Bonds – The level of US Dollar volatility, in our view, has had a disproportionate influence on the currency translated return of our holding in the US Treasury Inflation Protected 0.25% 2025 bond. Whilst the underlying security remains attractive, the moves both up and down year-to-date in the Dollar versus Sterling have proven a distraction for the investment case of the holding. As Sterling dropped below $1.40 in late April, we reduced exposure to this bond holding. We judged any material Sterling weakness and, subsequent inflation worries would prove favourable to sentiment towards UK index-linked bonds and added to the existing weighting of the UK Government 0.125% 2024 bond holding. The UK corporate bond market remains a small pool to fish in, given the low average yield available. We have added the SAGA 3.375% 2024 bond, which was bought below par for a yield of circa 4%.