It was a strong month of returns with the Portfolio returned 3.75% in March, bringing the one-year return to 15.58%. Returns in March were predominantly the result of solid performance from a wide range of our stock picks, as the rally in global shares broadened out. Half of the Portfolio’s top 20 stock holdings returned over 5% in March, with many of these stocks building on even larger returns over the past few months. These include stocks such as Contact Energy, HCA Healthcare, Bank of Ireland, PulteGroup, Infratil, Shell and Fiserv; representatives of a broad range of geographies and industries. Returns from stocks were complemented by positive returns from our bond holdings, where strong yields continue to deliver a steady income. Expectations of a weaker global economy continue to recede – remarkable given the rise in global interest rates. The US Federal Reserve appears keen to cut interest rates soon and let the economy run hot, despite a pick-up in inflation recently. This bodes well for shares, but high valuations and a degree of exuberance keep us wary and highly tactical. The best opportunities will continue to be in particular stocks and themes, rather than owning broader share markets. We continue to reduce global corporate bonds after their strong run, whilst steering clear of longer-term bonds for the time being.