We significantly outperformed the market in May. As we have written many times over the past few months we remain very positive on the outlook for equities. Recently, we have been encouraged by how markets have been able to cope with the twin challenges of the inconclusive Italian election result and the Cypriot debt restructuring. Feedback from our intensive company visiting programme, furthermore, is suggesting the economic backdrop in the periphery of Europe is beginning to stabilise if not actually improve somewhat. Spanish new company start-ups, for example, were at the highest level in April over the past five years. The valuation backdrop remains highly compelling with European shares still trading at a 40% discount to their American counterparts. We believe this to be unjustified whilst the corporate sector is in such rude health and generating returns on equity comparable to their competitors across the Atlantic. Almost two thirds of the fund is built up with the very best quality growth companies.