Our mandates outperformed in October with performance driven by Air France (up 17%), Pandora (up 16%), Eurotunnel (up 14%) and Software AG (up 13%). We purchased new positions in Pandora and Sonova (see stock highlights). We sold our holdings in Swedbank and KBC following a period of strong outperformance and reduced our holding in Banco Popolare, which has found it difficult to sell assets in order to strengthen its capital position. We have raised the quality of the portfolio over the past year. Quality growth and growth-cyclicals now make up almost 65% of the portfolio. Classic cyclicals and financials comprise a further 30%, with “value” stocks making up the remainder.