The portfolio's largest sector exposures remained technology and financials through the quarter, broadly unchanged from March, though we trimmed several positions that had run ahead of our valuation targets.

We initiated two new positions during the period: a European industrial automation supplier and a US-listed payments infrastructure business, both selected for pricing power we believe is not yet reflected in consensus estimates.

Cash levels remain modestly elevated relative to the strategy's long-run average, reflecting a shorter list of names meeting our return threshold rather than a broader market call.

Looking into the second half, we continue to see the widest gap between our estimate of intrinsic value and market price among mid-cap industrials outside the United States.