The portfolio outperformed the benchmark in May, after three consecutivemonths of underperformance. It is now 1.2% behind benchmark for the year,and 3.0% ahead since inception in 2014.

　　South Africa dominates the list of underperforming stocks, after the localcurrency lost another 10% against the USD over the month. Despite this, itremains our largest country overweight. We continue to prefer consumerdiscretionary over staples, and have a large position in IT, which is offset byunderweights in energy, industrials, telcos and utilities.