We significantly outperformed the market in June. We remain 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 that 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 a five year high April. The valuation backdrop remains highly compelling, with European shares still trading at a 40% discount to 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 US competitors.