WEBVTT NOTE This file was generated by Descript 00:00:00.160 --> 00:00:04.220 Hi, this is Tony Dispirito, Global CIO of Fundamental Equities. 00:00:05.170 --> 00:00:08.220 And I want to tell you about one of the investment themes that I'm most excited 00:00:08.220 --> 00:00:10.090 about for the second half of 2024. 00:00:11.150 --> 00:00:12.860 And that's the theme of reshoring. 00:00:13.699 --> 00:00:14.170 So what is reshoring? 00:00:14.170 --> 00:00:17.779 Reshoring is basically bringing production back to the end 00:00:17.789 --> 00:00:19.060 market where the sales occur. 00:00:19.640 --> 00:00:22.240 So in the case of the United States, it's about bringing production 00:00:22.310 --> 00:00:26.380 back to the US and to our NAFTA partners in Canada, Mexico. 00:00:27.400 --> 00:00:30.469 And this is going to impact a wide swath of industries. 00:00:30.940 --> 00:00:31.619 It's going to impact. 00:00:31.650 --> 00:00:35.720 Semiconductors where companies are building new chip plants, the United 00:00:35.720 --> 00:00:38.270 States to take advantage of the chips act. 00:00:38.740 --> 00:00:41.960 It's going to affect industries such as autos, where companies 00:00:41.960 --> 00:00:45.160 are moving production back to the U S and Mexico, particularly with 00:00:45.160 --> 00:00:46.680 respect to electric vehicles. 00:00:47.190 --> 00:00:50.779 It's even impacting an industry like healthcare, where there were shortages 00:00:51.240 --> 00:00:54.190 of certain generic drugs during COVID 19. 00:00:55.330 --> 00:00:59.699 When you think about reshoring, it's really about reducing risk. 00:00:59.700 --> 00:01:05.900 It's about building resiliency It's about reducing the risk of supply shortages. 00:01:05.930 --> 00:01:08.130 It's about reducing the risk of tariffs. 00:01:08.130 --> 00:01:10.890 It's about reducing political risks, etc. 00:01:11.770 --> 00:01:15.480 And so we're particularly excited about being able to implement on 00:01:15.480 --> 00:01:16.969 this strategy in an active way. 00:01:17.089 --> 00:01:21.859 So we can take advantage of whatever price movements and supply and demand movements 00:01:21.879 --> 00:01:24.169 happen as this economic change occurs. 00:01:25.349 --> 00:01:26.959 Thanks for listening.