Emerging markets have been out of fashion of late, driven largely by current account deficits, capital outflows and a credit squeeze in China.emerging-markets-BRIC-MINT

This brief post will highlight and reinforce the fundamentals which make the emerging markets a compelling long-term investment.

1. They are home to 85% of world’s population
2. They constitute 50% of world GDP and contribute to 75% of worlds GDP growth.
3. Comprise of mainly a young and dynamic population – between 29 and 59.
4. Has a natural resource advantage, for example its home to 90% of the world’s proven oil reserves.
5. Rise of a consumer society, fueled by the expanding middle class and higher incomes.

However, these countries only account for 15% of the world’s stock market. Roger Bootle, economist and author believes that sophisticated investors will gain exposure to the emerging markets through good western companies with large operations in the developing economies.

This strategy allows you to advantages of western standards of corporate governance, attitudes to dividends and political stability – combined with a share of the emerging market growth prospects.

Source: Fidelity Worldwide Investment

Valuation: Based on forward times earnings they currently trade at a weighty 30% discount relative to developed markets. Every veteran will be aware of the fact that the lower the initial valuation, the greater the long-run returns – this is called the value effect. And, its worth remembering that Emerging economies grow at twice the rate of developed countries, which should translate into better investor returns.

Why select investment funds over shares?

Diversification – By diversifying your investments, you are reducing your risk. An investor spreads risk across asset classes (property, shares, cash and bonds), sectors and countries.

Lower cost – Buy a diversified portfolio without incurring numerous commission charges.

Professional management – fund managers possess specialise expertise, each stock can be carefully researched.

Convenience – Researching individual shares and constantly eying the stock market is time consuming.

This is why I believe investment funds should form the majority equity portion of a portfolio.

Investment Funds worth considering

City of London Investment Trust

Objective: provide long-term growth in income and capital.

Conservatively managed, it invests principally in large blue-chip and medium companies listed on London Stock Exchange. Its biased towards large-caps.

Record: Longest record of raising dividends among investment trusts, increased for 47 consecutive years since 1966. Achieved unbroken dividend growth by retaining income from good years in revenue reserve to bolster dividends during difficult years.

Appreciated over 140% since 2009 and yields just under 4%.

Fee: 0.44%, no performance fee

Market Cap: £1 Billion, 76% invested in UK blue chip companies.

Net Gearing: 8%

Portfolio Manager: Job Curtis managed the trust since 1991.

Incorporated in 1891, the company is a constituent of the FTSE 250 Index. Managed by Henderson Global Investors.

This fund is included as one of Investor Chronicles top 100 investment funds and ‘whichinvestmenttrusts’ buy list.

The City of London Investment Trust (CTY:LSE) website.

Bankers investment Trust

Objective: generate maximum returns through a global, well-diversified portfolio.

Aims to also deliver divided growth in excess of Retail Price Index.

Record: Increased dividends for 47 consecutive years. It possesses ample revenue reserves to support dividend growth when required during difficult years.

Dividend yield presently 2.5%. Revenues Reserves: 32m as of October 2013. Dividends paid were 15.1m, therefore 2x dividend cover.

Capital appreciation of 120% over five years.

Manager: Alex Crooke, managed Bankers Investment Trust since 2003. Worked at Henderson since 1994. He’s a value based investor.

Has degree in astrophysics from Manchester University.

He uses shares in London to play international themes, as most of their revenue derives from abroad. Nearly 45% of portfolio is focused on UK shares.

Fee: 0.45% year, again one of the lowest in the industry

Market Cap: 632 million.

Incorporated in 1888, its constituent of FTSE 250 index.

The Bankers Investment Trust website.

Lowland Investment Trust

Objective: Achieve higher-than-average return through both capital growth and income over long-term.  They have up to 50% invested in FTSE 100 companies for stability and income, with a greater bias towards small and medium UK companies for their greater growth potential.

Gearing: Presently 13%. This fund is slightly more aggressively geared than its counterparts. Gearing is capped at 30% of fund.

Revenue reserves were £8.5 million as of 30 September 2013.

Fund launched in 1963, managed by James Henderson since 1990.

Fee: 0.59%. There is a performance fee, capped at 0.75%.

Market Cap: £391 Million

Record: 2.5% dividend yield and revenue reserves are £8.5 million.

Dividends: Grown its dividend for 19 of 20 years.

Grew by 300% over five years. Because capital growth has outstripped income growth in other portfolio, the dividend yield has fallen to 2.5%. They believe investing in high quality blue-chip stocks is an crowded trade, preferring instead to funds focus on smaller companies to yield better value.

Manager – James Henderson from Henderson Global Investors.. His is very much a pragmatic bottom-up style investor, focusing on individual companies rather than sectors, countries or the macroeconomic outlook. He’s run the fund for over 20 years and managed investment trusts for over 25 years.

Portfolio turnover – A turnover of 20% turnover per years, and on average he holds stocks for five years.

This fund is included as one of Investor Chronicles top 100 investment funds and ‘whichinvestmenttrusts’ buy list.

Lowland is also highly commended in the Moneywise magazine UK growth and income category. And Moneywise also awarded ‘Henderson Global Investors‘, which manages the above three trusts as the ‘Investment Trust Group of the Year in the 2014′.

Finsbury growth and income trust

Objective: Invest in predominantly UK quoted shares to achieve income and capital growth. Up to 20% of portfolio can be invested in overseas stocks.

They run a very concentrated portfolio, comprising of around 30 stocks.

Manager: Portfolio run by Nick Train of Lindsell train investment management since 2000.

From their website his approach is ‘based on that of Warren Buffett’s and involves building a concentrated portfolio of “quality” companies that have strong brands and/or powerful market franchises’

Their ‘portfolio has a heavy emphasis on branded consumer goods and services (Diageo, Unilever, Kraft, AG Barr), media (Pearson, Sage) and financial services (Fidessa, Schroders, Rathbones, Hargreaves Lansdown’.

Its therefore biased towards consumer goods, consumer services and financials.

Record: Dividend yield 2%. Capita growth of above 200% over 10 years and 160% dividend growth over same period (although there was 7% cut in 2010).

Fee: 0.85%, total expense ratio capped at 1.25%.

Market Cap: £450 million

This fund is included as one of Investor Chronicles top 100 investment funds and ‘whichinvestmenttrusts‘ buy list.

MFM Slater income fund

Objective: From their website: ‘To produce an attractive and increasing level of income in addition to seeking long term capital growth. The Fund will invest in shares of high yielding companies with growing profits and strong cash flows across the market capitalization spectrum’

This is an open ended investment company. They run a relatively concentrated portfolio of between 50 and 70 stocks.

He holds a balanced mix of small, medium and large companies to avoid

Record: Yields over 3.6%. Outperformed IMA UK Equity Income benchmark last year. Funds 33.6% over benchmarks 23%. Since inception the fund is up 58%.

Manager: Mark Slater, he co-founded Slater investments in 1994. He previously worked as a journalist at analyst PLC and Investor Chronicles.

Skin in the game: Like Terry Smith (investment manager), he’s one of the largest investors in all three of his funds.

Fee: 1.5% annual charge

Fund size: £42million

Launched in the second half of 2011.

Fund smith Equity Fund

Objective: to achieve long-term capital growth via a portfolio of global shares. Invests in a concentrated portfolio of between 20 and 30 stocks globally.

The fund does not adopt short-term trading strategies and does not invest in derivatives.

Manager: Terry Smith, he launched the fund in November 2010. In his plain speaking style he said he would give “fat and complacent” fund management industry a bloody nose”.

He said up the fund because he believed Investors “continued to suffer from punitive fee structures, over-complexity, over-trading, fund proliferation, closet indexing and over-diversification.”

In his no nonsense style, he says ‘buy companies that can be run like an idiot, because in the end most are’

Furthermore he puts his money where his mouth is, he’s invested £25 million of his own money in the fund – he eats his cooking so to speak.

Regarding investors who wish to time the market, he says there are two types: ‘those who can’t do it and those who don’t know they can’t do it’

Fee: no performance fees, just annual cost of 1.1%

His secret ingredients: run a concentrated portfolio in well established companies and hold them indefinitely while minimizing trading. His fund has one of the lowest turnovers in the industry.

This fund is included as one of Investor Chronicles top 100 investment funds.

Fund manager Terry Smith presentation.

Royal London UK Equity Income

Objective: To achieve a combination of income and some capital growth.

It’s a core equity income fund which invests solely in high yielding UK stocks, with a particular emphasis on companies generating significant free cash flow to fund sustainable dividend payments.

The fund manager runs a high conviction stock portfolio and the risk profile reflects this. The fund has a larger than average weighing to mid-cap stocks (more than 40%).

He expects to hold between 40-60 stocks within the fund, although he presently has 72 holdings.

The fund was launched in 1984.

Manager: Martin Cholwill since 2005. Prior to joining RLAM he spent 21 years working for AXA Investment Managers. He has degree in Mathematics from Durham University.

Record: The fund has consistently outperformed its benchmark, growing by more than 160% over 5 years.

Dividend: A 3.36% dividend yield (as of 28 Feb 2014), pays quarterly dividends.

Fund Size: £1.2bn

Trustee: HSBC

Charge: At HL, net annual charge is 0.62%

Citywire awards Martin Cholwill a triple AAA rating.

The Royal London UK Equity Income Fund Factsheet.

Marlborough Multi Cap Income

Aims to generative an attractive and growing level of dividend income and capital growth through investments in chiefly small to medium sized companies.

Dividend yield – 3.7% paid bi-annually

Performance: Appreciated over 60% since inception (July 2011)

Manager: Giles Hargreaves and Siddarth Chand Lall

Size: over £700M

Fee: Annual charge 1.5%.

This fund is included on Hargreaves Lansdown wealth 150, a list of their favourite funds.

Unicorn UK Income

Objective: To provide high and rising income from a portfolio focusing on small UK companies (OEIC).

Dividend Yield: 2.9%, paid bi-annually

Size: £475m, it was launched in May, 2004.

This is an adventurous income fund, 89% of this portfolio is allocated towards smaller companies

Fund process: focus on companies with a competitve advantage and which operate in niche markets. Searches for businesses with high return on capital, strong balance sheets and high cash flows.

Performance: up 200% since Jan 2010.

Manager: John McClure, a Investment Manager at Unicorn Asset Management. He managed smaller companies portfolios at Guinness Flight Global Asset Management Limited (April 1992 – October 1997) before joining Unicorn in 1997. He also managed Acorn Income fund.

This fund is included on Bestinvest premier selection and Investor Chronicle Top 100 Funds. This is their selection of the top best investment funds.

Fixed Income Funds

Royal London Corporate Bond Trust

Objective: To maximize investment return (predominantly income with some capital growth) over the medium to long term from a portfolio comprising mainly of corporate fixed interest securities. This is a conservatively-managed fund, predominantly invested in higher-quality, investment grade corporate bonds

The fund was launched in 1991.

Morningstar allocates this fund a gold star analyst rating and Bestinvest a five star rating.

Manager: Jonathan Platt and Sajiv Vaid both have a mornigstar triple AAA rating.

Managed by Royal London Asset Management.

Performance: Appreciated by 28% over three years.

Income yield (underlying): 4.3%, paid quartely.

Size: £491m

Trustee: HSBC

Its included in HL wealth 150.

New City High Yield Fund (NCYF)

Objective: ‘To provide investors with a high dividend yield and the potential for capital growth by investing mainly in high yielding fixed interest securities’

Managed by Ian Francis since Nov 2007, he’s supported by the New City Investment Management team. NCIM is a trading name of CQS asset management.

Ian Francis holds 99,894 shares, at 64p price is £64,000.

Fund was incorporated in January 2007, Jersey.

Gearing: 107% (100 = no gearing) as of 30 January 2014. As of 2013 annual report, the company had 12m borrowings from HSBC Bank.

Revenue Reserves: as of 30 June 2013 are £12.5m. Revenues reserves are dividend income retained, allowing the company to dip into this pot during less fruitful years.

Size: £169m, trades at plus 4.5% premium.

Yield: Estimated 6.6%, increased on average 2.5% every year since inception (2007)

Total dividend paid: £9.1m as of 30 June 2013

Return: Appreciated by nearly 30% over three years.

Cost: Total Expense Ratio (TER) is 1.25%.

This fund is included as one of Investor Chronicles top 100 investment funds. Also included in John Barons Investment Trust portfolio at investor chronicles magazine.

This Fund won the Money Observer Trust Awards in 2013.

What is an Stocks and Shares ISA

Stands for ‘Individual Savings Account’, It is a tax efficient shelterpiggybank. Inside this ‘wrapper’, you pay no capital gains tax and no further tax on dividends/income.

The tax-free allowance inside an ISA for this tax year is £11,520. The tax year runs from 6 April to 5 April in the following year. The cash ISA and the Stocks & Shares ISA will be merged into a new ISA with a tax free allowance of £15,000 from 1 July.

Advantages: don’t need to declare these investments on your tax returns and you can make free withdrawals wherever you require.

Capital Gains tax-free allowance

Each tax year, everyone gets a ‘tax-free allowance for capital gains tax’. This ‘annual exempt amount’ allows you to make a certain sum before you pay tax.

The amount from 2013- 2014: £10,900.

Capital Gains Tax

18% for lower rate tax payers and 28% for those in the higher rate tax band.

Dividend income tax

Dividend income at or below £32,010 basic tax rate is taxed at 10%.

Dividend income above £32,010 and below £150,000, income is taxed at 32.5%

Dividend income above higher rate limit (£150,000) is taxed at 37.5%.

Income Tax rate

The income tax free allowance for 2013 – 2014: £9,440, rising to £10,000 in the new tax year and £10,500 in 2015.

The basic rate income tax: 20% from £0 to £32,010 (after the tax-free allowance)

Higher rate tax rate: 40% from £32,011 to £150,000

45% after £150,000.

Source: HM Revenue and Customs

Premium Bonds

The total cap on premium bonds will rise from the current £30,000 to £40,000 in June. It will then jump again to £50,000 in 2015.

Furthermore the number of £1 million prizes will be doubled from one to two a month. These changes will take place in 2014 August.

As a caveat, the prize fund remains unchanged at £50 million. This means that for more people to win the additional 1 million pound prize, thousands of people won’t win the £25 or £50 prizes.

The current interest rate on premium bonds is 1.3%. This means that for every £1000 invested, you would expect to win £13. Because the minimum prize is £25, some people will win larger prizes while others win nothing.


What is an Annuity?

Your pension pot can be used to purchase a secure, regular income from your insurance company, this is an annuity. The insurance company are then responsible for paying you an income for the rest of your life.

Once an annuity has been purchased, there is no going back. Following the 2014 budget, there will be no compulsion the buy an annuity.

What is SIPP?

Is a self-invested personal pension, a tax-efficient personal pensions scheme allowing individuals to select and manage their investments.

Investments inside this scheme are free of capital gains and income tax.

Lifetime allowance is £1.5million, above this limit incurs tax charges.

Yearly contribution is capped at £50,000.

Personal savings contributions into a SIPP receive tax relief.

From the age of 55, up to 25% of your pension fund can be withdrawn tax free. The reminder is usually converted into a annuity.

Income drawdown

Income drawdown pension allows you to take income from your pension pot while the funds remains invested.

You can choose how much pension you want to be paid each year within certain limits.

There are two forms of drawdown pension: capped drawdown and flexible drawdown

More information about workplace pensions and specifically ‘automatic enrollment’ introduced in October 2012 – https://www.gov.uk/workplace-pensions

What is Earnings Per Share?

Equation: net profit divided by the number of ordinary shares in issue.

It is the profit attributable to ordinary shareholders.

It allows investors to observe the growth in profits for each share held.

Diluted EPS expands on basic EPS by including the shares of convertibles or warrants outstanding in the number of shares outstanding.

What is Price to Earnings Ratio?

Equation: share price divided by the earnings per share.

The P/E ratio represents the number of years it will take for the earnings of a company to cover its share price. Essentially, it is how much investors are willing to pay for £1 of earnings.

A high PE ratio means the investors are bullish on the company prospects and expect it to perform well.

Conversely a low ratio means that investors aren’t expecting much growth, it might indicate an undervalued company.

It’s not an absolute measure, its best used when comparing companies within the same sector.

The Cyclically adjusted price to earnings ratio (CAPE)

Whereas a PE ratio is the share price compared to one year’s earnings, the CAPE (or Shiller PE) is an average of ten years earnings compared with the latest price.

The purpose is to smooth out fluctuations within the business cycle rather than based it on a snapshot, which is what the conventional PE multiple does.

What is the PEG (Price to Earnings Growth) ratio?

Equation for PEG ratio: price to earnings divided by the growth rate of a company.

It’s the price earnings to growth ratio. It is used to gauge to relative value of a stock versus the company’s growth rate.

It is P/E ratio in the context of the company’s growth rate for the year ahead. Because it takes into account growth rate; it is favored by many over the P/E ratio.

A PEG of 1 indicates the company is fairly valued, a PEG of below 1 means a company is priced below its expected growth rate and indicates an undervalued company, above 1 indicates an overvalued company.

With PEG ratio, the numbers are projected and can be less accurate.

Price to Book ratio

Equation: Current stock price / (Assets – Liabilities).

It compares a stock’s market value to its book value.

It shows what shareholders will get after the company is sold and all its debts are paid off.

Low P/B Ratio could mean stock is undervalued.

Price to Sales

Equation: Current share price / Sales revenue per share (trailing 12months)

The lower the P/S the better the value, its more useful when comparing similar companies.  Advantages being that sales is harder to manipulate than earnings.

However this valuation metric is less useful for service companies like banks/insurers which don’t really have sales.

This ratio should not be used in isolation.

Free Cash Flow

Equation: FCF = Operating Cash Flow - Capital Expenditures

Operating cash flow is EBIT (earnings before interest and taxes) + Depreciation – Taxes. EBIT is also known as operating income.

FCF is essentially cash after expenses and investment, what’s available for shareholders.

Price to Free Cash Flow

Equation: Market capitalization divided by free cash flow.

A valuation metric that compares a company’s market price to its level of annual free cash flow.

His key predictions:

1. US economy will grow close to 4%.

The reasoning being that the US budget battles is over and the central bank has virtually guaranteed to keep rates at zero.

The knock-on effect of this will be higher global inflation expectations.

2. Stock market rally likely to continue.

His reasoning: equity valuations at or just above long-term averages, companies are awash with cash leaving scope for further gains. Although a repeat of stellar gains of 2013 is unlikely.

3. European crisis will morph into political crisis.

He believes victories for fringe nationalist parties will panic Germany into allowing a more expansionary monetary and fiscal stance. The result: a weaker euro and recovery in the southern European economies in the second half of this year.

4. Japanese growth will disappoint.

The trigger: increase in consumption tax in April will produce a fiscal tightening of 2% of economic output. A further caveat is that when they first introduced the 5% sales tax in 1997, it tipped the economy into deflation.

Deflation (declining prices) is bad because it increases the real burden of debts. Debtors will then cut spending to meet the increased debt burden. And expectations of lower prices decreases willingness to borrow and spend. The resulting depressed demand increases unemployment exerting a downward pressure on wages.

The end result: Japanese economy will likely fall back into recession in the second quarter and the stock market will tumble. The authorities will try to offset this by ramping up monetary policy stimulus with the side effect of a weakening yen.

5. Emerging markets might mark a comeback.

These countries he believes will have more to gain from stronger growth and healthier macroeconomic fundamentals.

Although he says countries with large current account deficits such as Turkey will underperform.

These are plausible and audacious predictions, I shall hold him to account when I re-read this post in December.

The purpose of investing: To grow wealth over the long-termGold Coins and plant isolated on white background

Why shares? It’s the preferred ‘financial instrument’ because its proven time again to be the best long-term investment – outperforming bonds (loan stock), property, cash deposits etc

Two components of return in shares:

-Annual income (dividends paid out of profits, usually distributed twice yearly)

-Capital growth (appreciation in the value of shares)

Companies paying high dividends referred to as ‘income stocks’. They are typically characterized as large and stable businesses.

These defensive dividend paying stocks provide a stable and regular income stream. Their lower risk and therefore often recommended as the cornerstone of any portfolio.

Investment funds over shares

I remain committed to the belief that the best way for the average investor to invest is through ‘unit trusts’, open ended investment companies (OEIC) or investment trusts – pooled investments.

Attractions of an equity income fund

These are funds providing a regular income through investments in stable, high quality companies.

Its targeted at the conservative investor, this strategy emphasizes lower risk and less volatile investments.

Advantages -

Investors with a small sum to invest can gain exposure to the stock market through a stake in a well diversified fund.

Diversification reduces risk and ‘economics of scale’ in share dealing/admin reduces costs. Moreover, investors take advantage of professional management.

Income strategy

An equity income strategy involves buying companies paying attractive, growing dividends and holding them for a long period of time. The beauty of this philosophy is that it goes back to the basic principles of investing – that you receive a share of the profits companies choose to distribute as dividends.

Dividends can be reinvested to compound returns – buying more shares with your dividends and in turn receive even more dividends. Its a tried and tested way to build wealth.

And companies paying progressively higher dividends and profits are usually followed by share price growth.

In addition, you can spend less time trying to second guess the economy and less time concerning yourself with roller-coaster ride of the stock market. Plus recurring dividends provide first-class compensation while you wait for the market to appreciate.

Folly of market timing

Peter Hargreaves, co-founder of Hargreaves Lansdown, one of the UK’s largest fund supermarkets highlights the folly of this flawed strategy.

He describes it as a utopian philosophy for inaction. People who endeavor to time the market always believe the market will go lower when it has bottomed and never invest. Plus when the market turns a corner, they believe it has risen too far and so refuse to invest again.

The result – perpetual inaction or being sucked in at an expensive price.

These are the financial predictions for 2014 of four Journalist and economist I hold in high esteem and whose analysis I pay keen attention to:

Linda Yueh Chief Business Correspondent of the BBC. She made her 2014 predictions here.

Financial Times long-view investment writer and former head of the flagship Lex columns , John Authers.

George Magnus, Author and Economist. His analysis is contrarian, original and insightful.

Finally, Economist and journalist for the Reuters news agency Anatole Kaletsky.

Linda Yueh Predictions

-There will be no reverberations across global markets following the Feds ‘Taper’, which will most likely finish by the end of next year.

-Emerging markets (particularly the ‘Fragile Five’ – Brazil, India, Indonesia, South Africa and Turkey) have had ample time to prepare and adjust their economies accordingly for the inevitable end of cheap money.

-Furthermore, the ‘fragile five’ have elections next year, these will all proceed smoothly.

What won’t happen

She also predicted what won’t happen in 2014:

-No return to normal growth rates, small chance of a sustainable self-sustaining recovery.

-Income rising strongly, more likely stagnation

-A substantial fall in youth unemployment

Finally, she believes China is the place to watch. Their main legislative agenda will be set out in March, there are growing concerns over how they will address the sharp rise in debt and the ‘shadow banking system’.

Federal Reserve’s Programme of quantitative easing

Information about QE can be found here.

Outgoing Chairman Ben Bernanke will Taper QE next month from $85bn per month to $75bn. They are keen to reiterate that bond buying is not on a ‘preset course’, meaning tapers are contingent on employment and inflation levels.

As a reminder, the target of zero short-term rates will stay in force until unemployment touches 6.5%, this is expected to happen until the end of 2014. The federal Reserve also kept to the door open to keeping rates at virtually zero ‘well past the time’ unemployment falls below 6.5%.

Meaning and the signal of this move: The era of easy money is coming to an end, but their commitment will almost guarantees near zero rates until the end of next year.

Bond market prediction

The secular bond market is coming to an end, in the US a large upward adjustment in long-term interest rates has most likely already happened, they doubled from 1.5% to 3% this year.

Anatole Kaletsky from Reuters highlights that an acceleration in the economy will likely hurt fixed-interest securities which in turn will create headwinds for property and equity prices. However, he points out that history shows that during economic upturns, the benefit to share valuations from a strong economy and earnings growth more than outweighs pressures from rising long-term rates.

Wall Street

US stock market – now the world’s most expensive market (S&P 500 trades at 20 times earnings, in comparison the dotcom peak was 34).

Europe and Asia on the other hand are priced for stagnation and will most likely outperform Wall Street.

Anatole believes Wall street is already priced for growth, as the market is a discounting mechanism, I am avoiding this market next year.

UK Stock market prediction

Shares in the FTSE 100 index has on averaged delivered 7% a year since Victorian times, an inflation beating return of 9% this year looks reasonable.

Interestingly, the solid performance is against the backdrop of a strong pound, as the majority of earnings stem from abroad, this has hampered export growth.

As for valuation, the FTSE 100 trades at around 15 times earnings, while CAPE (cyclically adjusted price to earnings ratio) is 15, in other words it is fairly priced.

My view: The current economic backdrop looks positive, valuations in Europe and Asia are attractive and the prospective returns on rival asset classes look abysmal. All told, I believe this creates a compelling long-term case for stocks.


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