Our mandates outperformed in February. Within the key holdings, Assa Abloy, Swiss Re and UBS all performed strongly. Among the smaller positions, Fielmann, Legrand and Software AG performed well with their businesses developing much better than the market expected. We sold the position in STM following a period of strong performance, added to the holding in Deutsche Telekom by selling France Telecom and made a new investment in BiC. Around three-quarters of the long book comprises cyclical and financial shares. We have limited exposure to energy producers and businesses with reduced scope for demand-led growth, such as pharmaceuticals.