Our mandates outperformed in April. Many key positions performed well, such as Assa Abloy, which rallied after strong first-quarter results. Performance was more mixed among the smaller positions and some financial investments performed poorly. We purchased new positions in Amadeus and Victrex, sold Fielmann following a period of strong outperformance, and sold ALK-Abello, Arkema and Deutsche Telekom with better opportunities appearing elsewhere. The overall shape of the portfolio remains broadly unchanged, with three-quarters devoted to cyclical and financial businesses including Air France, Allianz, Credit Agricole, KBC, Michelin, Swiss Re and UBS.