GSHFS is also prepared to invest with long-biased managers. The French economy was able to keep growing for a large part of 2022 despite a number of challenges. "In terms of strategy we won't necessarily be looking only for a straight forward long/short strategy within India," discloses Pinnavaia. The development of staff is clearly a corporate goal. The concept seems to be that to add value to the client you must understand their business problem in some depth, only then can the right sorts of solutions be proposed. More recently, corporates, now possessors of healthy balance sheets, are helping to fuel other opportunities such as M&A transactions and buybacks. These hedge fund darlings have rebounded more than 10% year to date as technology stocks rebounded from steep losses, the firm said. Garvan specialises in alternatives, including hedge fund and private market investments, where he primarily focusses on the alternative allocations for discretionary client accounts. GSDO invests in a concentrated portfolio of high conviction, established managers employing a broad range of alternative investment strategies, which include both core strategies (i.e., relative value, event driven, tactical trading and equity long/short strategies), as well as other niche strategies. "We still invest with only 143 funds, and we can match the increased appetite for risk that our clients are now demanding through customisation, and our efforts to identify and work with niche and opportunistic strategies. After equity derivatives at Goldman Sachs Ms. Pinnavaia spent a couple of years as an executive in the Ultra High Net Worth Clientdepartment at the firm. You may opt-out by. How policymakers navigate these risks, and their growth and market consequences, are Top of Mind. It is has been a leader in the arena and has been critical in its role thus far by providing a necessary and important platform for communication. This did not impair our judgement. "We like looking for markets undergoing change" explains Ms. Pinnavaia. Whilst trading by trend following was widely practised then and now, it was taken to new levels of sophisti-cation at CC. Following the strong CPI print on February 10th, Goldman Sachs Research is raising their Fed forecast to include seven consecutive 25bp rate hikes at each of the remaining FOMC meetings in 2022 (vs. five hikes in 2022 previously). What makes the US likely to avoid recession in 2023? Comment has been made in these pages recently that institutional investors had imposed their own risk tolerances on providers of multi-manager hedge fund product. "Now we establish vehicles which are essentially separate accounts for managers. After a very challenging 2022, Goldman Sachs Research economists expect China GDP growth to accelerate from 3.0% this year to 4.5% next year on the back of Chinas potential exit from its zero-Covid policy, which they assume will start shortly after the Two Sessions in March. Is It Time to Switch from Stocks to Bonds? Goldman Sachs Jan Hatzius and Dominic Wilson examine whats in store for 2022. co-chairs and members of our host committee for the 2022 Conference: 2022 Co-Chairs. 2022 was a tumultuous year. "For certain sorts of investors there are issues of admissibility of the assets, and the Goldman Sachs Dynamic Opportunities Limited is one solution for them. Ms. Pinnavaia joined Goldman Sachs in 1995 where she worked within the Equity Derivatives group, responsible for the development of the derivatives business involving UK and Italian institutions. Ms. Pinnavaia is Head of Hedge Fund Strategies, Europe and Asia. Goldman looked at 758 hedge funds with $2.3T of . The bank analyzed holdings of 795 hedge funds with $2.4 trillion . Even if most managers stay within their style boxes (no style drift) there are components of the FoF which may not be readily viewed or readily assessed in this way. Em junho, a equipe de gesto da Turim UK participou de trs eventos sobre investimentos na Europa: Goldman Sachs Hedge Fund Conference, em Roma; e Oaktree e General Atlantic Conference, em Londres. A wide range of investors think activity in equity capital markets will double in 2023 from the year before, when markets were beset by volatility, according to Goldman Sachs Annual Equity Capital Markets Investor Survey. Explore Goldman Sachs Asset Management's key themes of 2022 and the potential sources of attractive returns they could create. The time spent with clients facilitates a two- way dialogue, and the client base can feel they have the opportunity to tap into the intellectual capital. Whats in store for economies and markets in 2023? Our Chief Economist Jan Hatzius says there are two opposing forces at play, one positive and one negative and the positive one should prove stronger. The struggles represent a setback for Goldman Sachs Asset Management, which has amassed more than $30 billion in hedge funds over the years and generated more than $1 billion in fees in the second . "To be clear, we don't try to time markets, but try and work with the cycles of the strategies." This should give some longevity to the relationships provided there are not too many clients to nurture. The typical hedge fund holds 71 percent of its long portfolio in its top 10 positions. But GSHFS staff members also do the other things that single out Goldman Sachs as a place to work the willingness of senior employees to give time to juniors, and the time given to training. 12 Sep 2022 Goldman Sachs Presentation at the Barclays 20th Annual Global Financial Services Conference 18 Jul 2022 Goldman Sachs Global Head of Investor Relations Carey Halio on 2022 Second Quarter Earnings 18 Jul 2022 Goldman Sachs Conference Call on 2022 Second Quarter Results A Goldman Sachs-sponsored car racing event for hedge-fund types in Palm Beach, Fla., was thrown into chaos last week after the track -- owned by a Texas-based buyout firm -- slammed the brakes at . As 2022 continues to unfold, two major growth risks loom large against a backdrop of alarmingly high inflationthe prospect of a Fed policy mistake, and of a sizable disruption in the Euro area's energy flows. But they now see a shallower recession as the hard data have remained surprisingly resilient, the rebalancing of the gas market has reduced the risk of energy rationing and governments have provided significant fiscal support. Tesla , on the other hand, dropped off the list entirely, according to Goldman. Will Boston Scientific Stock See Higher Levels? We see an interesting balance of risk and reward in hybrid debt and equity strategies, such as mezzanine capital," states Ms. Pinnavaia. It then compiled a basket of the most popular long positions, dubbed Goldman's "Hedge Fund VIP basket," consisting of 50 stocksthat most frequently appear among the largest 10 holdings of hedge funds. Where things are hard to do in terms of a market environment or trading strategy, we view that as a great hunting ground to find interesting and unique managers". 5 0 obj In June 1997, the Goldman Sachs Group, Inc. acquired the assets and business of CC, which the firm subsequently renamed Goldman Sachs Hedge Fund Strategies LLC in December 2004. In this columnists opinion, one of the biggest risks to 2023 is the potential dislocation from valuations of less-liquid assetssuch as private equity and private debt and real estatewhich have done far fewer write-downs on their portfolios. The Wall Street bank analyzed the holdings of 758 hedge . The moves comes as US regulators are looking into the communications between banks and hedge funds engaged in the trading of large blocks of stock. Tilt - Current hedge fund long portfolios carry an unusually large tilt away from Momentum. Be that as it may, hedge funds, as always, remain heavily invested in most of the market's biggest and bluest of blue . The hedge fund industry is poised to post one of its strongest years since the global financial crisis, according to Goldman Sachs' Tony Pasquariello, global head of hedge fund coverage for the Global Markets Division, who explained the drivers behind the performance and the outlook for 2021. - No Bank Guarantee The key macroeconomic question of the year has been whether inflationary overheating can be reversed without a recession. Print. Send. We had a diverse and broad set of clients ranging from the large index-fund managers to global macro hedge funds and different types of institutional investors, including banks, pension plans and insurance companies throughout Europe and the UK.". At our longest standing flagship conference in the region, we convene a select group of notable speakers and Goldman Sachs investment professionals to feature the best of Asia's thought leadership through topical and thematic discussions. Shares of the social media giant have rebounded 23% in the new year after the company reported fourth-quarter revenue that topped estimates and announced a $40 billion stock buyback. The US Economy Is Poised to Slow as the Fed Taps the Brakes, The Case for Commodities: Super-Backwardation, Structural Demand and Inventory Shortages, Piloting Through: Why Investors Should Stay the Course, US Economics Analyst: 10 Questions on the Political and Policy Outlook for 2022, European Economics Analyst: 10 Questions for 2022, Asia Economics Analyst: Ten questions for 2022, David Solomon on the Firms Performance, the Global Economy and What to Expect in 2022, Investment Strategy Group's Outlook 2022: Piloting Through. Amongst the top most hedge fund conferences is the Alpha Hedge West Conference, which will hold its 20 th annual session this year. The growth of the industry has presented some challenges to funds of funds. The Wall Street bank's unit that lends money and. "Hedge funds and mutual funds are overweight cyclical sectors . "We do not currently invest with solely dedicated currency managers, rather most of the exposure we have to FX is through global macro managers," Pinnavaia adds. Commodities Corporation (CC) was founded with $2.5m of equity in 1969 under the leadership of Helmut Weymar, an entrepre-neurial Ph.D. economist, and Dr. Paul Samuelson, a Nobel Laureate economist. This one-day event will explore a wealth of topics, including: This has become a key consideration after Ms. Pinnavaia moved in 2001 into what was to become the Hedge Fund Strategies group. Indeed individual investors can buy the fund on the secondary market as if it were an equity security. Legends4Legends Charity Conference 2022 Hyper . ", "Another interesting area for us right now are the hybrid strategies where public meets private", she continues. One of the effects has been that a low or lower-risk mindset had become predominant amongst funds of hedge funds. "A philosophy of our business is to spend a significant amount of time with our clients," discloses Ms. Pinnavaia. The Wall Road financial institution analyzed the holdings of 758 hedge funds with $2.3 trillion of gross fairness positions initially of 2023, based mostly on regulatory filings. In the latest episode of Exchanges at Goldman Sachs, Stephan Feldgoise and Mark Sorrell, the co-heads of the Global Mergers and Acquisitions business in Goldman Sachs Investment Banking, discuss the drivers behind 2022s activity and what to expect in the year ahead. "At the time I finished my undergraduate course, I knew I wanted to go into finance," she says, "but then I undertook my Ph.D. so it didn't happen until later, I met with numerous banks on the milk-round, including Goldman Sachs. Recomend this page. Hedge funds are amassing short bets on these winning stocks, according to Goldman Published Sat, Nov 26 20227:42 AM EST Yun Li @YunLi626 Share NEXT PRO TALK 4 Days Remaining Wed, Mar 1 2023 -. Goldman Sachs Research analysts expect global growth of just 1.8% in 2023, as US resilience contrasts with a European recession and a bumpy reopening in China. "For fixed income managers we prefer managers that go beyond arbitrage, or playing yield curve shifts. Prior to joining the firm, Erin worked at Citi for 11 years, where she worked in various roles within the Fixed Income Syndicate business, and as an Equity Franchise and Derivatives salesperson, covering both hedge fund and institutional clients. US Stocks are Forecast to Have Less Pain but No Gain in 2023, The Bear Market in Global Stocks is Forecast to Get Deeper in 2023, 2023 US Economic Outlook: Approaching a Soft Landing, Japan Economics 2023 Outlook: Focus on Wage Growth and BOJ Leadership Change, Asia Views: 2023 Outlook: Inflation Peaks and Growth Troughs, China 2023 Outlook: After Winter Comes Spring, 2023 Europe Outlook: Milder Recession, Higher Terminal Rate, Why the US is Expected to Escape Recession in 2023, Macro Outlook 2023: This Cycle Is Different. Funds of funds vary in how they react to a fund in which they are invested making losses. If it is exceeded then our discipline is to typically redeem. In this episode of Exchanges at Goldman Sachs, Jan Hatzius, head of Goldman Sachs Research and the firms chief economist, and Dominic Wilson, Senior Advisor in the Global Markets Research Group, explain why they believe the U.S. can avoid a recession and how the economic landscape is improving in Europe and China in 2023. "While the concentration of the most popular positions in growth stocks and the Info Tech sector has been a headwind for most of the last two years, those tilts have been boons so far this year alongside a sharp momentum reversal," Ben Snider, equity strategist at Goldman, said in a note. Twitter Is Just One Reason Why, Gamma Mama! He joined Mercer in 2003, where he worked on the investment consulting team advising institutional investors on investment strategy and manager selection. Yet there is still a fog of uncertainty facing investors. Value of short interest as of Jul. Hedge fund portfolio density has recently risen. Activision Blizzard also appeared on the VIP list. A Division of NBCUniversal. Assumed fee . Find Your Alpha Goldman Sachs Hedge Fund VIP ETF 2022 Review - Dmitri Alexeev, Ph.D. sa LinkedIn NEW YORK A former Goldman Sachs banker was convicted Friday of bribery and other corruption charges accusing him of participating in a $4.5 billion scheme to ransack the . The environment ahead may be more challenging for holders of long-only equity. While the lightning spread of the Omicron virus variant has led to a record surge in cases globally, its more transmissible but milder nature has also raised the question of whether its ushering in a more manageable, endemic phase of the virus in 2022. Concentration - Hedge fund portfolio concentration continued to rise in 3Q 2022 and is near a record high, exceeded only by 4Q 2018. After seeing record outflows in 2022, Asia-focused hedge funds posted a 5.3% gain in a January rally to mark their best monthly performance in years, bolstered mainly by a rebound in Chinese share . In 2021, the US economy showed its resilience and US equities outperformed once again, supporting the Investment Strategy Groups long-held tenets of US Preeminence and Staying Invested. Global growth slowed through 2022 on a diminishing reopening boost, fiscal and monetary tightening, Chinas Covid restrictions and property slump, and the Russia-Ukraine war. The multi-currency offering raised US$507 million in aggregate, making it thelargest initial public offering to date of a fund of hedge funds listed on the London Stock Exchange. Can the Federal Reserve slow the U.S. economy enough to bring down inflation without causing a recession? Pure arbitrage in the true sense is hard to come by, so naturally these strategies today deploy more directional risks, whether they be duration, credit or volatility as an example.". I cover transformation in asset management, investing, and ESG. Microsoft has gained more than 5% this year, while Amazon has rallied over 15%. With the recent sell-off some of our managers are looking closely at valuations within the large caps, but as an example, we also see a role in the European arena for someone with short-term trading ability," imparts Ms. Pinnavaia. Chief Economist Jan Hatzius discusses the Omicron variant's effect on the economic outlook for 2022, and how persistent inflationary pressures could modify the Feds schedule for hikes and balance sheet normalization. The 2022 SEM Conference was back and in-person again for the first time in three years. Goldman Sachs CEO David Solomon on the Economy, Markets and the Firms Performance, Investors Expect Equity Capital Markets Activity to Double This Year, Chinas Reopening is Poised to Boost Global Growth, A Deal on the Debt Limit is Likelybut Not Without a Lot of Uncertainty, Frances 2023 Outlook Hinges on Energy, Inflation, and Government Reforms, The Global Economy in 2075: Growth Slows as Asia Rises. A key question we ask ourselves in these circumstances is "Are we being rewarded for this illiquidity, or are all the benefits all to one side? Matthew Sidman, Three Bays Capital . "Every corporate finance head I speak to says they'll be trimming headcount in the coming weeks . In its first decade former Hayden legend Amos Hostetter was the elder statesman of trading and driving force of the firm. We have access to and use the models that analyse risk across and for the whole company. Looking forward, the economic cycle will continue to mature and those specific opportunity sets will shift again. This effort is supported by 63 professionals including a 33 person investment team, incorporating sector specialists, sector dedicated portfolio managers, a senior investment committee as well as fully integrated risk manage-ment and operational due diligence teams. 5th International Search Fund Conference. The small group visited hedge fund managers, private equity managers and long-only managers in India. "We haven't run into problems because of our size," asserts Ms. Pinnavaia. <> Something went wrong, please try again later. Rather the marginal demand is from existing clients for the next level of product. Accordingly, equity hedge fund returns are having their smallest beta to the broad equity market in years. 2022 Host Committee. David Solomon, Chairman and CEO of Goldman Sachs, speaks at the 2022 Milken Institute Global Conference, in Beverly Hills, California, U.S., May 2, 2022. She continues, "There was a tremendous amount going on in derivatives at that time. 2016 to December 31, 2021, aggregated across all funds active during that time period. Goldman saw a rough end to 2022 with profits down a whopping 69% in Q4 amid a serious decline in deal-making revenues, pressured by a weakening economic backdrop. Rishi Sunak, the new UK prime minister, once worked as a junior analyst at Goldman Sachs in London. AVCJ Private Equity & Venture Forum - Australia & New Zealand (Sydney) 7-9 Mar 2023. Organiser: ION Analytics. 08; June 2022. h 09:30 . How Is The Capital Spending Theme Faring? The following questions will help us determine the right team for you. As a group the clients that enjoy what has been termed "single stock wealth" (this was the time of the tech bubble after all) have been backers of hedge funds for some time, and are the original providers of capital to the industry. And Goldman was forced to set aside $2.3 billion this year for legal fees to prepare for the verdict on a 12-year-old gender bias suit, the fallout from the collapse of hedge fund Archegos in 2021 . He . We estimate the maximum drawdown for the individual manager. Will Democrats maintain control of Congress after the November midterm elections? Influential people and institutions across the globe rely on Goldman Sachs to support them in all they do. As the global economic backdrop continues to improve, is it time to invest in emerging markets? The Wall Street bank analyzed the holdings of 758 hedge funds with $2.3 trillion of gross equity positions at the start of 2023, based on regulatory filings. This too has some relevance to working in hedge fund strategies. There are a number of areas where GSHFS tends not to go. As an example, we recently identified and funded a manager investing in the alternative energy supply space. The difference between the size of 2022 class and the 2018 one is precisely eleven names. As these headwinds fade and Chinas reopening gets underway, they expect growth to reaccelerate. If there is expertise we can use elsewhere in the group, we can usually get access to it.". Exposure - Of major significance, hedge fund equity market exposure is at the lowest levels since the start of their data set of nearly 20 years. Whats Ahead for Global Economies and Markets in 2022? Tesla Investors Arent Impressed With Elon Musk. In this article. Whats Ahead for Economies and Markets in 2023? FILE PHOTO: David Solomon Chairman and CEO, Goldman Sachs speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. Fireside chat with the CFO; Contacts Glossary System requirements. Popular longs have outperformed the most concentrated shorts in most sectors but lagged the broad market. The primary capital was raised from a broad range of investors including insurance companies, pension funds, discretionary asset managers and private wealth managers. Save. Here are the top 10 stocks with the largest short positions: Company. On the other hand, Goldman's Hedge Fund VIP basket, which tracks the most popular long positions of hedge funds, was down by over 29% year-to-date, lagging the S&P 500 by 13 percentage. In the latest episode of Exchanges at Goldman Sachs, Kevin Daly, co-head of the economics team covering Central & Eastern Europe, the Middle East and Africa, discusses the team's long-term projections and the continued convergence between emerging and developed market economies. Europes Energy Crisis: End in sight or far from over? Leon Cooperman started life as the son of a plumber living in the South Bronx. Thank you for subscribing to BRIEFINGS: a newsletter from Goldman Sachs about trends shaping markets, industries and the global economy. Please refresh the page and try again. The way they have gone about it says a lot about their way of operating. Jeff Currie, global head of commodities research, explains why commodity markets will be shaped by underinvestment in 2023. Partner together to navigate this year and many years ahead. x}Z[%)/ha'?z1~Uc?oO/$y19kiJ)H90kyj'e~l3 r ooMS^PFhf{Zoc>197ZO~FH`xr ig7Sgcdjtc-5*75)B" 1O56YBA"x_;CGuKBDNs qT*F1MAR"wdrKQzDH. All Rights Reserved. To register and view more events, please go to My GS Events. Goldman's hedge fund "VIP" basket is comprised of the 50 stocks that appear most often among the top 10 holdings of fundamental hedge funds, which have roughly $1.5 trillion worth of long. Just as commodity markets have been dominated by the dollar in 2022, Goldman Sachs Commodities analysts expect them to be shaped by underinvestment in 2023. Send. (with the manager).". Total return year-to-date, %. What are the long-term trends shaping the global economy? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Chairman and CEO David Solomon shares his thoughts on the year ahead and what he expects for the global economy, markets and corporate activity. To ensure success, we need the intellectual capital to understand the changes that are taking place in markets, and the appropriate expertise to identify the managers that can execute well in that strategy. They analyze positions at the start of 4Q 2022 based on 13-F filings as of November 15, 2022. "We see it as essential to keep a fresh view on the market opportunity," she says, "and the more broadly informed you are as an investor the better. Decisions Conference June 2, 2022 John Waldron President and Chief Operating Officer. If the managers are sticking to a style and we can anticipate a recovery of the losses then we may look at the situation differently. The super start-ups take a lot of the capital these days, but still FoF companies have to find a way of identifying and working with emerging hedge fund managers. "I was captivated,". Bloomberg suggests that the traders in question are based in Goldman's commodities division, which generated $2.2bn in revenues in 2021, up from just $300m at its nadir in 2017. In a special episode of the Exchanges at Goldman Sachs podcast, Goldman Sachs Chairman and CEO David Solomon shares his views on the macroeconomic environment including his concern that inflation is likely to be stickier and harder to manage as well as whats on the minds of clients and the CEOs he meets with. Financial. ", Ms. Pinnavaia, given a "week off" between finishing her Ph.D. and commencing work, started out in equity derivatives in the London office. "It is good to be with a manager with a stable capital base as they can take advantage of opportunities when markets are in turmoil.". Brett Burns, Bank of America . Pro Picks: Watch all of Friday's big stock calls on CNBC, This half-century old fund seeks out global value and has Warren Buffett's style all over it, This tech CEO bought $10 million of his own stock for the first time since 2017. Goldman precedent hints at further cuts and zero bonuses in Hong Kong. 2022 Advanced Topics in Hedge Fund Practices Conference 2022 Advanced Topics in Hedge Fund Practices Conference Manager and Investor Perspectives Now in its 15th year, the series will cover current topics that are important to managers of hedge funds and investors in hedge funds. Goldman Sachs has led the charge in cutting jobs in Hong Kong, but rivals are expected to follow suit in the coming weeks. <> As such there have been many opportunities in the Event Driven arena. We review GVIP ETF performance for 2022 to find the answer using AlphaBot. Microsoft and Amazon remained the two most popular hedge fund long positions last quarter. Information and opinions provided herein are as of the date of this material only and are subject to change without notice. But equity derivatives also require an understanding of fixed income for financing, the forward curve, and swaps; and there is often a foreign exchange element too. 2021 The Goldman Sachs Group, Inc. All rights reserved. The mid to late 1990s saw an evolution in derivative products; new structures being created and asset allocation being implemented more efficiently through use of derivatives. Ms. Pinnavaia neatly captures the phenomenon. Some error occurred. This rotation through the sub-strategies of event-driven illustrates another tenet of GSHFS. Both qualitative and quantitative criteria are factored into the manager selection process at GSHFS. The group runs both sector specific and multi strategy funds which represent a research and investment effort spanning the entire universe of hedge fund strategies. "In terms of managing the portfolio of hedge funds, we see the key to success as the ability to move capital to unique opportunity sets," states Ms. Pinnavaia. In this episode of Exchanges at Goldman Sachs, Jeffrey Currie, global head of Commodities Research in Goldman Sachs Research, discusses why he believes commodities are entering a supercycle and how the current geopolitical landscape is shaping commodity markets. When Goldman Sachs Asset Management was looking to give its clients access to hedge fund talent outside the firm, CC was a logical choice of platform. Goldmans Sachs Research economists maintain their long-held view that the energy crisis will push the European economy into recession this winter, as surveys and production data point to a sizeable slowing in energy-intensive industries, and high inflation will reduce real household incomes. Global economies and markets are facing a more complicated landscape amid rising rates, slowing growth and shifting monetary and fiscal policies. Sign up for free newsletters and get more CNBC delivered to your inbox. Former Goldman Sachs Group Inc. bond trader Dan Morehead was among the few who did, launching his first crypto fund when a Bitcoin cost less than a bag of groceries. The Swiss and London Stock Exchanges have had listed funds of funds available for some years. gs-funds-document-requests@gs.com.The Fund's Prospectus and Statement ofAdditional Information ("SAI"),both dated December 29,2022,are incorporated by reference into this Summary Prospectus. While most of our economists GDP forecasts are a little below consensus for 2023 as a whole, they are more positive on second-half growth, particularly in China. The early evidence is good, as that part of the client base that were early movers into hedge funds are using GSHFS to implement the evolution away from broad diversified products into customisation and niche investments. The Federal Reserve is tapping the brakes on U.S. economic growth, which could help bring down inflation and temper the most overheated job market in postwar American history, according to Goldman Sachs Research. She subsequently moved to the Investment Management Division, focusing on Wealth Manage-ment for Ultra High Net Worth Individuals. These factors include Equity Market Risk (the MSCI World Index), Yield Curve Flattening, Credit, Volatility (of markets, using VIX as proxy), a Foreign Exchange factor, Commodity exposure, and exposure to High Yield. Investor Forum. We want to find people doing interesting things in markets, that is our task.". 6 0 obj Today Goldman Sachs Hedge Fund Strate-gies has investment offices in New York, Princeton, London and Tokyo, and the group is one if the largest and most deeply resourced, globally deployed fund of hedge fund investment houses, allocating over $15bn to over 140 external hedge fund managers.

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