Fund commentary

Market Review
Global equity markets were down over April, giving back some of their impressive first-quarter gains. The MSCI World index dropped 1.5% in local currency, total return terms.

Fund Performance
The Fund outperformed the sector average in April with an overweight position in SolarWinds the main positive contributor to performance. Similar positions in Ashland, Harley-Davison, and LKQ Corporation also benefited performance. The main detractors were overweight holdings in financial services groups Itau Unibanco and ING.

Fund Positioning
With the pace of global growth slowing, we remain underexposed to cyclical companies in the energy and mining sectors. This is offset by overweight positions in consumer companies, with good exposure to improving end markets in the US.