we meet with management companies, et cetera. And so the ACTD version would be a rules-based quantitative version of that same strategy.
Yeah. And that's what I was going to ask. I did read it was rules-based and it is quantitative. Can you, without going kind of too far into the weeds, could you talk about your quantitative process? What are some of the things you're looking at when you're identifying these certain stocks that are going into the portfolio? We'll talk about the holdings, but can you talk a little bit about that quantitative process and what you're really trying to identify? Absolutely. That goes back to the
Origin of the firm and the vision of having a clear view of as to what are the, going one step further in terms of the quantitative part of the process, what are the specific fundamental variables or factors that within a quantitative framework work best? And what we've done is we've developed our own proprietary quantitative model. The model has six basic factors. They're all fundamental. A couple of them we could say, because one of the factors, one of the last factors is more of a technical factor. It's the momentum. And within momentum, it's a stock price action. There's several components to that momentum piece, but it's one of six. So the other five are really fundamental. First and foremost, free cash flow. We firmly believe,
Based on experience, that free cash flow generation is the variable that really allows companies to create value and compound value over time. So we look at free cash flow, free cash flow yield, free cash flow margin, trends, and free cash flow. So the whole free cash flow component is super important. We look at return on equity, another very important piece in terms of assessing the quality of the business and its ability to sustain returns over time. We look at earnings growth. So there's a growth component to what we evaluate. Earnings growth, again, earnings growth trends. We also look at top line growth because there's, I think, some economies of scale that are captured through that component within the growth factor. Then we have the earnings revisions factor. There's a lot of information when
We started 20 years ago. There wasn't as much information as we do now, but now there's good information in order to build a solid factor around earnings revisions. And there's another component there where consensus is looking at or seeing the earnings trend going forward. Then very important, we have the value component. So there we look at price to earnings or the earnings yield. Because we want to buy high quality companies that grow and compound capital at high rates over time, but at a good price. So valuations is another component. And then finally, as I mentioned, momentum. So we want to have that final confirmation factor that says, okay, yes, this is going in line with
Fundamentals. So I'm assuming when running the model, you're looking at all these different factors and generating some sort of score and then evaluating those scores and making sure that there's a positive momentum signal behind those in order to really make a selection. Am I summarizing that correctly?
That is correct. Yes, that's exactly right. What we do is each of these factors have a zero to one metric. They have a specific, depending on the variation that we're looking at for ACTD and the selective index, this is equally weighted. So each of those six factors is one sixth. Each of those, we have a score from zero to one, one being at the top ranked, highest free cashflow, highest earnings yield, et cetera, highest momentum. And what we do is specifically for the selective index and for the ACTD ETF, which is a stock selection, what we do is the following. We define our investable universe within developed markets with three regions, North America, US and Canada, Western Europe, including the UK and the Nordics, and developed Asia, which is Japan, Australia and New Zealand. Three regions.
We also define nine sectors. Out of the 11 sectors of the general classifications that we're used to, we exclude two sectors and one industry. The two sectors that are excluded energy, because it's a commodity, highly volatile in some parts of the macroeconomic curve. We also exclude real estate. A lot of our investors already have a lot of direct real estate exposure in their portfolios. So we don't want to have a double exposure there. So we exclude real estate. And the industry that we also exclude also because of volatility is pharmaceuticals and biotech. These are highly volatile. So those stock selections tend to work not so well in a stock selection, highly concentrated strategy. So we exclude those. We're left with nine sectors.
Industrials, consumer staples, discretionary, etc. Nine sectors. With that, let's think about it as a matrix. Nine sectors, three regions. We apply the model to the entire roughly 4,000 stock investable universe in the global developed markets, small and mid-cap space. And by the way, small and mid-cap is between $500 million and up to $10 billion in market cap. We apply the model. We rank the entire investment universe. And what we do is we select the number one stock in each region sector. So we end up with a 27 portfolio, 27 stock portfolio with those 27 selections.
So you actually walked into my next couple of questions beautifully. And I think you, I just want to expand on this a little bit because it's really interesting. So you're from a regions perspective. Are you equally weighting the regions by doing that? Or is there constraints on region? Can you talk about specifically kind of, because when I looked at, when I was looking at the holdings, it looks like some regions as of right now, as a snapshot might be heavier than others. So does that just how it plays out? Can you just explain that a little bit more in depth?
No, absolutely. That was part of the problem solving process that we looked at when we were creating the indexes. How do we define the portfolio weights, the stock weights, sectors, and regions? We went through several iterations, did a lot of work there. And we concluded that the easier solution or the easiest one was the simplest solution was the best solution. And that was an equally weighted portfolio. So each of those 27 stocks has an equal weight. So that in turn translates into, a third for each of the three regions, North America, Europe, and developed Asia, and also one ninth for each of the nine sectors. So with that, what we really achieved after looking at all the back tests and all the analysis was a very adequate systematic
Diversification. So we, systematically diversify risk through regions, sectors, and in an environment in which we're selecting stocks based on quality. we're selecting stocks with high free cash flow, high ROE, with good valuations. So that worked really well. Performance has been really good. You can always improve, but it's been good for the since inception period. And, we're really happy with the outcome so far.
It's funny how, especially those of us who work in quantitative finance, how sometimes and often the simplest solution ends up being, the most effective. We tend to overthink things and want to optimize everything, but it tends to be, the simpler, the better. Yes. So as far as rebalancing, so I understand we're equally weighting holdings. How often are you rebalancing the index? I'm assuming you're letting some of these things drift over time because you want to, let your selections run when they're working. So how often is this index being rebalanced? And then with that also being said, how often are you rerunning a screen to look for new opportunities?
Yeah, that's one of the features of the index and the ETF is that we have a monthly rebalancing period. That's also different from other indexed or rules-based ETFs that we see. They're typically quarterly or annually rebalanced. In our case, we do this rebalancing every month. Part of it has to do with the fact that we're selecting the 27 best stocks out of 4,000 investable universe. So it's really concentrated. And we want to make sure that the factor exposures, higher OE, low valuations, high cash flow, et cetera, all those are constantly, we're constantly exposed to the top ranked stocks within those factors. That's really what we want to accomplish, maintain that exposure.
So we have a monthly rebalancing period. Within a 30-day period, stock weights can vary a lot, especially during earnings season. There are stocks that really do really well. Fortunately, we haven't seen yet stocks that do really poorly, but we're comfortable in the different simulations and the design phase of the product that there's very good ample diversification with high concentration, which is what we want to achieve. And so, yeah, basically that monthly rebalance frequency is sort of one of the levers that we have to control
For that downside risk. Yeah. So with such a big universe and such a concentrated portfolio, how often are you running a screen and something's popping up, a company's popping up that you've absolutely never heard of before? Does that happen?
Yeah, no, that happens all the time. For instance, with the index and with the ETF, we have a monthly rebalancing. So, perhaps we have a holding that was there last month, goes out this month, and then next month comes in again, because remember, we're picking the number one. So it's hard to stay there on the number one over time. Very narrow kind of criteria for the selection. But there are stocks that stay there in the number one spot over time. So those eventually make it to the stock picking strategy. And we do the full due diligence, interview management, visit them, etc.
And so there's a very nice communication between the index rule based ETF strategy, the ACTD strategy, and our stock picking active strategy.
So let's talk about the, developed markets, small and mid cap space as a whole. Why do you feel as a manager, this is the best place to be looking for opportunities and a place that can help provide, kind of maximize alpha, if you would?
Absolutely. I think there are a couple of characteristics that are particular to a small mid cap space. We think this space between the 500 million market cap and up to 10 billion market cap, we're looking at companies that are perhaps not well represented across portfolios because of size. They're not captured generally in terms of, the sales side. Analysts, they're not like the mega caps that are very popular and everyone has them in their portfolios. So it's unexplored. That gives this segment evaluation advantage because it's underrepresented, underbought.
Then they tend to trade at a discount to the broader market. But then at the same time, they're large enough that they're not as volatile as the smaller companies that are below the 500 million market. So we think it's really the sweet spot of the market where we have opportunities to find really interesting companies, really differentiated companies that have all the potential to grow into big caps, large caps, mega caps. And it's a very fertile ground for us to do our research process. Having said that, we've also just recently published a very brief analytical piece on our website, LinkedIn page, etc. Talking precisely, that very point.
Why do we think that small and mid caps are attractive? And it's basically two or three reasons. If you look at the longer term trend, the last 20 years, small caps, mid caps have traded at a discount to the large cap companies and have sustained much higher growth. So the price to earnings to growth ratio is super attractive. It's, below 0.5, whereas for the large caps, it's above one. You have high growth, but also very expensive valuations.
So it's really that combination of high growth, higher than the large caps trading at a premium, the large caps trading at a premium, the small make-ups at a discount. That also from a fundamental point of view, makes it a very interesting place to look for investment ideas.
Yeah. So I would assume given kind of the nature of the strategy, when you're looking at distribution and getting this inside of portfolios, the hardest part about launching an ETF is obviously growing AUM and capturing market. So I would assume, you're working or looking at working with a lot of investment advisors. This probably isn't a product that, a lot of these flashy products that are looking at retail, that are looking at, betting or looking at AI focused, right? This is something that has to have some education and some things behind it. So how are you going about distribution, especially as kind of a smaller kind of boutique issuer?
How are you and your team kind of viewing it? How are you attacking it? And what are some of the things you're trying to learn along the way?
Yeah, Brad, this is a super important question for us as a business. We think we have a very, strong track record. We have a very good process in place, a very, very good team. We've been together for almost since inception, the last six years as a team working together. We think we have a good process, analytical capabilities, but we don't necessarily have the sales distribution capabilities in place. And so with, the development of these products and there are other ETFs coming, shortly in terms of our product pipeline. But what we have now is, this is a product that is very easy for investors to invest in.
It's, near stock exchange listed. We agree. It's perhaps a little more complicated story to unfold and to tell, how it's all built and why it's, we think, a very well built, very well designed product. It takes some education for sure, but we think it's a good product and has its place in the portfolios of investors and advisors. As I mentioned, we think the small mid-cap space is underrepresented. If you look at the ACWI, the world ACWI pie chart, and you compare, your portfolio or the advisor's portfolio, the investor portfolio, you'll probably be underrepresented or underweighted in terms of Japan, in terms of the Nordics, in terms of the small mid-cap space generally.
So this strategy has a space there. And for sure, this sales and distribution, the marketing piece is very important for us. We're hiring a, we think, top-notch external marketing and sales and distribution advisor. And we think over the next 12 months, we'll make significant progress on that front.
Yeah, well, you guys have made great progress already. And, I think the portfolio is really, really well designed. I think it's, it definitely has a place in a portfolio. Now, if you were sitting in an advisor's chair, where would you put, where would you put AZTD inside a portfolio? Would you put it as kind of that smaller mid-cap allocation? Would you put it more in terms of maybe an alternative sleeve? where would you put it if you're sitting in that chair? Yeah, absolutely.
I think the, based on the characteristics of the strategy and the performance that we've seen this first year, it's a great diversifier. It allows you to diversify your risk. For example, if, last year that was a horrendous year for most strategies, this particular strategy, if we look at the index, for example, which has a full year, did really well, despite the fact that it excludes energy, which was the only sector that did well last year. So, and a down year, a very down year like last year, it would have helped a lot significantly in terms of overall performance and the risk return profile for the overall strategy.
And I think I would look at it from the perspective of regional allocations. what are my regional allocations looking like? What's my exposure to Western Europe, the Nordics, Japan, Australia? How does that look like? Am I underweight those regions or markets? And also from the small mid-cap space. I think the small mid-cap space is, as I've mentioned, underrepresented in the portfolios. And again, because of the fundamentals, higher growth, lower valuations, it makes for a very compelling investment rationale to look at the sector as a whole.
And ACTD as a stock picking means of gaining that exposure.
Yeah, I would agree with that. And again, I think it's a really compelling and interesting strategy. And, before I let you go, and I'm very appreciative of your time, where can people learn more about you? Where can people learn more about the firm and the ETF itself?
Yeah, no, absolutely. I think we have two websites, Astlan ETFs, A-C-T-L-A-N ETFs.com. There you can see everything about ACTD, how to invest, performance, etc. We have our company website, astlanem.com. And then our LinkedIn page, YouTube channel, etc. I think there's a lot of information there that we continuously put out there. Not only in terms of, our firm and who we are, but also analytical pieces and thought pieces that we think also add value in general for anyone that would care to look at our investment process, how we approach investments.
Well, again, Alejandro, thank you so much for being here. I appreciate your time. Good luck as you continue to scale this product. Good luck on new launches. I'll be keeping my eye out on those and, hope to have an opportunity to run into you next time you're in the States.
Absolutely. Thanks so much, Brad. Thanks for your time and thanks for this opportunity.
Thanks, everyone. Thanks.
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