Our mandates outperformed the market in July. We added three new holdings—SEB, Hennes and Mauritz (H&M) and Croda (see stock highlights)—and increased our positions in Sky Deutschland and Essilor. We sold our investments in Homeserve, UBS and France Telecom. Over two-thirds of the portfolio comprises growth stocks with the remainder in value investments. We have minimal exposure to the financial sector where the outlook remains uncertain.