Markets lost ground in May, although in a reversal of recent months the S&P/ASX 300 Accumulation Index (benchmark) returned -2.8%, underperforming the MSCI World Index in AUD which returned -0.9%. It may have been a reflection of higher domestic inflation and more hawkish rhetoric from the Reserve Bank of Australia, which saw the several sectors substantially underperform their global peers. The Manager used May as an opportunity to significantly increase exposure to high quality global businesses that had been swept up in the broader months-long sell-off.