But on to position growth, it has been elevated the past 2 years, and investors have wondered if we’d see positions decline to pre-pandemic levels or if it would grow from that new base. And that’s been a question throughout this year. I think now with 92% of the data in for this year, we feel pretty confident in our outlook. We do have early testing on the first half of next year. It’s pretty early to make any real reference about that, and that is a relatively small part of the year. But all that said, there’s nothing in that, that indicates anything other than a continuation of the trends next year that we’re seeing now. And so I think our conclusion on this is that there was a sort of a fundamental onetime lift that took place during the pandemic as people moved on to some of the new free trading apps and other kinds of things.
And then what we’re seeing is on top of that new base the continued growth from the other long-term drivers that you and I have discussed before, including managed accounts and more recently direct indexing. So that’s sort of how we’re seeing it play out. We have a little less insight on sort of specific economic indicators and things like that, but really just more focused on the long-term trends.
Operator: The next question is from James Faucette of Morgan Stanley.
James Faucette : Appreciate your comments on capital allocation and how you expect that to change or return to previous uses. I’m just wondering on particularly acquisitions. We saw acquisition of one of your BTCS competitors in SimCorp over the past week? And how does that impact your thinking on acquisitions generally and how should we be thinking about the assets you could be targeting either by geography or product, et cetera?
Tim Gokey: Sure. James, thank you. And I think, first of all, relative to Deutsche Börse and SimCorp coming together, I think that is — that has relatively low impact on us. We almost never compete with SimCorp, and they have an interesting theory about putting their data assets together with essentially a sort of a back-office product, and we’ll see how that plays. But we don’t really compete directly with them. So I don’t see it any direct competitive impact. In terms of how we think about the market, I think it has been somewhat fortuitous and this time that we’ve been out of the market that there’s really been very little activity. I think most people are predicting that there will be some increased activity over the next 12 months.
At the same time, I think that asset levels or asset pricing is still pretty elevated despite the downturn. And so I think you see us being pretty selective with a pretty high bar sort of irrespective of the avenue. We really look for things where we are sort of uniquely the best owner. If you think about the kinds of assets that we would be interested in if they were to become available, obviously, we’ve done a lot of investment over the past few years on the GTO side of the business. And there are a lot of opportunities on the ICS side that we’d be looking for. So I think that’s what you’d see. And but if that’s not the right thing, then we’ll return on new shareholders.
Edmund Reese : And the only thing I’d add to what Tim said, which was spot on, James, is that we continue to have our revenue growth model focused on organic growth. We drive 5 to 7 points of our recurring revenue from organic growth drivers. And if we find, as Tim just said, the right sort of tuck-in strategic fit, then we could expect to see 1 to 2 points of growth from that.
