As we embarked on 2021, our primary investment themes were the following: favour equities over fixed income, favour cyclical sectors over defensive sectors, favour small companies over large companies and favour the rest of the world over the U.S. Through the first half of the year, our primary investment themes have led us to the proper portfolio positioning, lending to 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 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 20% and 18% in both Canada and the U.S. respectively, which is a positive signal for the equity market outlook. However, these positive earnings revisions in 2021 have been at the expense of the corporate earnings expectations for 2022. We are watching this development closely, as the lowering of earnings expectations for 2022 may mean more modest returns next year. This will emphasize the importance of focusing on investment fundamentals and taking a patient approach as we head into 2022. 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 have a positive outlook for the remainder of the year but are mindful that equity markets are expensive relative to historical norms. As always, our goal is to protect and grow our Balanced Fund unitholders’ capital without exposing the portfolio to unnecessary risks.