Cybercrime has been one of the most prominent storylines throughout 2021, with several highly publicized cyberattacks. These were not limited to high-tech industries. They included targets such as a critical oil pipeline in the southeastern U.S., a meatpacking plant in Minnesota, a chain of grocery stores in the U.K., gas stations in Iran, and many others. As the world becomes more digital, and many hackers face few deterrents to stepping up their efforts, we believe cybercrime is poised for robust growth in the years ahead. Consequently, while cybersecurity stocks faced bouts of volatility in 2021, we believe this theme is also well positioned for long-term secular growth, as companies, individuals, and government agencies seek to boost their defenses against such threats.