Bloomberg Audio Studios, podcasts, radio news, Marin Talks Money listeners. Are you a Bloomberg subscriber? If you are not, here is why you should be. You will get add free episodes of this podcast and access to my Marin Talks Money newsletter. You'll also get access to John's award winning newsletter Money Distilled. And you'll get access to subscriber on the events like the one we are going to be hosting on March the seventeenth. See the link in the
show notes to sign up to that. Finally, of course, you will get unlimited access to Bloomberg dot Com and the Bloomberg App, including exclusive stories and premium market tools. Subscribe now at Bloomberg dot com slash podcast offer. Welcome to Marin Talks Money, the podcast in which people who know the markets explain the markets. I am Maren Somerset Web. This week I am speaking with Fion Yang, portfolio manager
on the Invesco Asia Dragon. Fiera specializes in Asian equities and she is the perfect person to help us all understand where Asia fits into our portfolios this year. Fiona, Welcome to Marin Talks Money. Hello Marion, thank you for having me on a show. Well, it's going to be good. Now. Listen, your space is absolutely huge. You're covering pretty much all of Asia bar Japan, right, all of that counts is
emerging Asia. So you're covering this vast area which international investors were not paying nearly enough attention to until relatively recently. So until even you know, a year ago, it was all America, America, America, American exceptionalism. And now we've begun to see this rotation out of the US and into every other interesting market there is, which is quite a lot of the ones that you cover, and your your trust had excellent performance last year partially as a result.
Now these markets aren't looking quite as cheap as they were, right, but maybe you could just talk us through the way that rotation is working for your market. Yeah.
I think twenty twenty five was a year of rebalancing, I would like to call it because of external factors like the weak US dollar, as well as domestic adding like the central banking Asia basically cutting into straight to try to stumulate economic growth that just perpected a lot of tension combined with Asia, just Taiwan and Career being
the engine behind the global ai revolution. I do think Ernie's growth, combined with evaluation rating has really driven the Asia market to outperform a lot of the other developed market. And we're heading into twenty twenty six, a lot of investors are thinking about rebalancing their global portfolio. Increasingly they want to racify further into Asia. Animal Asia.
It's not just age obviously, it's musing markets around the world. But for purposers of this podcast, where we're sticking with the Asia. But again, we've already made this mistake almost before we be and started by referring to Asia as one big homogeneous mass, which of course it isn't. And a lot of people when they think about the Asian markets or the emerging Asian markets, they will think about
China and they'll forget about all the other markets. So these are all very different, right, We have to look at them as very separate countries in separate markets.
Yeah. Absolutely, I think one of the biggest misconceptions about Asia is this is China and the rest. But reality, as you pointed out, there are so many different countries there for a different sectors within Asia. Look at India, It's a country that can generate ten percent nominal GDP growth, you can't really find very rare to finding the developed market.
And then you look at the East Asia block, there are just so many countries that benefit from the diversification of manufacturing hut away from China or more of a China plus one strategy. And then the tech sector is Asia is not just emerging technology, it's more like the uncompested leaders a lot of the global act sector in memory foundry and or all of this just make Asia extremely exciting place to invest.
Okay, well, why don't we start I tell you what before we move on to looking at what's referred to as the emerging economies in China, although sort of slightly ridiculously the very idea that South Korea could be considered emerging at this point as ridiculous, of course, but Japan is not included in that. So let's briefly, if you don't mind, talk about is there any spillover effect from the election in Japan? So we have this supermajority now for Takeichi, and that means that she will be able
to drive forward all her priorities inside Japan. And I know that one of the worries there if there are that many worries around it, but there're worries to do with with Japan's fiscal position, and there of course worries to do with any ratcheting up of tension in the whole region as a result of defense spending and talking about China and in Japan. Is there anything in that that might spill over to change the conversation that we're about to have.
I think though in the China and Japan relationship is always being a bit tricky. So I've actually in Japan for holiday earlier this year. One of the main things happening is Chinese tool groups are not flying into Japan and more. That's definitely a big head to the Japanese
tourism industry. But then at the flip side, it's just they might have found the Australians or the other nationals want to go to Japan because of course exactly, I think the vacancy at a skiing resort I go to pretty much get filed immediately when they release those vacancies, so there could be a bit of a transition period, but I think the impact is manageable. And in terms
of you know, the competitive dynamics. What happened to the NISI en Lusus security one is something that I probably monitored more because for my portfolio, we do have significant exposure to the Korean ex borders and the current sy always play a part in terms of the pricing competitive nurse.
So the current portfolio, I guess this.
Concentrated a lot in the Korean memory space. I do you think Japan at this point doesn't really have this strong consentder as compared to the Korean memory producers. So I feel relatively comfortable with that ex culture in Korea.
Okay, that's the first elephant in the room for this area, and the second is demographics. So I just wanted to get that talk about that a little before we move on in that. Historically, say twenty years ago, even ten years ago, when a room was looking at the investment opportunities across Asia, one of the things would be said would be growing populations, growing middle class populations, a rising prosperity,
et cetera. And then that began to be people going, oh, I don't know, maybe China is going to get old before it gets rich. And then we've had this much faster than anyone ever expected fall off in fertility rates and I'm sure we both saw those numbers in China showing fewer than eight million berths in China last year, which was a bit of a shock to the system,
even for people who'd been very worried about demographics. And we have Taiwan, Korea, all these countries have written up every low fertility rate and even places like you know, Vietnam, et cetera, where we thought fertility would remain higher for longer, falling below replacement rate. Does that sort of massive macro first change anything about the way you see the region.
Yeah, the great question and a very long term question. And I do of the sitting here in Singapore. No, it's one of the places I have one of the lowest bust rate in the region, and in China as well. Looking at my peer groups, the incentives the government has introduced for them to have two babies or even three kid is just not enough to incentivise to have more. So this structural trend is undeniable. I think that's why a lot of the countries are trying to evolve their policies.
Instead of you know, labor focused manufacturing, they're trying to move up the value added tay. They try to do more electronics using more or of robotics as well as the automation try to move away from the label sector to two different drivers. Why the structural challenge remains and we need to be selected in terms of the sector
we might want to have expoke to. And then there is the added sort of silver investment theme that increasingly you start to see companies that are just attragging to the need of the retire read because instead of trying to pay their to the kids, now everyone is trying to say the hospitality industry as well as even retire re education, re education industry, all of this are gaining
more affections in Asia. I think the good thing is, again it's a diverse region with many countries, and there's just every single country had the different stage of their aiding population. Career could be the first one and China follow food for Asia Fund manager myself, then there are just different sort of tracks you can tech to and imply what could happen to some of the other countries when they enter the aiding demographic a bit later on.
Anyway, that's probably a bigger and different conversation. Maybe we'll pick that one up another time, but let's go on to why don't we talk about how you invest. When I look at what you do and what your trust does, it's very kid. This is a valuation driven and valuation focused method of investing across this insanely big region. So tell us a little bit about how you do that.
Yeah, very happy to chat about that or something that I do every single day. So I would say we probably differentiate by three key points. The first one is, as you correctly point out, is valuation discipline. It's just we try to find unvalued miss priced opportunities. Everything basically has a fair value and we try to buy it at a point. As you know, market is few full, which are the buyer when the stock price is significantly below the fair value assessment that we have is estefinished
for the company itself. And the second point is we try.
To be long term. I think a lot of times.
Too much actively itself is non desirable. The market extremely volatile. I think a frequent activity will not really help a lot of investors.
So what we do.
The typical holding period is around three to five years. We just want to be patient with our investment case, try to grow together with the portfolio company. And this so called evaluation GAT really need to give them time to close. If you look at our portful companies, a lot of them we have been holding them for more than a decade. Then that Eve is a good example. Is a gaming company in China, we have holded more
more than a decade. If you hold on to the stock over the past ten years is pretty much has gone through a lot of volatility or in the market in terms of regulations as well as surprise. But marketcab has grown over six times. But that just shows that the power of stay in the seat, understanding the stock level drivers behind a single company. And last but not Lesia, we are comparing vests. This follows a more classic capital cycle if we try to find areas of the market
that the other investors might not like. If a sector or company is staffed of capital, staft of investment, that's exactly when the remaining winners of the sector could enjoy higher return as well as having the price and power over that customers. So those are the three t pulars I would say about how we Asia and generally are for our investors.
Okay, and in the region with thousands and thousands of listed companies, how do you narrow your universe down to even begin to analyze those companies. I think, in contrary Wetter, a lot of times we would try to identify opportunity in the sectors in the countries that other people might say not investable. I think a good example to look at is China, probably twenty four months ago, but most glowing investors were shown away from that market.
But we are actually seeing world leading companies being thrown out of the bath water trading at extremely cheap multiples. Yes, there are macro conferms, but it doesn't really impact the fundamental of the company that we invest in. They still gain market share, they still try to improve their margin. A good example that we have picked up over the path few years h World. It's one of the leading hotel chain operator in China, so a bit like HILT them and what they did in China was extremely good.
Throughout the extended COVID lockdown. They tried to gain more market share as well as improved their operating efficiency. So they come out of the whole CHRISTI being much lainer, operation much higher margie. So we are very happy with the operational performance of the company, but with what's going on with the macro noises. HROs training out an extreme discount as compared to the global gears. Okay, interesting, and
what about dividends and income? And I see the trust has a reasonably high dividend yield three and a half. How important to that is that to you when you are stop picking? Yeah, so I think that's another common misconception maybe of some of the investors of Asia. The might think Asia is more growthy less dividend. We have really seen a partigm shift in that over the past five years. Korea is a good example. We've discussed briefly earlier.
The value our initiatives is really trying to drive the Korean corporate to increase their shareholder return in the form of dividend as well as buyback, so that has their significant improved that markets dividend yield. And then if you look across Asia, similar stories could be found in Singapore as well as even the Chinese state owned enterprises. They have all driven up their shareholder return over the past
few years. The Asia as a region, we can get a dividend yield about two percent on the bus and then for the trust, we actually have a bonus scheme in the sense that we pay out four percent of the need to our trust holders, so that give it a bit more gig on top of the regional index field.
Okay, so this is using this ability that is peculiar to the investment trust industry, where you can pay out part of the capital as income and a lot of trust. Now do this paying out four percent a year to give investors maybe aimed particularly at older investors, to make sure they get a regular income every year, regardless of the actual income level of the trust exactly.
And the majority of that dividend is funded by the trust dividend received from world Fuller company, but the additional come from the capitol.
Why don't we have a look at some of your biggest markets individually. So you said earlier that you were invested in China when everyone else was running slightly scared a little while ago. Are you still pretty bullished on China or is that move gone as far as it's going to go. Do you think?
I think China might not be the bargain vein like what we have seen two years back, given how much the market has rallied. But then again, I think it is a big market with steps as well as bread for bottom up stock pickers like ourselves to really find the attractives value for our trust holders, so we remain invested in the market. I actually brought the trust border
directors to train the trip and of last year. I think everyone was just amazed by the level of development that we have observed over the past two years, because we do the trip every other year and it's just amazing to see some of the robotics company, look at the Eedy company on the progress that they have made in terms of products, in terms of their cops. So again, there there is just so many opportunities for us to pick from. That's why we remain excited about investing.
Yeah, I suppose that the pushback against that would be that it's not necessarily the case that either economic growth or that technological development will translate into rising share prices in a difficult political environment. Yeah, I think this.
Political environment actually that's probably one of the main conferences that people have as well as the other one is the housing market. That one of the most common pushbacks that we get from clients. But the reality, I think the covering the policy regime do provide a very good sort of environment for technology companies to develop their products, and that progress that we have seen in terms of ev robotics in the AI trinity China, and then on
the other side of the housing market housing bubble. China fortunate enough to avoid a b of housing bubble. It has been a very painful sort of eRating carried for the reality date sector, for the reality developer. But do you think it's a better shut up then let everything run to the hillcop and then suddenly birthed That might take China ten or even twenty years to come back where it were.
So it has been.
Painful, But for the firm itself, I think we have avoided a lot of the real state investment in China itself. Now we are actually getting a little bit more hopeful of what to come with this sector because regulations start to lose them a little bit more and we start to see activities take up here there, especially in Hong Kong. So when the market is deal fall, maybe it's a sector that we can spend more time on and try to do a little bit more.
I suppose it's two things to say about the housing residential construction problem in China. The first is that without household formation, it's quite difficult for that market to pick up again. And if we're talking about very fast falling fertility and a smaller number of babies, smaller number of marriages. It's household formation that drives housing purchase, right, So that's that's a problem.
So I think that was one of the key reasons why we stayed away. You know, pricing was affordability was very poor, especially in the bigger cities, the capital studies of China, and then house information weigh as well as the true immigration into the Tier one cities is slowing down. So all that just doesn't support the demand side of saints. And then looking at the supply I think five years ago to keep coming up into the train to market,
but later over the past five years that is committed many. Oh, then it's really a question of when the supply demand can bat us out. So we find a bottom of the pricing cycle in Chyna real estate market, we start to see some fint of that might STUPI supposially.
The other things about it is that a huge amount of the Chinese population savings have traditionally gone into properties, as seventy percent of NetWorld is tied up in property, and any shift away from that into people maybe putting their savings into the market instead or possibly something more productive than blocks of flats is a positive long term positive.
Definitely, and I and we start to notice them any more money on travel experiences, especially the younger population locally, back again to the age world investment is also trying to really understand what the new generations want. They might not want to spend all the savings our house, but because I had a small money here and there, a costumer product or traveling to really increase the enjoyment of their lack. Yeah.
So do you think that consumer boom that we've been waiting for in China for such a long time might finally be nearly upon us.
I think everyone has grewn up for the housing market to rebound, and the infection of the stock market has certainly enriched a certain group of the Chinese consumers. They have hand up demand for quite a while. Now they start to feel happy and try to span again. I think in the past investor also had a misconception that the consumption in China equals to housing price. But it's not like that. It doesn't happen everywhere in the world. Even the UK housing price hasn't done off, hasn't done well.
I think the UK costumers you spand and so I think Chinese our serios are coming out of that cycle and they do want to band in certain areas. So again that or because we just have to find out where they want to span, which companies can gain more market share, we are to write that way, what.
Of the sectors are you interested in in China? Then we talked about the hotel company as they say, this is such a massive market, where are you focused for? So another top.
Holding of the trust is is kinda resources to sphere. So this is one of the largest brewery in China. They have about twenty five percent market share. They used to trade over fifty times prior to earnings Racial before COVID and since the deflationary cycle and the consumption worry in China hit the market, they now trade at the low King's price to earning Racial, a level that we see extremely attractive. But what has uh There is constant concern about the Again, the younger people do not want
to drink anymore, I do a blot to their health consciousness. Again, China resource spear do have their own narratives of increasing their brand premiumization. They acquire the Heinecome brand, their China operation about five six years ago. I think then they have integrated the product distribution into their portfolio, continue to increase, brought up volume as the percentage of total volume, and that premiumization really helped them with ASP growth as well
as Marti expansion. I just think the current evaluation doesn't give them justice, and management has been increasing trailholder return aggressively old harp years very backfully. We get paid while waiting for market to realize the underline value of this company.
Can we talk a bit about about Korea, which, as I said, I wrote about the bet eighteen months ago, so saying like this is following the corporate governance path of Japan and its too cheap, and it has done that to a large degree, followed that path, and in regulatory terms, certainly, but it's not really cheap anymore, is it? Yes?
And no? I guess, because I guess Korea has done extremely well. Twenty thirty five, its doubled in the US dollar term, almost double US dollar term, and then it had hit several street spots. The value up government initiatives.
Have you highlighted The second one is really the strong clical upturn of the memory cycle and the Spianic Sometimes electronics make a big proportion of the coffeing decks, and I would say historically we always have to view the Korean discount for poor shareholder return for corporate government is
a bit exaggerated. A lot of the companies we owned for years in our portfolio have actually been steadily increasing their shareholder return uh the top down initiative from the government to do it are board based with their characteristics initiatives that really changed investors mindset of the market. So suddenly we have seen are the board based stock cascelation by bad term re shared cascelation and increase in payout, etcetera.
And a lot of our populo company just continue their past and all of this basically narrow the so called Korean discount that we have seen in the past. And then for the memory cycle, I think it's just completely separate from this theme memories they look at forty years ago, there are money or even more memory producers out there, and fart forward to where we are today. As the series of aggressive competition, we pretty much only left with
three global eating players. That oligopolistic structures just made this industry a lot more predictable as competitive before, and if we look at what they have done over the past few years, they have been burned in the last cycle, so they had decided to all keep their capects a lot more rational. So the supy that we have seen in the past few years, she's been picked eyed and the AI demand search definitely not in all of the
memory producers three years back. As a result of that, we have just seen this extreme bomb in any of the memory bus that you name it. It had gone up oh at the unprecedented rate, even though all of them are dividing to increasee that back in twentynine six, we won't be that supply coming to the market probably seven or eight, which means the type supply and this will remain for the remainder of the year. As for the fund with days in memory, but again we talk
about how we invest with the valuation discipline. With where show price had been over the past year, the level of return would has come down, so we just takes some off off the table.
Yeah, so feeling a little bubbly, I mean that that scene translates across to Taiwan right where tech is the big driver. Are you happy there?
So Taiwan is the AI theme is a very prevalent uh and more broad based as compared to Korea. So for Taiwan our topic in the market TSMT, would you be them as the uncontested global leader in foundry space. And if you look at the Ai revolution Global revolution, SMCS basically steal the engine behind all of that. That remains as the biggest holding of the trust. But then
there are selective pockets of the talentice market. We do think expectation is extremely high in terms of the volume treatment of the product content creation, the dollar content of the products in the Ai further as well as the Marji expansion that people expect some of the talentice companies
to experience. So we do have an out of the way position in Taiwan right now, just because the heightened expectation heightened the variation that's compared to history, the gruct real world doesn't look at the attractive for the BODER market.
Thinking with Taiwan, how much of a concern is that when you're investing in Taiwan that intense geopolitical stress. Yeah, I think it's definitely.
A count that we have. We always keep back of a mind because for my team, we don't just manage Asian money off emerge market money. And we have actually been to the Russian situation. So you know, two years ago when we talk about what China is investing, or want to key debate whether the training market, if anything happened to Taiwan between Taiwan and China, that the Chinese market could effectively go to zero in our index. So
that's a risk we constantly discuss. But then you know, investors give us money to try to manage a portfolio of Asia assets. We do take think geopolitical risks in the consideration, but I do think our end investors they want to have a blod based exposure to the Asia region. Otherwise they could have chosen a bit more of a country allocation, try to avoid investing China or invest in Taiwan. Is they do want to have an Asia fund. Our job is really try to manage all this risking a colturists,
the tariff risk, all of these things. Try to take all of my stocks that have the minimizing impact from any of this. And TFMC being the biggest holding the trust, I do think their diversification of their foundries across the region, and that goes to the US is the right strategy for them to survive the long term.
So what are your the main worries? We worry about geopolitics, obviously worry a lot about valuations in the extent which particularly AAR related stocks are in any kind of bubble territory. Less So, now, obviously what else have these a long list of potential risks? What are the ones that keep you up at night? Again, it's a bottom up topicker.
So I do have a few things that I like it give me awake a night. I think the first thing is try to not overpay with magician defensive for individual stocks, for individual markets, I try to stay away from it. I think India being example. All that so that was one of the market we were aggressively on the way being the second half of twenty three. That is just the nerves ritical old pay. You don't want to be the last one to buy the hype. And then the second risk I think about is my company's
alan sheet. But do you see that as a heavy backpack. But the road is flat, anyone can carry it when you hit a hill. Really, the one with a heavy dead can be dragged down. I want to pick the stocks by Stanton in Western to be the marathon winners. So I do pay a lot of attention to company s boansheet and then laugh not this resputation. Is my portfolio diversified enough? Is it just being driven by this
super EI cycle or there is? I actually wander sure there is a wide range of drivers, sectors, idiosyncretic drivers of the individual company that if one road hit the bomb, the other one will actually make it all right.
And how are you managing currency risk? Lots of talk about China and currencies at the moment, but where the dollar might go from here and how that relationship might work out? How do you think about that?
Yeah, the reality is if you think about the Asia, currencies still have been relatively stable versus each other over the longer term. I think last year was the if native prominence the reversion of that trend, but that is mostly of a US dollar weakness against all the currencies. So Taiwan is a good example. We see a sudden step up in the Tawan dollar again against the US dollar at one point in twenty twenty five.
That really did market a big shock.
But what is the good from the Tawanese company is they do have a lot of revenue as well as coch in the US dollar. Even with the magnet currency appreciation, we have actually seen the company level managed on pretty well. So it's a black thing that we have in that. Seeing Asia, there's no major currency shocks that we have seen so far. Touch Wood on China, I think they are a lot more cautious with regard to how they moved the currency. There was a a few years back.
I think suddenly that to bring a lot of negative country quences with regard to capital outflow as well as the how US a global all the other countries perceived China. So now we can see them a lot steadier with the CNY story age rate, you know, all of that. For what remains for us, we really bring it down to a Bottomas stock level. If this is an exporter, we will be a lot more careful with their currently exposure. But then a lot of the potful company are actually
domestic facing. Uh, they don't really need to manage that currency rift to a Questionably.
Let's go back to India. So India expensive, any interesting holdings there in their portfolio that aren't too expensively you're happy with? Yeah?
So the founder is alway the Indian financial Again, we're not trying to buy index. We try to buy the stocks India at the index level, we're still sing is expensive trading over twenty tnkey for the level of the roles of the naxation not very attractive. But then selected financial thing the Indian market looks very very interesting. Whina did the polo company that we bought during the COVID crisis did the non bank financial institution they give loan
like second half a second hand. All the loans go loans to the rural as an easter that this company has managed it credit cycle it truly well and grow diversified a portfolio. First battle with the take a hand all along them, gradually to all the other long segments catering to the dainful holder customers through the here growing together where we ran with be their shareholder and hoording
their growth. And we get a capital from being from AMFT you one of the biggest Japanese financial institution to giving them access to even cheaper credit andabling them to grow. They have a target of growing their own book at eighteen an for the next few years. So we are dealt one of the top holdings in the trust okay.
Interesting, all right, Well let's escape to Vietnam, which was always everyone's favorite emerging Asian market for a long time, wasn't it. We had constant stories about Vietnam, and of course sours some dedicated Vietnam trust. But how are you feeling about that that story? Hole?
I think Vietnam has up and down, but also because of the politics happening there, and what we are seeing now is a period of the wealthy stable poltics that you're provided in workers to really pick stocks. If I look at the stocks in Vietnam, there are actually very exciting a major companies to pick from. Recently we met with the ID Services Company in Vietnam. They are trying to address a different campto more cohord as compared to
the Indian IT Services Company. There be to be successful and evaluation doesn't look too expensive, uh with all this global AI trying to destroy IT Services company a software company, something that we are practically working on. And then we also owned some of the customer stables company in Vietnam. In terms of the demographic trend, Vietnam, the aging population is definitely at the slower pace as compared to other regions. In the market we have been how the other customer
company has evolved in other market. So if you there are pocket opportunities in Vietnam as well. I think as for investors, we still face the contrain of ownership threshold. The best company might not be available to buy for Invesco, Arab and Frost that the struggle will continue to face in a market over time. We have observed market access has improved.
Yeah, And are there any smaller markets in the region that people simply aren't paying attention to and should be. Yeah.
So I think Southeast Asia as the block is very interesting. But we talk about the g gratification of global spy tang China plus one. It benefits countries like not just Vietnam, but also Thailand as well as Indonesia. And if you look at the evaluation, extremely cheap right for CREATI about one point three one point four times and as a discount to your own training history as well as the
Asia global market. But then that a region all this world creation from supply time digasifications and actually sustained decades of growth, So you're really getting up from feed of rapid growth at a garden price. We are all wait in posses Asia having more based the sectory exposure there.
So all in all, Fiona, you would expect I think this rotation maybe out of the US and into all the countries that you're interested to continue over the next couple of years. So even the evaluations across the region are not as low as they were, it's still a significant discount perhaps to the global markets as a whole. So you I'm guessing here, assuming you're going to say yes, pretty happy with your positions over the next year or so.
Yes, absolutely. I think for investors, you know, in twenty six, maybe they should check their home buyers check whether they are over exposed to US assets. Even as your own SB five hundred index, your exposure to the US tech might be over forty PREFN. A concentration risk is real. So Asia do offer a cheaper alternatives. Getting you access to a vast region of different countries and different sectory exposure is a real damification, not just another hicker.
No, thank you so much for joining us today. That was really interesting conversation.
Thank you Marion for having me, Ama Shall.
Thanks for listening to this week's Maren Drugs Money. If you like us your rate review and subscribe wherever you listen to your podcast. Also keep sending your questions or comments to marrin Money at bloombag dot next. You can also follow me and John on Twitter or x I am at marins w and John is John Underscore strap Back. This episode was hosted by Me Maren Sunset Web. It was produced by Sammisadi and Moses and time designed by
Blake Maples and Aaron Kasper. A special thanks, of course to Fia me Yang