The Strategy posted another quarter of solid performance. The US market was yet again the main driver, reflecting the strength of the underlying economy. Themes, which were working in Q2 largely continued to work in Q3. Tech was in the lead, but performance within the sector diverged somewhat and FANGs gave away to MAGA (Microsoft, Amazon, Google, Apple). Netflix and Facebook fell out of favour, together with Alibaba (affected by ongoing trade tensions) and Broadcom, which disappointed by surprising the market with an acquisition announcement (the stock was subsequently sold from the portfolio). The positive momentum within healthcare continued, with some of the names posting gains in the mid-20% and high-teens (Eli Lilly, Pfizer, Merck). Industrials also fared well despite trade concerns and lingering fears of a slowdown. Financials managed to keep up with the index, an improvement on relative weakness seen in Q2. Japan was the second best performing major market, staging a late rally in September. Europe lagged behind as the strength in Pharma (Novartis and Roche) was not enough to offset weakness elsewhere. The UK was lackluster. Even multinationals held in the Strategy, usually less affected by Brexit developments, failed to attract sufficient enthusiasm from investors.