During the quarter, the fund outperformed its benchmark.The bias towards large-cap blue-chip companies proved rewarding, as large-cap stocks continued to outperform their smaller counterparts. The leading contributor was Nintendo, which reported record annual profits thanks to the unprecedented popularity of its handheld game console, Wii.In sharp contrast to the preceding quarters, the key contribution came from holdings in technology stocks in the liquid-crystal display and semiconductor segments. A cyclical upturn in demand and product pricing bolstered the share prices of electronics parts and material producers in the chemicals, glass & ceramics sectors.Holdings in commodity-related stocks also contributed to performance. The fund's overweight positions in a leading Japanese trading conglomerate, Mitsui, added significant value amid robust demand for mineral resources and higher commodity prices.