The fund outperformed its benchmark over the quarter. An underweight in banks contributed to relative returns given that worries about additional write-downs resurfaced. Holdings in the software & computer services sector also enhanced returns, particularly Aveva, which reported strong full-year earnings growth. The firm that designs systems to help build oil rigs and ships also stated that demand from these industries was expected to grow.Elsewhere, a lack of exposure to the life insurance sector further supported relative returns, as consumer demand for savings products waned. An underweight in travel & leisure firms also contributed to relative performance in light of a weakening macro environment. Among energy firms, Norwegian group StatoilHydro and BP added value, as their earnings outlook benefited from rising crude prices. An underweight in Royal Dutch Shell, however,detracted from relative returns, as the strong trend in oil offset concerns about production growth and rising costs.