Lazard Defensive Australian Equity (LAZ0022AU) Report & Performance

What is the Lazard Defensive Australian Equity fund?

The Fund seeks to achieve: • reduced exposure to S&P/ASX200 Accumulation Index drawdowns; • a total return that exceeds the Reserve Bank of Australia Cash Rate; and • an income return at a premium to the S&P/ASX200 Accumulation Index dividend yield. The investment strategy of the Fund is to provide investors with access to companies listed on the Australian Securities Exchange that Lazard believes offer sustainably high dividends and capital appreciation potential.

  • The number of stocks will generally range from 0 to 50, which means Lazard makes active investment decisions as to which stocks the Fund holds.
  • The Fund may reallocate capital from equities towards Cash investments, up to 100%, as cash yields rise and / or dividend yields fall or when in our opinion equities appear to be over-priced, so reducing the number of equities that qualify for inclusion in the Fund.
  • The Fund may hold a position of generally up to 3% in any one company at the time of purchase (except in the event of a corporate action).
  • Given the nature of the Fund, Lazard considers it important to avoid derivatives which will not be used in this Fund during the life of this PDS. The Fund may also invest in initial public offerings which are expected to be listed within 3 months from the date of purchase

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For Lazard Defensive Australian Equity

Lazard Defensive Australian Equity Fund Commentary September 30, 2023

As at 30 September 2023, the Fund is invested in 32 companies which meet the criteria of a dividend yield above the cash rate, capital appreciation potential and sustainability of dividend. Given between 1% and 3% of Fund assets will be invested in each qualifying company at month end, listed shares accounted for 80.7% of assets and 19.3% of Fund assets were invested in cash deposits.

As at 30 September 2023, the Fund’s aggregate forward yield continued to look attractive at 5.1%, or 5.5% when “grossed – up” for franking credits and tax deferral benefits*. This can be compared to the RBA annual cash rate at month end of 4.10%. The RBA measurements of term deposit rates in the Australian market, the “Average Rate (all terms)” ended the month at 3.6%.

September 2023 saw 15 dividend payments and eight ex-dates.

Charter Hall Group (CHC) is a property funds management company with a solid track record of growing FUM across a range of diversified asset classes. As of 30 June 2023, CHC manages $71.9bn of property FUM, with a group FUM of $87.4bn, inclusive of $15.6bn from its PIM Partnership, generating earnings via co -investment income, property development and funds management fees. Despite recent weakness in the commercial property market, CHC managed to grow its property FUM by 10% in FY23. CHC has minimal net debt at the parent company level and in our view has substantial investment capacity for growth opportunities. The stock is currently trading on a 4.7% dividend yield, and FY24 guidance is for 6% yoy growth in distributions.

Looking ahead, we expect two dividend receipts in October 2023.

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Product Snapshot

  • Product Overview
  • Performance Review
  • Peer Comparison
  • Product Details

Product Overview

Fund Name APIR Code
? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.
Structure
?
Asset Class
? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.
Asset Category
? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.
Peer Benchmark Name
? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.
Broad Market Index
? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.
FUM
? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.
Management Fee
? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.
Performance Fee
? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.
Spread
? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
Lazard Defensive Australian EquityLAZ0022AUManaged FundsDomestic EquityAustralia Large Blend - Absolute ReturnDomestic Equity - Absolute Return IndexASX Index 200 Index11.61 M0.81%0.00%0.4%

Performance Review

Fund Name Last Month
? Returns after fees in the most recent (last) month).
3 Months Return
? Returns after fees in the most recent 3 months.
1 Year Return
? Trailing 12 month returns.
3 Years Average Return
? Average Annual returns from the last 3 years.
Since Inc. Average Return
? Average (annualised) returns since inception
1 Year Std. Dev. (Annual)
? The standard deviation (or annual volatility) of the last 12 months.
3 Years Std. Dev. (Annual)
? The average standard deviation (or annual volatility) from the last 3 years.
Since Inc. Std. Dev. (Annual)
? The average standard deviation (or annual volatility) since the fund inception.
1 Year Max Drawdown
? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
3 Year Max Drawdown
? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Since Inc. Max Drawdown
? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Lazard Defensive Australian Equity4.62%4.98%7.47%9.99%8.66%9.45%10.76%10.34%-5.15%-5.72%-16.96%

Peer Comparison

Fund Name Peer Index Name
? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.
12 Months Excess Return
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
Excess Return Annualised Since Inception
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
12 Months Alpha
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
Alpha Annualised Since Inception
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
12 Months Beta
? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
Beta Annualised Since Inception
? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
12 Months Tracking Error
? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
Tracking Error Since Inception
? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
12 Months Correlation
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Correlation Since Inception
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Lazard Defensive Australian EquityDomestic Equity - Absolute Return Index-2.6%0.47%NA%NA%NA%1.355.26%6%0.880.82

Product Details

Fund Name Verifed by SMSF Mates Manager Address Phone Website Email
Lazard Defensive Australian EquityYes-https://www.lazardassetmanagement.com/-

Product Due Diligence

What is Lazard Defensive Australian Equity

Lazard Defensive Australian Equity is an Managed Funds investment product that is benchmarked against ASX Index 200 Index and sits inside the Domestic Equity - Absolute Return Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Lazard Defensive Australian Equity has Assets Under Management of 11.61 M with a management fee of 0.81%, a performance fee of 0.00% and a buy/sell spread fee of 0.4%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the Lazard Defensive Australian Equity has returned 4.62% in the last month. The previous three years have returned 9.99% annualised and 10.34% each year since inception, which is when the Lazard Defensive Australian Equity first started.

How is risk measured in this investment product?

There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Lazard Defensive Australian Equity first started, the Sharpe ratio is NA with an annualised volatility of 10.34%. The maximum drawdown of the investment product in the last 12 months is -5.15% and -16.96% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.

What is the relative performance of the investment product?

Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Lazard Defensive Australian Equity has a 12-month excess return when compared to the Domestic Equity - Absolute Return Index of -2.6% and 0.47% since inception.

Does the investment product produce Alpha over its Peers?

Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Lazard Defensive Australian Equity has produced Alpha over the Domestic Equity - Absolute Return Index of NA% in the last 12 months and NA% since inception.

What are similar investment products?

For a full list of investment products in the Domestic Equity - Absolute Return Index category, you can click here for the Peer Investment Report.

What level of diversification will Lazard Defensive Australian Equity provide?

Lazard Defensive Australian Equity has a correlation coefficient of 0.82 and a beta of 1.35 when compared to the Domestic Equity - Absolute Return Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.

How do I compare the investment product with its peers?

For a full quantitative report on Lazard Defensive Australian Equity and its peer investments, you can click here for the Peer Investment Report.

How do I compare the Lazard Defensive Australian Equity with the ASX Index 200 Index?

For a full quantitative report on Lazard Defensive Australian Equity compared to the ASX Index 200 Index, you can click here.

Can I sort and compare the Lazard Defensive Australian Equity to do my own analysis?

To sort and compare the Lazard Defensive Australian Equity financial metrics, please refer to the table above.

Has the Lazard Defensive Australian Equity been independently verified by SMSF Mate?

This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.

How can I invest in Lazard Defensive Australian Equity?

If you or your self managed super fund would like to invest in the Lazard Defensive Australian Equity please contact via phone or via email .

How do I get in contact with the Lazard Defensive Australian Equity?

If you would like to get in contact with the Lazard Defensive Australian Equity manager, please call .

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the Lazard Defensive Australian Equity. All data and commentary for this fund is provided free of charge for our readers general information.

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Historical Performance Commentary

Performance Commentary - August 31, 2023

As at 31 August 2023, the Fund is invested in 31 companies which meet the criteria of a dividend yield above the cash rate, capital appreciation potential and sustainability of dividend. Given between 1% and 3% of Fund assets will be invested in each qualifying company at month end, listed shares accounted for 78.9% of assets and 21.1% of Fund assets were invested in cash deposits.

As at 31 August 2023, the Fund’s aggregate forward yield continued to look attractive at 4.8%, or 5.8% when “grossed -up” for franking credits and tax deferral benefits*. This can be compared to the RBA annual cash rate at month end of 4.10%. The two RBA measurements of term deposit rates in the Australian market, the “Average Rate (all terms)” and the “Special Rate (all terms)”, ended the month at 2.90% and 3.20%, respectively.

August 2023 saw four dividend payments and eleven ex-dates.

Bapcor (BAP) is a leading auto aftermarket supplier in Australia and New Zealand. This market is generally less cyclical from a demand perspective and has a history of rational competitors’ behavior, both of which support cash flows and dividends. While BAP’s near-term dividend is modest with a net yield of just under 4%, our assessment of sustainable yield is much higher as we expect dividends to grow at a high-single digit rate over the next few years. We believe that this growth could be supplemented if the management’s cost and efficiency program, “Better Than Before’ is successful. Minimal success of this program is currently factored into BAP’s stock return and dividend expectations and in our view makes the company a candidate for an improved outlook.

Looking ahead, September 2023 will be busy with ten dividend receipts expected.

Performance Commentary - July 31, 2023

As at 31 July 2023, the Fund is invested in 30 companies which meet the criteria of a dividend yield above the cash rate, capital appreciation potential and sustainability of dividend. Given between 1% and 3% of Fund assets will be invested in each qualifying company at month end, listed shares accounted for 74.7% of assets and 25.3% of Fund assets were invested in cash deposits.

As at 31 July 2023, the Fund’s aggregate forward yield continued to look attractive at 4.8%, or 6.0% when “grossed -up” for franking credits and tax deferral benefits*. This can be compared to the RBA annual cash rate at month end of 4.10%. The two RBA measurements of term deposit rates in the Australian market, the “Average Rate (all terms)” and the “Special Rate (all terms)”, ended the month at 2.90% and 3.20%, respectively.

July 2023 saw two dividend payments and two ex-dates.

Collin’s Foods (CKF) reported their FY23 annual result in June 23 which modestly beat expectations due to robust top line growth. It appears the margin impact from cost inflation is peaking with lower costs to boost margins later in FY24 and into FY25. The company is executing well on scaling up the Netherlands business which may lead to higher margins over time in that business. The market responded positively to the solid top line growth in a challenging consumer environment and is beginning to appreciate the long-term growth potential in the European business. While the near-term dividend yield on offer is modest at approximately three percent, our assessment of the long -term sustainable yield is higher with a solid double-digit CAGR in dividends expected over the near term.

Looking ahead, Aug 2023 will see three dividend receipts.

Performance Commentary - June 30, 2023

As at 30 June 2023, the Fund is invested in 28 companies which meet the criteria of a dividend yield above the cash rate, capital appreciation potential and sustainability of dividend. Given between 1% and 3% of Fund assets will be invested in each qualifying company at month end, listed shares accounted for 72.3% of assets and 27.7% of Fund assets were invested in cash deposits.

As at 30 June 2023, the Fund’s aggregate forward yield continued to look attractive at 4.6%, or 5.8% when “grossed -up” for franking credits and tax deferral benefits*. This can be compared to the RBA annual cash rate at month end of 4.10%. The two RBA measurements of term deposit rates in the Australian market, the “Average Rate (all terms)” and the “Special Rate (all terms)”, ended the month at 2.65% and 3.05%, respectively.

June 2023 saw two dividend payments and one ex-date.

Metcash (MTS) will go ex-dividend in July 2023 paying 11 cents per share after reporting FY23 results in late June, taking the full year dividend yield to 6% (8.5% including franking). Today, the business is roughly 40% Hardware, 40% Food Wholesale and 20% Liquor Distribution by profits. Metcash is coming off two years of strong profit growth and in our view is likely to see earnings and dividends stabilize going forward. The drivers of this moderation are the unwinding of the ‘shop local’ trend that was seen during COVID-19 and a moderation of the renovation boom over the same period. That said, we view the current dividend as sustainable and on a 12x P/E we believe the slower near-term earnings outlook is arguably priced into the shares. Longer term we believe there will be further growth primarily in the Hardware division which may grow earnings and dividends. We continue to hold MTS in the Fund.

Looking ahead, July 2023 will be a quiet month on the dividend front with two dividend receipts expected.

Performance Commentary - May 31, 2023

As at 31 May 2023, the Fund is invested in 29 companies which meet the criteria of a dividend yield above the cash rate, capital appreciation potential and sustainability of dividend. Given between 1% and 3% of Fund assets will be invested in each qualifying company at month end, listed shares accounted for 73.6% of assets and 26.4% of Fund assets were invested in cash deposits.

As at 31 May 2023, the Fund’s aggregate forward yield continued to look attractive at 4.8%, or 6.0% when “grossed-up” for franking credits and tax deferral benefits*. This can be compared to the RBA annual cash rate at month end of 3.85%. The two RBA measurements of term deposit rates in the Australian market, the “Average Rate (all terms)” and the “Special Rate (all terms)”, ended the month at 2.45% and 2.90%, respectively.

May 2023 saw one dividend payment and four ex-dates.

Elders (ELD) is an Adelaide headquartered company which is engaged in providing financial, real estate services to rural, agricultural, and automotive businesses. ELD’s share price fell substantially in May 2023 as the company reported the profitability was retracing from cyclical high levels. Post the result, and at the current lower share price levels, we view ELD as attractively priced on more modest assumptions. We expect the company to pay a dividend yield of more than 5% from a modest payout ratio of 60%. While the company is cyclical, we are attracted to the underlying earnings growth from internal initiatives including network expansion, backward integration in chemicals, systems enhancement, and modernization as well as the new wool DC investment. As these projects come through, we expect both earnings and dividends to benefit.

Looking ahead, June 2023 will be a quiet month on the dividend front with two dividend receipts expected.

Performance Commentary - March 31, 2023

As at 31 March 2023, the Fund is invested in 28 companies which meet the criteria of a dividend yield above the cash rate, capital appreciation potential and sustainability of dividend. Given between 1% and 3% of Fund assets will be invested in each qualifying company at month end, listed shares accounted for 75.0% of assets and 25.0% of Fund assets were invested in cash deposits.

As at 31 March 2023, the Fund’s aggregate forward yield continued to look attractive at 5.0%, or 6.5% when “grossed -up” for franking credits and tax deferral benefits*. This can be compared to the RBA annual cash rate at month end of 3.60%. The two RBA measurements of term deposit rates in the Australian market, the “Average Rate (all terms)” and the “Special Rate (all terms)”, ended the month at 2.45% and 2.90%, respectively.

March 2022 saw eleven dividend payments and fifteen ex-dates.

Smartgroup (SIQ) outperformed the broader market over the quarter, its share price up ~26%. After a number of consecutively soft or disappointing updates, such as the loss of the DETVIC contract, SIQ reported a relatively uncontroversial CY22 result. Market expectations were low prior to the result, with SIQ trading on only 11x sustainable earnings. The concurrent announcement that CEO Tim Looi would be retiring is a signal that the Board is taking a proactive stance to improve the operational performance of the business. Whilst SIQ’s share price has re -rated, it still only trades on 13.5x sustainable earnings, an undemanding multiple for a highly cash-generative business with a strong balance sheet. Our thesis is centered on the normalization of vehicle supply driving a normalization in SIQ earnings. A positive long -term valuation driver that we have not yet factored in is Government legislation to encourage electric vehicle (EV) uptake via tax benefits through novated leases. The UK exhibited a strong increase in EV uptake when similar Government legislation were enacted, and this has benefited salary packaging and novated lease providers such as SIQ. We maintain the view that SIQ is an attractive investment proposition. The prospective dividend yield is 7.4%, fully franked, with typically a 100% payout of annual NPAT.

Looking ahead, April 2023 will be a busy month on the dividend front with nine dividend receipts expected.

Performance Commentary - February 28, 2023

As at 28 February 2023, the Fund is invested in 29 companies which meet the criteria of a dividend yield above the cash rate, capital appreciation potential and sustainability of dividend. Given between 1% and 3% of Fund assets will be invested in each qualifying company at month end, listed shares accounted for 70.0% of assets and 30.0% of Fund assets were invested in cash deposits.

As at 28 February 2023, the Fund’s aggregate forward yield continued to look attractive at 5.0%, or 6.5% when “grossed -up” for franking credits and tax deferral benefits*. This can be compared to the RBA annual cash rate at month end of 3.35%. The two RBA measurements of term deposit rates in the Australian market, the “Average Rate (all terms)” and the “Special Rate (all terms)”, ended the month at 2.25% and 2.80%, respectively.

February 2022 saw one dividend payment and six ex-dates.

Suncorp (SUN) went ex-div in February 2023. The stock performed well in late 2022 and has continued into 2023 on the back of a strong H1’23 result. We are attracted to Suncorp’s solid 6% dividend yield which is predominately funded from the stable general insurance business. We believe that this stability gives us the confidence that the high dividend yield ca n be maintained. In our view, strong premium growth of more than 10% as reported in the H1’23 result means investors can also expect modest growth in dividends.

Looking ahead, March 2023 will be a busy month on the dividend front with six dividend receipts expected.

Performance Commentary - January 31, 2023

As at 31 January 2023, the Fund is invested in 31 companies which meet the criteria of a dividend yield above the cash rate, capital appreciation potential and sustainability of dividend. Given between 1% and 3% of Fund assets will be invested in each qualifying company at month end, listed shares accounted for 75.9% of assets and 24.1% of Fund assets were invested in cash deposits.

As at 31 January 2023, the Fund’s aggregate forward yield continued to look attractive at 5.4%, or 6.7% when “grossed -up” for franking credits and tax deferral benefits*. This can be compared to the RBA annual cash rate at month end of 3.10%. The two RBA measurements of term deposit rates in the Australian market, the “Average Rate (all terms)” and the “Special Rate (all terms)”, ended the month at 2.10% and 2.70%, respectively.

January 2022 saw one dividend payment and no ex-dates.Atlas Arteria (ALX) was added back to the portfolio recently. We sold the previous ALX positions in June 2022 for around A$8.1 per share in a corporate action. Since then, the share price has fallen due to a large equity raising to fund the acquisition of The Chicago Skyway and as a result of the increase in global interest rates. We repurchased our holding in ALX at A$6.8 in Dec 2022. ALX has economic stakes in five toll roads with APRR in France and Skyway responsible for most of its valuation and cash flows. As an owner of mature toll roads ALX offers a reliable ~6% dividend yield with reliable modest growth. We believe this yield is attractive in the current environment.

Looking ahead, February 2023 will be a quiet month on the dividend front with one dividend receipt expected.

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