The strong start to the year came to an end as the US announced that it would be moving ahead with tariff increases on US imports from China. China responded in like fashion which caused world equity markets to soften during the month. The MSCI World Index, Asia ex-Japan, emerging markets and the S&P 500 all losing more than 6% in USD. US Treasury yields fell, with the markets now pricing in more than three US Federal Reserve (Fed) rate cuts by the end of 2020. The portfolio performed well during the month in spite of the international and domestic political turmoil with the Prime Minister announcing that she is stepping down on 7 June and the various factions in parliament refusing to back her BREXIT deal. After accounting for expenses, the net effect was an increase in the NAV, up by 0.04% as compared to the FTSE Index which declined by 3.5%, the Small Cap Index which was down by 2.1%, the AIM All Share Index down by 1.7% and the Fledging Index down by 0.4%. During the month we continued to consolidate our exposure in the Property sector, which is now down to eleven names. Dividends received in the month continue to be as expected and, in some cases, better than expected. We have turned our attention to the other sectors in the portfolio where our focus will be to retain and consolidate our holdings into those quality companies in the portfolio which are unlikely to be disinter-mediated by technological change and able to maintain or increase their dividend over the next five years. To this end, we will continue to sell our holdings in companies where there has been a change to the industry structure, the business model, the senior management team or the product/service offering, as well as adding companies which have an acceptable level of predictable growth in the business’s medium-term economic performance. Our position in Samuel Heath was lightened while Air Partner, Charles Taylor, Epwin, James Fisher, Goodwin, Hostelworld, Harworth, Ibstock, Ocean Wilsons, River and Mercantile, Schroder Real Estate and Town Centre were sold. We added to our position in Hill & Smith, Custodian REIT, LondonMetric, Regional REIT and Tritax Big Box, with Gamma Communications, Liontrust Asset Management and National Grid included for the first time.