Global Matters | Quarterly
Market review & outlook
June 2024

With us, investing is personal

Contents

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01 >

02 >

Global market review & outlook

Market performance - Global

Page | 2

03 >

04 >

Market performance - UK

Asset allocation views

Page | 3>>

Global market review & outlook
After a difficult start to the quarter, with equities and bonds weak in the face of resilient growth and the ‘tighter
for longer’ narrative of the major central banks, markets recovered; equities were again led by Wall Street, whichreached multiple new highs as the quarter progressed, and bond yields fell back from the highs of the year,
although still significantly higher than at the end of 2023. The broad equity indices masked an extraordinary
dominance of the AI-driven megacap tech stocks, especially in the US where Nvidia overtook Apple andMicrosoft to become the largest company in the world by market cap, at over $3tn, before succumbing to someprofit taking at quarter end - still up by 37% in Q2 and 150% YTD. The dominance of these 3 stocks cannot be
over-stated. Together, they represent over 19% of the S&P 500 index and 14% of the MSCI World index; addingin Alphabet, Amazon and Meta takes the weighting of the big 6 US megacap stocks to almost 30% of the
S&P 500, a level of concentration rarely seen. The AI boom is at the heart of this bull market, driving a wave ofinvestment and growth, disruption and productivity, leaving behind those who fail to embrace it.

Global equities returned 2.6% (MSCI World) over the quarter, with the US outperforming at +4.2% (S&P
500). The dominance of AI-driven stocks is reflected in the US Semiconductors index, +22% in Q2, and +70%
YTD, and the tech-heavy Nasdaq index +8.3% in Q2, +18% YTD, while the S&P 500 Equal weighted index,
which shows returns of the S&P 500 stocks with market capitalisations equally weighted, fell in Q2, -3.2%,
and has returned +4.1% YTD, well behind the market cap weighted index return of 15%. Markets outside the
US were mixed, with Japan consolidating after a surge in Q1, Europe flat, held back by weak growth prospects
and political worries in France at quarter end, while the UK continued its recovery, +3.5%. Emerging markets
were buoyed by a bounce back for China despite its considerable headwinds, with the MSCI China index +7.1%,
contributing to a gain of 5% in the global emerging markets index in Q2.

Concentration of US equity markets at historic highs
Weight of the top 10 stocks in the S&P 500% of market capitalisation of the S&P 500

AI drives the bull market
190
180
170

Index Rebased to 100

160
150
140
130
120
110
100
90
Dec-23
S&P 500

Jan-24
S&P 500 Equally Weighted

Feb-24Mar-24

Nasdaq Composite

Apr-24May-24MSCI US Semiconductor & Semiconductor Equipment

Source: Bloomberg Finance L.P. as at 30 June 2024.
Source: J.P. Morgan as at 31 May 2024.

“The AI boom is at the heart of this bull market,
driving a wave of investment and growth, disruption
and productivity, leaving behind those who fail toembrace it”>>

Page | 4

Bonds were generally flat over the quarter. US Treasuries returned +0.1%, while there were small negative
returns in the UK, Europe and Japan. Credit spreads remained at historically low levels, reflecting benign
financial conditions and low default rates. The returns mask a wide trading range, with the yield on 10Y US
Treasuries moving between a low of 4.2% at the beginning of the quarter to a high of 4.7% in April, before
moving back to 4.4% at quarter end, a reflection of the considerable uncertainty about the timing and extent ofrate cuts.

Page | 5>>

Currencies were notable for another sharp fall in the yen, -5.9% in Q2, to a new 38-year low, taking its decline
this year to 12%, and triggering an intervention by the authorities to stem the decline, with little sustained
impact to date. Although headline and core inflation have been above the 2% central bank target throughout thepast 12 months, the Bank of Japan remains reluctant to tighten policy further after the modest move in March
until it is convinced that inflation will be sustained at target levels. With the euro weak on political concerns,
the USD trade weighted index continued its strength, +1.3% in Q2 and +4.5% YTD. Despite dollar strength,
the gold price had a good quarter, +4.3% and half-year +12.8%. Emerging market currencies were generally
weak, especially in Latin America, but the South African rand was a notable exception, up 3.8% in Q2, on thefavourable outcome of parliamentary elections, resulting in the ANC losing its majority for the first time since
the end of the apartheid era, bringing into a government of national unity the Democratic Alliance, which has arecord of strong economic stewardship in regional and local government.
Aside from AI, the driver of market performance was the familiar one of inflation, its pace of decline, andresultant policy moves by central banks. The narrative over the past 18 months has been dominated by the
resilience of economic activity, the stickiness of inflation and the difficulty in tackling the ‘last mile’ to ensure
inflation targets are reached on a sustainable basis. The US remains the key determinant of policy globally, andthe Federal Reserve has been generally hawkish, pushing back on market expectations of early rate cuts as the
economy has remained relatively buoyant and core measures of inflation, especially in the dominant services
sector where inflation is mainly domestically driven, remaining too high. However, there has been a shift in thedata in recent weeks, showing early signs of a somewhat weaker labour market and softer consumer spending.
While by no means yet definitive, job openings and job creation have fallen, taking the ratio of job vacancies tounemployment to its lowest levels for 3 years and close to pre-pandemic levels, and the unemployment rate hasrisen to 4.0%, the highest since late 2021. Retail sales, consumer spending and sentiment surveys have pointed
to a slowdown in the consumer sector, perhaps reflecting the long period of high real interest rates finallybeginning to impact spending.

Opportunities in value stocks
140
120

80
60
40
%

Other major central banks face a similar challenge to the Fed, with labour markets tight and inflation sticky.
The European Central Bank, facing bigger growth obstacles than the US, cut rates by 25bps as expected in Junebut it was not presented as the first of a series of cuts. In the UK, inflation fell to 2% in May but core inflation
at 3.5% and wage inflation of 6% remain too high and the Bank of England held rates steady, albeit with thedecision ‘finely balanced’. Markets are expecting a cut in the UK of 25bps in September, a welcome boost for theincoming Labour government.
Geopolitics, never far from the surface in recent years, came to the fore late in the quarter – not in the UK, where
the outcome of the surprise early election was never in doubt and markets are untroubled about the election ofa socialist government, convinced that under new Prime Minister Sir Keir Starmer and Chancellor Reeves they
will stick to tight fiscal rules and a pro-business agenda, at least for the foreseeable future. The events causing
markets to wobble were in Europe, where a decisive shift to the right in European Parliamentary elections
triggered French President Macron to call a snap Parliamentary election, presumably in the hope of restoringsome of his lost authority. The subsequent success of both right and left wing parties in the election at theexpense of Macron and the centre have given rise to concerns about France’s commitment to the EU project andfurther integration, and to a tail-risk event of a full-blown fiscal crisis. Both the extreme parties are committed
to expansive fiscal policies at a time when France is already running a fiscal deficit of 5.5% of GDP and a
debt:GDP ratio of 110%, far ahead of European Commission rules and unsustainable in a low-growth economy
which has no control of its own currency. France has become the sick man of Europe, with a seeming inability
or unwillingness to rein in its huge state sector and debt levels, and its bond yields have moved above those of
Portugal and some 80bps higher than Germany, the widest spread since the euro crisis of 2011.
Perhaps of greatest importance was the disastrous performance of Biden in his first head-to head with Trump in
the US Presidential campaign. Unless Biden stands down, the chances of another Trump presidency have beensignificantly enhanced and with it greater policy uncertainty and instability. Markets have not reacted with any
obvious shift in risk appetite, although it is still some time before the election, but with the fiscal deficit runningat 5.6% of GDP and debt:GDP close to 100%, and very unlikely to improve under a Trump administration, theburden of the US Federal debt pile will mount. Investors might demand higher rates for longer duration assets
and concerns about funding the deficits in a higher rate world will increase.

100

20

Government debt funding is set to be a major issue in coming years, not so much as an inability to fund thedebt but more in terms of the cost it imposes on public finances and fiscal policy. This is already evident in the
UK and will become increasingly so elsewhere, restraining growth and complicating the task of central banks inpolicy-making.

0
-20
-40
-60
-80
Dec-99Dec-02

Dec-05

Dec-08Dec-11

Dec-14

Dec-17MSCI World Growth performance vs MSCI World Value

Source: Bloomberg Finance L.P. as at 28 June 2024.

>>

After some disappointing inflation data earlier in the year, the fall in inflation towards the 2% target resumed in
Q2, with the latest core CPI at 3.4% and the Fed’s closely watched measure, core PCE at 2.6%, both three-yearlows. The Fed has remained cautious about cutting rates too soon but has made it clear that policy is restrictive
enough, rate rises are not on the agenda, and has eased the pace of quantitative tightening, while signalling aslower pace of rate cuts, with only one projected for this year, and pushing its longer run projection of whererates will be to 2.75% from 2.5% previously. The key factor for markets, however, is that the next move inrates will be down, with Fed projections on the latest ‘Dot Plot’ of governors’ forecasts pointing to Fed Funds at
4.125% by the end of 2025, implying a level 1.25% lower than today.

Page | 6

Dec-20Dec-23For now, markets are reaping the rewards of the AI revolution and strong corporate profits, albeit not evenly
distributed but nevertheless rewarding for shareholders. There are some signs of complacency across markets,with volatility measures in an extended low period, financial conditions benign, credit spreads historicallylow, valuations in parts of the markets high, and ample liquidity available. However, rate cuts have started inseveral countries and the US will almost certainly follow in coming months, with further cuts expected next
year. Although a sharp slowdown cannot be ruled out, a soft landing is now widely anticipated, underpinning areasonable outlook for corporate profits.

Page | 7>>

The rate cutting cycle ahead could well be relatively shallow, and combined with the unfavourable public debt
situation in most of the developed world argues for patience and caution in adding to duration. However, thenext big move in monetary policy will be loosening, with cuts in rates delayed, not cancelled. We are therefore
looking for opportunities to add to duration in bond portfolios, and with real yields in 10Y US Treasuries
having risen to 2.1% by quarter end from 1.8% three months earlier, those opportunities are emerging. In
equities, we are encouraged by the unfolding AI boom and its potential for productivity gains, by a generally
healthy corporate profits outlook and by some attractive valuations among value stocks, many of which haveunderperformed substantially in the past 2 years. Risks are never absent and are evident around inflation,
growth, debt sustainability and geopolitics, and diversification remains vital, but we are seeking opportunities to
add to risk assets.

“For now, markets are reaping the
rewards of the AI revolution andstrong corporate profits, albeit not
evenly distributed but neverthelessrewarding for shareholder”

Some signs of investor complacency?
9

60

8
50
7
6

40

5
30
4
3

20

2
10
1
0
2009

2010

2011

2012

2013

2014

US Investment Grade Spread (LHS)

2015

2016

2017

2018

US High Yield Spread (LHS)

2019

2020

2021

2022

2023

0

CBOE Volatility Index (RHS)

Source: Bloomberg Finance L.P. as at 28 June 2024.

>>

Page | 8

Page | 9>>

Market performance - Global (local returns) as at 28 June 2024
Asset Class / Region

Index

Ccy

1
3
month months

YTD

12
monthsDeveloped Markets Equities

Asset Class / Region

Index

Ccy

1
month

3
monthsYTD

12monthsProperty

United States

S&P 500 NR

USD

3.6%

4.2%*

15.0%

24.0%

US Property Securities

MSCI US REIT NR

USD

2.7%

-0.2%

-0.8%

6.2%

United Kingdom

MSCI UK NR

GBP

-1.1%

3.5%

7.9%

13.2%

Australian Property Securities

S&P/ASX 200 A-REIT Index TR

AUD

-0.9%

-6.8%*

8.1%

19.9%

Continental Europe

MSCI Europe ex UK NR

EUR

-1.1%

0.4%

8.7%

13.5%

Asia Property Securities

S&P Asia Property 40 Index NR

USD

-4.0%

-8.8%

-11.5%

-9.1%

Japan

Topix TR

JPY

1.5%

1.7%

20.1%

25.6%

Global Property Securities

S&P Global Property USD TR

USD

0.4%

-1.9%

-2.4%

6.6%

Asia Pacific (ex Japan)

MSCI AC Asia Pacific ex Japan NR

USD

3.9%

6.3%

8.5%

13.0%

Currencies

GlobalMSCI World NR

USD

2.0%

2.6%

11.7%

20.2%

Euro

USD

-1.2%

-0.7%

-3.0%

-1.8%

UK Pound Sterling

USD

-0.8%

0.2%

-0.7%

-0.5%

Emerging Markets Equities
Emerging Europe

MSCI EM Europe NR

USD

0.1%

9.0%

15.3%

32.6%

Japanese Yen

USD

-2.2%

-5.9%

-12.3%-10.3%

Emerging Asia

MSCI EM Asia NR

USD

5.0%

7.4%

11.0%

15.1%

Australian Dollar

USD

0.3%

2.3%

-2.1%

0.1%

Emerging Latin America

MSCI EM Latin America NR

USD

-6.1%

-12.2%-15.7%-5.6%

South African Rand

USD

3.3%

3.8%

0.9%

3.6%

China

MSCI EM China NR

USD

1.2%

6.3%

6.3%

8.8%

Commodities & Alternatives

BRICs

MSCI BRIC NR

USD

-1.9%

7.1%

4.7%

-1.6%

Commodities

RICI TR

USD

-1.0%

2.1%*

7.6%

10.4%

Global emerging markets

MSCI Emerging Markets NR

USD

3.9%

5.0%

7.5%

12.5%

Agricultural Commodities

RICI Agriculture TR

USD

-6.4%

-4.2%*

0.2%

0.2%

Oil

Brent Crude Oil

USD

5.9%

-1.2%*

12.2%

15.4%

Gold Spot

USD

0.0%

4.3%*

12.8%

21.2%

Bonds
US Treasuries

USD

1.0%

0.1%

-0.8%

1.7%

Gold

US Treasuries (inflation protected) BBgBarc US Government Inflation Linked TR

USD

0.8%

0.8%

0.7%

2.5%

Interest Rates

Current Rate

US Corporate (investment grade)

BBgBarc US Corporate Investment Grade TR

USD

0.6%

-0.1%

-0.5%

4.6%

United States

5.50%

US High Yield

BBgBarc US High Yield 2% Issuer Cap TR

USD

0.9%

1.1%

2.6%

10.4%

United Kingdom

5.25%

UK Gilts

JP Morgan UK Government Bond TR

GBP

1.3%

-1.0%

-2.7%

4.8%

Eurozone

4.25%

UK Corporate (investment grade)

ICE BofAML Sterling Non-Gilt TR

GBP

0.8%

-0.1%

-0.1%

9.7%

Japan

-0.10%

Euro Government Bonds

ICE BofAML Euro Government TR

EUR

0.3%

-1.3%

-2.0%

2.5%

Australia

4.35%Euro Corporate (investment grade) BBgBarc Euro Aggregate Corporate TR

EUR

0.7%

0.1%

0.5%

6.4%

South Africa

8.25%Euro High Yield

BBgBarc European HY 3% Constrained TR

EUR

0.3%

1.3%

2.8%

10.4%

Japanese Government

JP Morgan Japan Government Bond TR

JPY

0.3%

-2.9%

-3.2%

-5.4%

Australian Government

JP Morgan Australia GBI TR

AUD

0.7%

-0.9%

0.0%

3.2%

Global Government Bonds

JP Morgan Global GBI

USD

0.0%

-1.9%

-4.6%

-1.5%

Global Bonds

ICE BofAML Global Broad Market

USD

0.2%

-1.2%

-3.3%

0.5%

Global Convertible Bonds

ICE BofAML Global Convertibles

USD

0.2%

-0.2%

1.9%

5.6%

Emerging Market Bonds

JP Morgan EMBI+ (Hard currency)

USD

0.6%

0.1%*

2.4%

9.4%

>>

Page | 10

JP Morgan United States Government Bond TR

Source: Bloomberg Finance L.P. , Momentum Global Investment Management. Past performance is not indicativeof future returns. *estimate.

Page | 11>>

Market performance - UK (all returns GBP) as at 28 June 2024
Asset Class / Region

Index

Local
Ccy

1
month

3
monthsYTD

12monthsEquities

Index

Local
Ccy

1
month

3
monthsYTD

12months

S&P Global Property TR

GBP

1.1%

-2.1%

-1.5%

7.2%

Euro

GBP

-0.5%

-0.9%

-2.3%

-1.4%

US Dollar

GBP

0.8%

-0.2%

0.7%

0.5%

Japanese Yen

GBP

-1.5%

-6.1%

-11.7%-9.9%

Asset Class / Region
Property

UK - All Cap

MSCI UK NR

GBP

-1.1%

3.5%

7.9%

13.2%

Global Property Securities

UK - Large Cap

MSCI UK Large Cap NR

GBP

-1.1%

4.5%

9.2%

13.3%

Currencies

UK - Mid Cap

MSCI UK Mid Cap NR

GBP

-1.2%

-2.4%

-0.8%

8.1%

UK - Small Cap

MSCI Small Cap NR

GBP

-3.1%

1.8%

4.1%

14.0%

United States

S&P 500 NR

USD

4.3%

4.0%*

16.1%

24.7%

Continental Europe

MSCI Europe ex UK NR

EUR

-1.6%

-0.4%

6.3%

12.0%

Japan

Topix TR

JPY

-0.2%

-4.5%

6.2%

13.3%

Asia Pacific (ex Japan)

MSCI AC Asia Pacific ex Japan NR

USD

4.6%

6.1%

9.5%

13.7%

Global developed markets

MSCI World NR

USD

2.7%

2.5%

12.8%

20.9%

Global emerging markets

MSCI Emerging Markets NR

USD

4.7%

4.8%

8.5%

13.2%

Bonds
Gilts - All

ICE BofAML UK Gilt TR

GBP

1.3%

-1.1%

-2.9%

4.6%

Gilts - Under 5 years

ICE BofAML UK Gilt TR 0-5 years

GBP

0.7%

0.6%

0.5%

6.1%

Gilts - 5 to 15 years

ICE BofAML UK Gilt TR 5-15 years

GBP

1.4%

-0.9%

-2.5%

6.7%

Gilts - Over 15 years

ICE BofAML UK Gilt TR 15+ years

GBP

1.9%

-2.7%

-6.3%

1.0%

Index Linked Gilts - All

ICE BofAML UK Gilt Inflation-Linked TR

GBP

0.1%

-2.3%

-4.5%

-0.9%

Index Linked Gilts - 5 to 15 years

ICE BofAML UK Gilt Inflation-Linked TR 5-15 years

GBP

0.0%

-1.2%

-2.1%

3.9%

Index Linked Gilts - Over 15 years

ICE BofAML UK Gilt Inflation-Linked TR 15+ years

GBP

0.3%

-4.0%

-7.5%

-5.9%

UK Corporate (investment grade)

ICE BofAML Sterling Non-Gilt TR

GBP

0.8%

-0.1%

-0.1%

9.7%

US Treasuries

JP Morgan US Government Bond TR

USD

1.7%

0.0%

0.1%

2.2%

US Corporate (investment grade)

BBgBarc US Corporate Investment Grade TR

USD

1.4%

-0.2%

0.4%

5.2%

US High Yield

BBgBarc US High Yield 2% Issuer Cap TR

USD

0.9%

1.1%

2.6%

10.4%

Euro Government Bonds

ICE BofAML Euro Government TR

EUR

0.3%

-1.3%

-2.0%

2.5%

Euro Corporate (investment grade)

BBgBarc Euro Aggregate Corporate TR

EUR

0.7%

0.1%

0.5%

6.4%

Euro High Yield

BBgBarc European High Yield 3% Constrained TR

EUR

0.3%

1.3%

2.8%

10.4%

Global Government Bonds

JP Morgan Global GBI

GBP

0.6%

-2.1%

-3.7%

-0.9%

Global Bonds

ICE BofAML Global Broad Market

GBP

0.2%

-1.2%

-3.3%

0.5%

Global Convertible Bonds

ICE BofAML Global Convertibles

GBP

0.2%

-0.2%

1.9%

5.6%

Emerging Market Bonds

JP Morgan EMBI+ (Hard currency)

GBP

1.3%

0.0%*

3.4%

10.0%

>>

Page | 12

Commodities & Alternatives
Commodities

Rogers International Commodity (RICI) TR

GBP

-0.3%

2.0%*

8.7%

11.0%

Agricultural Commodities

Rogers International Commodity (RICI) Agriculture TR

GBP

-5.7%

-4.3%*

1.2%

0.7%

Oil

Brent Crude Oil

GBP

6.6%

-1.4%*

13.2%

16.0%

Gold

Gold Spot

GBP

0.7%

4.2%*

13.9%

21.9%

Interest Rates

Current Rate

United Kingdom

5.25%

Source: Bloomberg Finance L.P. , Momentum Global Investment Management. Past performance is not indicative of future
returns.

Page | 13>>

—March 2024

Asset allocation views
Score
MAIN ASSET CLASSES

-

/

+

++ +++-/+++ +++Overall View
The continued move higher for risk assets year to date, on the back an improving ‘soft landing’
growth outlook, is welcome, but leaves less room for upside surprise. Our fixed income view is largely
constructive, more so in sovereigns today which offer attractive nominal and real yields, but we recognize
risk premia on corporate credit are thin today. Alternative assets remain a good diversifier of returns,
especially favourable should market volatility increase. Cash provides optionality on any pullback as well
as a decent yield, but increasingly we prefer to lock in rates further out by extending duration.

Change --//—

--

-

/

+

++

+++

UK equities remain the conviction valuation call with the UK remaining the cheapest developed market.
There is little obvious catalyst to rerate, but the attractive earnings yields continue to draw in private andoverseas buyers. Japan remains attractive both in valuation terms and on improving fundamentals. US
equities continue to show a worrying lack of breadth in the continuing rally, but the opportunity set for
active managers grows. European equities look reasonably attractive, but the most compelling markets
remain the UK and Japan which trade at a discount to global peers and offer healthy dividends.

Fixed Income—

Alternatives

—

Cash

—

Developed Equities—

UK Equities—

European Equities—

US Equities—

Japanese Equities—

Emerging Market Equities—

ChangeFIXED INCOME

//—Government—

Index-Linked—

Investment Grade Corporate—

High Yield Corporate—

Emerging Market Debt—

Convertible Bonds

—

Score

--

--

—

Score

---

---

Change//—Equities

Score
EQUITIES

Score+

Change

---

--

---

--

---

--

/

+

++ +++

After a late year end rally and subsequent modest reset, global treasury yields offer reasonable value
today, and we maintain our overweight government view. Inflation linked bonds offer attractive real
yields but are not cheap today. Despite offering alluring all in yields, we think the spreads offered today
on investment grade and riskier high yield corporate bonds do not compensate investors adequately
for the underlying fundamental credit risk. Although defaults remain low and the growth outlook has
moderated, financial conditions remain somewhat tight today. We prefer shorter duration bonds in bothdeveloped and emerging markets, particularly high-grade credit.

-

/

+

++

+++

Commodity prices are likely to remain idiosyncratic supply and demand driven stories with price moves
exacerbated by geopolitical risk which has taken gold to new highs. Alternatives continue to offer
diversification benefits but compete today with higher yielding cash and bonds. Increasing discounts in
NAVs in private equity appear overly pessimistic, and we upgrade our view. Infrastructure and specialist
financials remain attractive. Our liquid alternatives continue to offer attractive diversification benefits
during periods of market uncertainty, but the bar has been raised for the performance after the great rate
reset.

-

/

+

++

+++

-

SPECIALIST ASSETS/ALTERNATIVES //—Commodities—

Property—

Infrastructure—

Liquid Alternatives—

Private Equity

Specialist Financial

—

Score
CURRENCIES vs. USD

Change
//—

GBP

—

EUR

—

JPY

—

Gold

—

“the most compelling markets remain
the UK and Japan which trade at a
discount to global peers and offer
healthy dividends”

Against long term valuation metrics, Sterling and Yen remain cheap relative to the Dollar. The Bankof Japan’s continuing policy of yield curve control, in the face of other central bank policy hikes, hascrushed the Yen in recent years. The higher for longer narrative in the US has buoyed the dollar whichlooks somewhat expensive as rates look set to fall later this year, but its safe haven status at a time ofheightened geopolitical risk assures a diversification premium. Gold’s status as a haven asset means it
remains a useful diversifier, but its recent run higher makes it look somewhat expensive versus real rates
today.

The asset allocation views are updated at the end of each quarter unless otherwise stated.

>>

Page | 14

Page | 15>>

For more information, please contact:
Our Distribution Services team
E: distributionservices@momentum.co.uk
T: +44 (0)207 618 1806

Important Notes
Investment Manager - Momentum Global Investment
Management Limited (MGIM).
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by any person in any jurisdiction in which it is not
authorised or permitted, or to anyone who would be
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there is no breach of local legislation or regulation. This
document should not be reproduced or distributed
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intermediaries. This document is not for distribution
in the United States. Any opinions expressed herein
are those at the date this document is issued. Data,models and other statistics are sourced from our own
records, unless otherwise stated. We believe that the
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