Test market comment item 3

This allows us to generate significant alpha in the portfolio. It also enables us to spot negative trends and act before negative developments become generally known to market participants and affect stock prices. In this way we deliver consistent market leading investment returns with a moderate risk profile, while controlling portfolio drawdown in difficult times.

We focus on finding the - the winners of the future. Our global team brings together the art of investing and the science of fundamental analysis to enable our clients to achieve their financial objectives.

of the stocks of our low-beta portfolio are outside any benchmark indexes. Our top 10 holdings have less than 25% correlation with peers.