Our mandates outperformed the market in February. We added to our investment in BNP Paribas and purchased a new holding in Wolseley (see stock highlight). We sold our position in Atlantia following a period of reasonable share price performance and took part in Sky Deutschland’s recent capital raising to further increase our weighting. The core portfolio remains focused on high-quality growth companies from a broad range of sectors including technology, consumer and industrials. For the first time in more than a year, we have also been able to uncover a number of great opportunities in the more cyclical areas of the market, such as Accor and BNP Paribas.