Your fund has enjoyed a strong start to 2017. During the first quarter, a number of
technology stocks surged ahead with returns in excess of 20% in dollar terms. NetEase,
Adobe Systems, Facebook, Apple and Amazon all delivered strong returns. Part of the
reason for this is that this segment of the market continues to enjoy strong earnings growth
with companies such as Adobe and Amazon rolling out new products and developing new
revenue streams on an ongoing basis. On the negative side, Bristol-Myers lost 15% as their
flagship product failed to excite the market. Overall economic data in the US and Europe
improved during the quarter as did data ex China. But the incumbent US President is not
having things all his own way. Understandably, the US equity market lost a little momentum
as a result as did the dollar. Having enjoyed solid gains since inception of the fund we raised
cash a little as a short-term risk management position.