Little has changed during January to alter our view that domestic economic growth will remain below trend for the balance of calendar year 2015. As a result, we enter the February reporting season with limited domestic cyclical exposure and a material exposure to quality companies that can grow their earnings outside of the economic cycle. We note the RBA's recent decision to cut interest rates has provided a short term boost to equity markets but more heavy lifting needs to be done before the domestic economy returns to a sound footing of growth to which we have all become accustomed. In contrast, the US economy remains robust, the consumer sector remains solid, employment growth continues to build and the US private sector continues to gain momentum. We remain confident that the US economic expansion will continue in 2015 and our key positions including Fisher & Paykel Healthcare, Ardent Leisure, Treasury Group, Servcorp and Sirtex Medical are all likely beneficiaries. (VIEW LINK)