Our mandates outperformed in May. Against the background of euro weakness, investments with a large exposure to the US economy, such as Zodiac, BiC and Legrand, acted especially well. On the negative side, our financial investments performed poorly owing to fears of a possible Greek sovereign debt default. We cut our investment in PGS. The shape of the holdings remains broadly unchanged, with around three-quarters comprising cyclical and financial shares. Exposure to energy producers is limited, as it is to businesses with relatively secure earnings but where scope for demand-led growth is minimal.