We wrote 12 months ago of the potential economic recovery, post vaccine roll out, the
commitment of Central Banks to stimulate growth and the rude health of many consumers and
corporates. It proved a strong buying opportunity. Given the thematic relapse in equities in
recent months: bonds rallying, narrowing of market leadership and more economically cyclical
businesses underperforming, we believe investors have another opportunity to invest in lowly
valued, but high quality, cyclical businesses.