As we embarked on 2021, our primary investment themes were the following: favor equities over fixed income, favor cyclical sectors over defensive sectors, favor small companies over large companies and favor the rest of the world over the U.S. Although it is early in the year, thus far our primary investment themes have led us to the desired portfolio positioning, which has resulted in strong investment results. The foundation of our investment thesis is that we are in the early stages of the next long term economic expansion, where the corporate earnings recovery will continue, and broader economic growth will remain strong. Notable developments beyond these foundational themes have been the continued progress on the global vaccination front, North American central banks reconfirming their commitment to maintain easy monetary policy and governments continuing with abundant fiscal stimulus. These developments have further reinforced our investment thesis. Corporate earnings growth was anticipated to be 18% in the U.S. and 26% in Canada at the beginning of the year. Consensus expectations have improved by 6% in both Canada and the U.S., which are a positive signal for the equity market outlook. Although the economic and investment landscape remains positive, we are cognisant that the path of least resistance is also susceptible to the occasional detour. Within that context, we remain positive on the outlook for the remainder of the year but are mindful that equity markets are expensive relative to historical norms. For this reason, we are prepared for and anticipate some modest setbacks, but will continue to focus on the underlying fundamentals to serve as our compass for portfolio positioning. As always, our goal is to protect and grow our Balanced Fund unitholders’ capital without exposing the portfolio to unnecessary risks.