Their earnings were ahead of forecasts and they gave fairly optimistic guidance going forward.

What Point does is they target particular brands into particular age groups or economic groups. They watch the development of their stores carefully.

In Europe, we added a number of technology companies.

We do see a lot of earnings acceleration in Japan in a couple of sectors in particular. We've got good exposure to Japanese retailers, good exposure to Japanese real estate companies.

We're looking for stocks that are showing accelerating earnings growth. Stock appreciation will follow earnings growth.

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