The UK stock market ended the quarter lower thanks largely to subprime losses suffered in July and early August. The fund outperformed its benchmark, boosted by its unconstrained portfolio construction and active approach to stock selection.The biggest positive contributions to relative returns came from stock selection and an overweight position in the oil equipment, services & distribution sector and an overweight position in the mining sector.An underweight position in the banks sector was also positive, while stock selection in the healthcare sector and an overweight position in the support services sector were detractors.At the stock level, the strongest contributor was an overweight position in Wellstream after the oil pipeline maker reported increased first-half profit and won an order to supply pipelines for BHP Billiton in Western Australia.