James Faucette: Great. And then just wanted to ask a question related to headlines that we started to get some inquiries from investors on, and that’s related to tailored shareholder reports. And given the pending SEC regulation on shareholder reports. Can you provide some color on how Broadridge is becoming involved or the opportunity to be involved in the creation and production of these reports to help offset some of the admittedly small headwinds associated with notice and access fees.
Timothy Gokey: Yeah. Absolutely. So tailored shareholder reports, as a reminder to everyone, what for the annual and semiannual reports that people get around fund communications, it’s two communications a year instead of getting either a link to or a notice of a very long report that’s difficult to read. People will receive, investors will receive a two to three page summary, just like some prospectus years ago. And we think this is very positive for investors all the testing shows that it is much, much clearer for investors to see, is more cost effective for funds in the long-term report is much more digestible to be e-delivered and we’re big fans of e-delivery. So a lot of positives all around. For us, as we said on the last call, there is the slight flying that we get paid right now for these notices.
I think we said $30 million some and that will go away. In the meantime, as we talk to our fund clients, this change, while it sounds simple, create some real complexities for them. The reports are — the mandate is the reports come to investors not with a sort of generalized expense table that pertains to many different share classes, but it is tailored specifically to the share class that, that investor has. And so in talking to our fund clients, we talked to one fund complex who today does 200 different reports. In the future, they’re going to need to do 1,200 different reports. So the scale of the work on them in terms of even though the reports are short, creating them in a very tailored way specific to each investor, there’s a lot of complexity there.
And that’s all around data management. Converting that data and composing it digitally and being able to send that. That’s something that’s a real strength of ours. And so we think that there is an opportunity for us to really help the industry. We’ve had a couple of webinars, one with Ignite, one with Nixa among the best attended webinars for those groups over the past year because there’s a lot of interest in the fund industry about how do they meet this mandate, which is, on one hand is sort of — it sounds like it makes sense from an investor standpoint, but view the one having to actually deliver it, it’s tough. And so we are definitely working with fund clients. We definitely think we can help be part of that solution.
James Faucette: That’s great. Thank you so much.
Operator: Our next question is from Puneet Jain of JPMorgan. Please go ahead.
Puneet Jain: Hey. Thanks for taking my question. I know like you talked about that the stock record growth can slow down to mid-single digits in the back half of the year. Can you disaggregate that 5% or so growth into benefit from secular tailwinds like zero commission, direct indexing and any potential macro headwinds there?
