e-fundresearch.com: Which growth themes have been the strongest contributors to your Year-to-Date performance?
Alex Farman-Farmaian: There have not been any major prevalent growth themes for now, as the market has been volatile. I would have to say that companies that have delivered better than expected revenue and profit results have been well rewarded as investors worry about the increased Fed Funds rate that could come in the next several months and will likely eventually slow down the shares of more cyclical companies. Amazon.com is one that comes to mind. It was very mis-understood last year and so the stock fell 30% in 2014. That allowed us as patient investors that had analysed the company in close detail and saw that their profits were growing very quickly below the surface to buy the shares as they were over-sold by less informed investors. This year the shares have risen substantially on the back of far better profit and revenue results than most of Wall Street and other investors had expected. This is was driven by the singular long-term focus by the management team of Amazon.com and its founder Mr. Jeff Bezos to build a very special and successful company for future years. He continues to focus on building a business….not on pumping up the stock price. We like to invest with special people that can keep their goals clear and stick to them despite the share price going down.