Share markets reacted favourably to the US election result - the US dollar strengthened, and bond markets were modestly positive. This combination delivered another strong month for the Portfolio, building on the gains over the past year. The gains in shares post-election can partly be attributed to relief that the result was uncontested. That said, expected policy shifts from the incoming administration are having a bearing on financial markets. Underlying funds are shifting exposures accordingly, with an increase in bank exposures (as these benefit from deregulation) whilst exposure to the healthcare sector (at risk of disruption) has been reduced. Equity exposure of the Portfolio has remained close to target, capturing the strong performance of broad equity markets recently. We continue to invest in the UK, where valuations are inexpensive, and interest rates are falling. On the bond side, the recent fall in bonds post the election offered an opportunity to add to exposure. We prefer bonds in Australia, Europe and the UK, and these positions rallied by month end. In currency, the Portfolio has had increased exposure to US dollars. Strength in the US currency post-election has enabled this position to be reduced. Looking ahead, the outlook is good, with robust growth and falling interest rates. High valuations and investor complacency moderate our return expectations, but we remain enthusiastic about the opportunity set.