Firstly, I am very thankful to and proud of my team for producing what are clearly excellent numbers. Fund performance is very much a team effort, given that all our fund managers are responsible for investment decisions across all funds, via their specific research responsibility (Mark: UK equities; Gary: developed market equities/bonds and specialist financial (latter is a sub sector within specialist assets); Tom: emerging market equities and bonds; Rich: specialist assets ex specialist financial; Peter: asset allocation). This team approach, as well as our value-oriented investment style, are I believe the two key reasons for the strong performance in recent years. Naturally, I believe this combination, as well as the many other facets of our investment process, should continue to produce good numbers.