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CHAIRMAN S STATEMENT Markets have been dominated by the response to the pandemic through both fiscal stimulus and very loose monetary conditions. In general, these policies have been very positive for risk assets like equities. More recently, as the end of the crisis has become more visible, the expectation of a surge in economic activity has unsettled bond markets and been to the benefit of more cyclical markets and sectors, where earnings momentum is likely to be strong. The portfolio positioning reflects these shifting sands, while recognising that government policies still provide a tailwind. Managed Growth The objective of the Managed Growth share class is long term capital growth. In the six month period, the portfolio outperformed its benchmark and delivered a total return on net assets of 15.5%, compared with the portfolio s benchmark which returned 9.9%. The share price total return was 20.4%. The long-term performance of the Managed Gro