In 2017 the strategy performed in line with its benchmark, the MSCI All Countries World Index. The strategy showed some tracking error and this was mainly due to stock selection. Year-to-date (end of May) the strategy showed a positive performance, but underperformed its benchmark. This was mainly related to the headwind of dividend stocks and some stock specific issues. The focus of the strategy is mostly on dividend growth and not necessarily on dividend yield. The strategy yield is 3.1% and dividend growth is 7%. As of the end of May the strategy holds no investments in the Real Estate, Utilities and Telecommunications sectors. The strategy holds no investments in Japan and is underweight Asia ex Japan. The strategy is slightly overweight US and overweight UK.