The August FY16 reporting season as usual provided winners and losers. While we are likely to do some portfolio adjustments as a result of the new information released with company results, the most important question in coming months will most likely be how to position for a potentially changing macro environment. We believe that a market environment in which sector and stock performance is less dominated by bond yields and unusually high multiples being paid for earnings growth, should benefit the Fund’s performance given Alphinity’s more balanced investment approach.