Select Equity delivered 0.1% month during the month in line with local indices. Our platinum holdings continue to be the strongest contributors to fund performance, while our holdings in retailers and general miners have detracted. We have taken the opportunity to change our relative positioning during the volatile month.

We see better value in local facing businesses and have added to our bank holdings.

As discussed in our previous commentary the global economic environment continues to face many crosswinds and we continue to stay defensive in many of our holdings.