Shopping online is in vogue, and we think the habit is here to stay Consumers are shopping more online as stores have been closed or had restricted operations as the pandemic has continued. This bodes well for companies in the sportswear space as online is margin accretive and better for both data and brand representation. Already established before the pandemic, this trend has only accelerated in recent months. We continue to believe that operating in a more self-managed retail approach gives companies the chance to 1) operate in a more controlled space to elevate product/service quality and increase the brand image, and 2) increase the profitability by generating higher margins. Both Nike and adidas have worked to significantly increase both retail and e-commerce as a percent of total sales in recent years. In 2017, Nike announced that it would grow digital commerce from 15% in 2018 to 30% over the next five years (own plus partners), and that digital commerce alone would account for over 50% of incremental growth in the same period and drive the majority of the business longer term. In 4Q20 (quarter ending May), Nike reached that goal approximately three years ahead of schedule, with management reiterating its long-term view that 50%+ of sales will be online eventually. For adidas, 2Q20 (ending June) had digital accounting for 30% of group sales, the majority of which came from its own online platform. Puma has also recently seen significant double-digit growth in its e-commerce channel; and the most recent figures from all three companies indicate significant growth in digital over the duration of the crisis.