We outperformed the market in October. We purchased a new position in Novo, the world leading diabetes care group. The company boasts an extraordinary track record, having grown earnings by 20% per annum over the past 10 years. Novo also generates an impressive 36% operating margin and a 54% return on equity. The company, furthermore, holds net cash of DKK 13bn. The business should continue to manage over 10% per annum organic growth, in the future, driven by the increased incidence of obesity worldwide. In the short term, Novo are about to launch Tresiba, a long acting insulin, which should help boost revenue growth. Further out, Novo have a product Victoza, which could be approved to treat obesity from 2013.