Our mandates outperformed in March with key positions performing well. Notably, Credit Agricole and UBS rallied strongly. Performance was mixed among the smaller positions-Air France, Arkema, ASML and KBC performed well but Eurotunnel, Thales and Fielmann fell behind slightly. We added new positions in Thales, Safilo, Joyou and Fiat, and increased the BiC holding. We sold Autoliv following a period of strong performance, and Sanofi and ALK-Abello after seeing better opportunities elsewhere. Following these transactions, the overall shape of the portfolio remains broadly unchanged with around three-quarters devoted to cyclical and financial share.