In 2017 the strategy showed a positive return, but underperformed its benchmark, the MSCI All Countries World Index. Equity dividend strategies had an headwind from rising interest rates. Moreover, equity dividend strategies did not participate as much in the Technology rally, as this sector is structurally underweight by the nature of these kind of strategies. However, the fund managed to outperform the MSCI AC World High Dividend Yield Index, mainly because of stock selection. The same trends continued in 2018. Year-to-date (end of May) the strategy showed a positive return, but underperformed its benchmark. There were some small changes to the strategy. The yield hurdle was changed from a fixed 3% to a 100% relative to the benchmark yield. Furthermore, the PM targets a portfolio yield of 150% of the benchmark yield, instead of a 4% fixed yield. These changes result in a broader opportunity set.