In May, the European markets put down an excellent performance. The STOXX600 YTD return increased from 15,5% to 16,7%. Our portfolio did much better, and YTD return increased from 20,8% to 28,8%. Alpha is now 12,1%, a significant outperformance. The S&P YTD return increased from 1,3% to 2,4% in the US, while our portfolio declined from 5,3% to 3,9%. Our model still doesn’t work as well in the US as in Europe, but we still have an alpha of 1,5.