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.