What's been driving the valuation has been an expectation of really strong applications revenue growth. At this valuation, we were expecting at least 57 percent application revenue growth, but we got only 42 percent.

Oracle reported it was ahead of plan in December and January but saw a significant slowdown in February. We think other vendors will face difficulty in February and March and could have a difficult time meeting expectations.

We believe Oracle's shortfall is an omen for other names in our universe.

Yields are the main factor driving flows. The key factor supporting the dollar is expectation of higher rates and acceleration of inflation expectations.

Horizon has had seven consecutive periods of earnings growth and continues to meet market expectation. The group is a strongly profitable, cash generative group with sustainable competitive advantages and significant operational leverage opportunities.

Domestic demand is now driving growth.