During the quarter, there were no major changes in positioning. The market (MSCI ACWI, USD) rallied 9.88% over the quarter (following a negative Q2 and Q3) but remained negative for the calendar year down 17.73%.

During the quarter there were a number of rebalancing trades as new flows came into the portfolio. We sold out of TotalEnergies, Northrup Grumman, Cia de Distribucion Integral, UMS Holdings and Coface while trimming our holdings in Amdocs, AmerisourceBergen, Cisco, Grupo Aeroportuario, Hexcel, Lockheed Martin, Oracle and Republic Services.

New positions in the portfolio include United Energy Group, Freehold Royalties, Digital Arts, K92 Mining Inc, nib holdings, Temenos Group, PayPal and Siemens Energy

Our cash position was elevated at quarter-end as a result of trading and our allocation to property remains largely unchanged over the quarter.

The fund remains well diversified from both a sector and geographic point of view, with a focus on holding attractively priced, high-quality companies across each of the economic sectors.