Throughout 2022, we have been researching different strategies across a broad range of fund managers, predominantly based in Australia and New Zealand, but also in Europe and the US. The key risk the portfolio managers have been focused on, and continue to be focused on, is inflation. A number of fund managers we have spoken to are also zoning in on how that flows through to borrowing costs and corporate earnings. If active managers cannot add value in this environment going forward, when will they?