@font-face{font-family:Inter;font-style:normal;font-weight:100 900;font-display:swap;src:url(/_next/static/media/ba9851c3c22cd980-s.woff2) format("woff2");unicode-range:u+0460-052f,u+1c80-1c8a,u+20b4,u+2de0-2dff,u+a640-a69f,u+fe2e-fe2f}@font-face{font-family:Inter;font-style:normal;font-weight:100 900;font-display:swap;src:url(/_next/static/media/21350d82a1f187e9-s.woff2) format("woff2");unicode-range:u+0301,u+0400-045f,u+0490-0491,u+04b0-04b1,u+2116}@font-face{font-family:Inter;font-style:normal;font-weight:100 900;font-display:swap;src:url(/_next/static/media/c5fe6dc8356a8c31-s.woff2) format("woff2");unicode-range:u+1f??}@font-face{font-family:Inter;font-style:normal;font-weight:100 900;font-display:swap;src:url(/_next/static/media/19cfc7226ec3afaa-s.woff2) format("woff2");unicode-range:u+0370-0377,u+037a-037f,u+0384-038a,u+038c,u+038e-03a1,u+03a3-03ff}@font-face{font-family:Inter;font-style:normal;font-weight:100 900;font-display:swap;src:url(/_next/static/media/df0a9ae256c0569c-s.woff2) format("woff2");unicode-range:u+0102-0103,u+0110-0111,u+0128-0129,u+0168-0169,u+01a0-01a1,u+01af-01b0,u+0300-0301,u+0303-0304,u+0308-0309,u+0323,u+0329,u+1ea0-1ef9,u+20ab}@font-face{font-family:Inter;font-style:normal;font-weight:100 900;font-display:swap;src:url(/_next/static/media/8e9860b6e62d6359-s.woff2) format("woff2");unicode-range:u+0100-02ba,u+02bd-02c5,u+02c7-02cc,u+02ce-02d7,u+02dd-02ff,u+0304,u+0308,u+0329,u+1d00-1dbf,u+1e00-1e9f,u+1ef2-1eff,u+2020,u+20a0-20ab,u+20ad-20c0,u+2113,u+2c60-2c7f,u+a720-a7ff}@font-face{font-family:Inter;font-style:normal;font-weight:100 900;font-display:swap;src:url(/_next/static/media/e4af272ccee01ff0-s.p.woff2) format("woff2");unicode-range:u+00??,u+0131,u+0152-0153,u+02bb-02bc,u+02c6,u+02da,u+02dc,u+0304,u+0308,u+0329,u+2000-206f,u+20ac,u+2122,u+2191,u+2193,u+2212,u+2215,u+feff,u+fffd}@font-face{font-family:Inter Fallback;src:local("Arial");ascent-override:90.44%;descent-override:22.52%;line-gap-override:0.00%;size-adjust:107.12%}.__className_f367f3{font-family:Inter,Inter Fallback;font-style:normal}.__variable_f367f3{--font-inter:"Inter","Inter Fallback"}@font-face{font-family:Playfair Display;font-style:normal;font-weight:400 900;font-display:swap;src:url(/_next/static/media/47f136985ef5b5cb-s.woff2) format("woff2");unicode-range:u+0301,u+0400-045f,u+0490-0491,u+04b0-04b1,u+2116}@font-face{font-family:Playfair Display;font-style:normal;font-weight:400 900;font-display:swap;src:url(/_next/static/media/4ead58c4dcc3f285-s.woff2) format("woff2");unicode-range:u+0102-0103,u+0110-0111,u+0128-0129,u+0168-0169,u+01a0-01a1,u+01af-01b0,u+0300-0301,u+0303-0304,u+0308-0309,u+0323,u+0329,u+1ea0-1ef9,u+20ab}@font-face{font-family:Playfair Display;font-style:normal;font-weight:400 900;font-display:swap;src:url(/_next/static/media/28a2004cf8372660-s.woff2) format("woff2");unicode-range:u+0100-02ba,u+02bd-02c5,u+02c7-02cc,u+02ce-02d7,u+02dd-02ff,u+0304,u+0308,u+0329,u+1d00-1dbf,u+1e00-1e9f,u+1ef2-1eff,u+2020,u+20a0-20ab,u+20ad-20c0,u+2113,u+2c60-2c7f,u+a720-a7ff}@font-face{font-family:Playfair Display;font-style:normal;font-weight:400 900;font-display:swap;src:url(/_next/static/media/eaead17c7dbfcd5d-s.p.woff2) format("woff2");unicode-range:u+00??,u+0131,u+0152-0153,u+02bb-02bc,u+02c6,u+02da,u+02dc,u+0304,u+0308,u+0329,u+2000-206f,u+20ac,u+2122,u+2191,u+2193,u+2212,u+2215,u+feff,u+fffd}@font-face{font-family:Playfair Display Fallback;src:local("Times New Roman");ascent-override:97.25%;descent-override:22.56%;line-gap-override:0.00%;size-adjust:111.26%}.__className_0a80b4{font-family:Playfair Display,Playfair Display Fallback;font-style:normal}.__variable_0a80b4{--font-serif:"Playfair Display","Playfair Display Fallback"}:root{--bg-color:#ffffff;--navy:#141e55;--navy-muted:#5b6288;--champagne:#c9b37e;--hairline:rgba(20,30,85,0.15);--hairline-soft:rgba(20,30,85,0.08);--content-width:680px;--grid-width:1140px}*{box-sizing:border-box}html{scroll-behavior:smooth}body{background:var(--bg-color);font-size:19px;line-height:1.8;-webkit-font-smoothing:antialiased;text-rendering:optimizeLegibility}body,h1,h2,h3,h4{margin:0;color:var(--navy);font-family:var(--font-serif),Georgia,serif}h1,h2,h3,h4{font-weight:400;line-height:1.1;letter-spacing:-.01em}a{color:var(--navy-muted);text-decoration:none;transition:color .2s ease}a:hover{color:var(--navy);text-decoration:underline;text-underline-offset:4px;text-decoration-thickness:1px}hr{border:0;border-top:1px solid var(--hairline);margin:0}.container{max-width:var(--grid-width)}.container,.narrow{margin:0 auto;padding:0 32px}.narrow{max-width:var(--content-width)}.rule{border-top:1px solid var(--hairline)}.eyebrow{font-family:var(--font-inter),sans-serif;font-size:11px;font-weight:500;letter-spacing:.2em;text-transform:uppercase;color:var(--navy-muted)}.eyebrow--accent{color:var(--champagne)}.site-header{border-bottom:1px solid var(--hairline);background:var(--bg-color)}.site-header__inner{max-width:var(--grid-width);margin:0 auto;padding:32px;display:flex;align-items:baseline;justify-content:space-between;gap:32px}.wordmark{font-family:var(--font-serif),Georgia,serif;font-size:24px;font-weight:400;letter-spacing:.02em;color:var(--navy)}.wordmark:hover{text-decoration:none}.site-nav{display:flex;gap:40px;align-items:baseline}.site-nav a{font-family:var(--font-inter),sans-serif;font-size:12px;font-weight:400;letter-spacing:.15em;text-transform:uppercase;color:var(--navy-muted);padding-bottom:6px;border-bottom:1px solid transparent;transition:all .3s ease}.site-nav a:hover{text-decoration:none;color:var(--navy)}.site-nav a[aria-current=page]{color:var(--navy);border-bottom-color:var(--navy)}.nav-toggle{background:none;border:1px solid var(--hairline);border-radius:0;color:var(--navy);font:inherit;font-family:var(--font-inter),sans-serif;font-size:12px;letter-spacing:.15em;text-transform:uppercase;padding:8px 16px;cursor:pointer}.mobile-nav,.nav-toggle{display:none}@media (max-width:760px){.site-nav{display:none}.nav-toggle{display:inline-block}.mobile-nav{display:block;border-bottom:1px solid var(--hairline)}.mobile-nav ul{list-style:none;margin:0;padding:12px 32px 32px}.mobile-nav li{padding:12px 0}.mobile-nav a{font-family:var(--font-inter),sans-serif;font-size:14px;letter-spacing:.15em;text-transform:uppercase;color:var(--navy)}}.masthead{position:relative;display:flex;align-items:center;justify-content:center;min-height:min(74vh,740px);padding:140px 0 120px;text-align:center;overflow:hidden;background:var(--navy)}.masthead__media{position:absolute;inset:0;z-index:0}.masthead__media img{width:100%;height:100%;object-fit:cover;object-position:center 42%}.masthead__media:after{content:"";position:absolute;inset:0;background:linear-gradient(180deg,rgba(20,30,85,.5),rgba(20,30,85,.42) 42%,rgba(20,30,85,.82))}.masthead__content{position:relative;z-index:1}.masthead h1{font-size:clamp(48px,7vw,84px);letter-spacing:-.02em;font-weight:400;color:#ffffff;line-height:1.05}.masthead p{margin:32px auto 0;max-width:600px;font-size:20px;color:rgba(255,255,255,.82);font-weight:400;line-height:1.6}@media (max-width:760px){.masthead{min-height:0;padding:88px 0 72px}}.card-grid{display:grid;grid-template-columns:1fr 1fr;grid-gap:0;gap:0;border-top:1px solid var(--hairline)}@media (max-width:760px){.card-grid{grid-template-columns:1fr}}.report-card{padding:64px 48px;border-bottom:1px solid var(--hairline);display:block;color:inherit;transition:background-color .4s ease}.report-card:hover{text-decoration:none;background:var(--hairline-soft)}@media (min-width:761px){.report-card:nth-child(odd){border-right:1px solid var(--hairline)}}.report-card h3{font-size:32px;margin:24px 0 16px;font-weight:400;line-height:1.2}.report-card:hover h3{color:var(--navy)}.report-card p{margin:0;font-size:17px;display:-webkit-box;-webkit-line-clamp:3;-webkit-box-orient:vertical;overflow:hidden;line-height:1.6;font-weight:300}.report-card p,.report-card__meta{color:var(--navy-muted);font-family:var(--font-inter),sans-serif}.report-card__meta{margin-top:32px;font-size:12px;letter-spacing:.05em;text-transform:uppercase}.subscribe-band{border-top:1px solid var(--hairline);border-bottom:1px solid var(--hairline);padding:80px 0;background:var(--bg-color)}.subscribe-band__inner{max-width:var(--content-width);margin:0 auto;padding:0 32px;text-align:center}.subscribe-band h2{font-size:36px;font-weight:400}.subscribe-band p{color:var(--navy-muted);font-size:18px;margin:16px 0 36px;font-weight:400}.subscribe-form{display:flex;gap:0;justify-content:center;max-width:480px;margin:0 auto}.subscribe-form input[type=email]{flex:1 1;font-family:var(--font-inter),sans-serif;font-size:14px;padding:16px 20px;border:1px solid var(--hairline);border-right:none;border-radius:0;background:transparent;color:var(--navy);min-width:0;transition:border-color .3s ease}.subscribe-form input[type=email]:focus{outline:none;border-color:var(--navy)}.subscribe-form input[type=email]::placeholder{color:var(--navy-muted);opacity:.7}.subscribe-form button{font-family:var(--font-inter),sans-serif;font-size:12px;font-weight:500;letter-spacing:.15em;text-transform:uppercase;padding:16px 32px;background:var(--navy);color:var(--bg-color);border:1px solid var(--navy);border-radius:0;cursor:pointer;transition:all .3s ease}.subscribe-form button:hover{background:var(--bg-color);color:var(--navy)}.subscribe-form button:disabled{opacity:.4;cursor:not-allowed}.subscribe-status{margin-top:24px;font-family:var(--font-inter),sans-serif;font-size:13px;letter-spacing:.05em}.subscribe-status--ok{color:var(--navy)}.subscribe-status--error{color:#8c3a3a}@media (max-width:520px){.subscribe-form{flex-direction:column}.subscribe-form input[type=email]{border-right:1px solid var(--hairline);margin-bottom:12px}}.page-header{padding:100px 0 64px}.page-header h1{font-size:clamp(40px,6vw,64px);margin-top:20px;font-weight:400}.page-header .lede{margin:24px 0 0;max-width:600px;color:var(--navy-muted);font-size:20px;font-weight:400;line-height:1.6}.companies-table{width:100%;border-collapse:collapse;font-size:15px}.companies-table,.companies-table th{font-family:var(--font-inter),sans-serif}.companies-table th{text-align:left;font-size:11px;font-weight:500;letter-spacing:.15em;text-transform:uppercase;color:var(--navy-muted);padding:0 24px 16px 0;border-bottom:1px solid var(--hairline)}.companies-table td{padding:24px 24px 24px 0;border-bottom:1px solid var(--hairline-soft);vertical-align:baseline;color:var(--navy-muted)}.companies-table td.num,.companies-table th.num{text-align:right;font-feature-settings:"tnum";font-variant-numeric:tabular-nums}.companies-table .co-name{font-family:var(--font-serif),Georgia,serif;font-size:22px;font-weight:400;color:var(--navy)}.co-tag{display:inline-block;font-family:var(--font-inter),sans-serif;font-size:10px;font-weight:500;letter-spacing:.16em;text-transform:uppercase;color:var(--champagne);border:1px solid var(--champagne);border-radius:2px;padding:2px 8px;margin-left:10px;vertical-align:3px;white-space:nowrap}.companies-table tbody tr:hover td{background-color:var(--hairline-soft)}@media (max-width:760px){.companies-table .hide-sm{display:none}}.key-facts{display:grid;grid-template-columns:repeat(4,1fr);border-top:1px solid var(--hairline);border-bottom:1px solid var(--hairline);margin-top:24px}@media (max-width:760px){.key-facts{grid-template-columns:repeat(2,1fr)}}.key-facts>div{padding:32px 24px 32px 0}.key-facts .eyebrow{display:block;margin-bottom:12px}.key-facts strong{font-family:var(--font-serif),Georgia,serif;font-size:24px;font-weight:400;color:var(--navy)}.report-list{list-style:none;margin:0;padding:0}.report-list li{padding:48px 0;border-bottom:1px solid var(--hairline-soft)}.report-list h3{font-size:32px;margin:16px 0;font-weight:400}.report-list h3 a{color:inherit}.report-list h3 a:hover{color:var(--navy-muted);text-decoration:none}.report-list p{margin:0 0 20px;color:var(--navy-muted);font-size:16px;line-height:1.6;max-width:680px;font-weight:300}.btn,.report-list p{font-family:var(--font-inter),sans-serif}.btn{display:inline-block;font-size:12px;font-weight:500;letter-spacing:.15em;text-transform:uppercase;padding:14px 28px;border:1px solid var(--navy);border-radius:0;color:var(--navy);background:transparent;transition:all .3s ease}.btn:hover{background:var(--navy);color:var(--bg-color);text-decoration:none}.btn--small{padding:10px 20px;font-size:11px}.report-header{padding:100px 0 48px}.report-header h1{font-size:clamp(40px,6vw,64px);margin:24px 0 0;line-height:1.1}.report-header .summary{margin:32px 0 0;font-size:20px;line-height:1.6;font-weight:300}.report-header .byline,.report-header .summary{font-family:var(--font-inter),sans-serif;color:var(--navy-muted)}.report-header .byline{margin-top:32px;font-size:13px;letter-spacing:.05em;text-transform:uppercase}.toc{margin:64px 0 0;padding:40px 0;border-top:1px solid var(--hairline);border-bottom:1px solid var(--hairline)}.toc .eyebrow{display:block;margin-bottom:16px}.toc ol{list-style:none;margin:0;padding:0;column-count:2;column-gap:64px}@media (max-width:600px){.toc ol{column-count:1}}.toc li{font-family:var(--font-inter),sans-serif;font-size:14px;padding:6px 0;page-break-inside:avoid;break-inside:avoid}.toc li.toc-depth-3{padding-left:24px;font-size:13px;color:var(--navy-muted)}.prose{padding:16px 0 64px}.prose h2{font-size:36px;margin:80px 0 24px}.prose h2,.prose h3{scroll-margin-top:32px}.prose h3{font-size:26px;margin:48px 0 16px}.prose p{margin:0 0 28px}.prose ol,.prose ul{margin:0 0 28px;padding-left:32px}.prose li{margin-bottom:12px}.prose blockquote{margin:64px 0;padding:0 0 0 40px;border-left:1px solid var(--navy);font-family:var(--font-serif),Georgia,serif;font-size:28px;font-weight:400;line-height:1.5;color:var(--navy)}.prose blockquote p{margin:0}.prose table{width:100%;border-collapse:collapse;margin:48px 0;font-family:var(--font-inter),sans-serif;font-size:14px;font-feature-settings:"tnum";font-variant-numeric:tabular-nums}.prose table th{text-align:left;font-size:11px;font-weight:500;letter-spacing:.15em;text-transform:uppercase;color:var(--navy-muted);padding:0 16px 12px 0;border-bottom:1px solid var(--hairline)}.prose table td{padding:16px 16px 16px 0;border-bottom:1px solid var(--hairline-soft);color:var(--navy-muted)}.prose table td:not(:first-child),.prose table th:not(:first-child){text-align:right}.prose sup a{font-size:13px;padding:0 2px}.prose .footnotes{margin-top:80px;padding-top:40px;border-top:1px solid var(--hairline);font-family:var(--font-inter),sans-serif;font-size:13px;line-height:1.6;color:var(--navy-muted)}.prose .footnotes h2{font-size:11px;font-weight:500;letter-spacing:.2em;text-transform:uppercase;color:var(--navy-muted);margin:0 0 20px}.key-financials{margin:56px 0;border-top:1px solid var(--hairline);padding-top:32px}.key-financials .eyebrow{display:block;margin-bottom:24px}.key-financials table{width:100%;border-collapse:collapse;font-family:var(--font-inter),sans-serif;font-size:14px;font-feature-settings:"tnum";font-variant-numeric:tabular-nums}.key-financials th{font-size:11px;font-weight:500;letter-spacing:.15em;text-transform:uppercase;color:var(--navy-muted);text-align:right;padding:0 0 16px 16px;border-bottom:1px solid var(--hairline)}.key-financials th:first-child{text-align:left;padding-left:0}.key-financials td{text-align:right;padding:16px 0 16px 16px;border-bottom:1px solid var(--hairline-soft);color:var(--navy)}.key-financials td:first-child{text-align:left;padding-left:0;color:var(--navy-muted)}.disclosure-footer{margin-top:80px;padding:64px 0 40px;border-top:1px solid var(--hairline)}.disclosure-footer h2{font-size:28px;margin-bottom:16px}.disclosure-footer h3{font-size:11px;font-weight:500;letter-spacing:.2em;text-transform:uppercase;margin:40px 0 12px}.disclosure-footer h3,.disclosure-footer p{font-family:var(--font-inter),sans-serif;color:var(--navy-muted)}.disclosure-footer p{font-size:13px;line-height:1.7;margin:0 0 16px}.static-page{padding-bottom:100px}.static-page .prose h2{font-size:32px}.site-footer{border-top:1px solid var(--hairline);margin-top:100px;padding:64px 0 80px;font-family:var(--font-inter),sans-serif;font-size:13px;color:var(--navy-muted)}.site-footer__inner{max-width:var(--grid-width);margin:0 auto;padding:0 32px;display:flex;flex-wrap:wrap;gap:48px;justify-content:space-between}.site-footer nav{display:flex;flex-wrap:wrap;gap:32px}.site-footer a{color:var(--navy-muted);text-transform:uppercase;letter-spacing:.1em;font-size:11px}.site-footer a:hover{color:var(--navy)}.site-footer .legal{max-width:500px;line-height:1.6}.site-footer .legal p{margin:0 0 12px}.section-pad{padding:80px 0}.mt-0{margin-top:0}.thesis-band{border-top:1px solid var(--hairline);padding:96px 0 104px}.thesis-band h2{font-family:var(--font-serif),Georgia,serif;font-size:34px;font-weight:400;line-height:1.25;letter-spacing:-.01em;max-width:640px;margin:20px 0 0}.thesis-grid{display:grid;grid-template-columns:repeat(3,1fr);grid-gap:56px;gap:56px;margin-top:64px}.thesis-grid h3{font-family:var(--font-serif),Georgia,serif;font-size:21px;font-weight:400;margin:0 0 14px}.thesis-grid p{margin:0;font-family:var(--font-inter),sans-serif;font-size:15.5px;font-weight:300;line-height:1.75;color:var(--navy-muted)}@media (max-width:760px){.thesis-band{padding:64px 0 72px}.thesis-band h2{font-size:27px}.thesis-grid{grid-template-columns:1fr;gap:40px;margin-top:44px}}@page{size:A4;margin:18mm 16mm}@media print{.report-header .btn,.site-footer,.site-header,.toc{display:none!important}body{background:#fff}.narrow,main{padding:0}.narrow{max-width:none}.report-header{border-bottom:1px solid #1b2a4a;padding-bottom:24px;margin-bottom:32px}.prose{font-size:11pt;line-height:1.6}.prose h2{page-break-after:avoid;break-after:avoid}.prose blockquote,.prose table{page-break-inside:avoid;break-inside:avoid}a{text-decoration:none;color:inherit}}