Global ex US equity portfolios are managed by Richard Oldfield using the same approach as for our global equity portfolios except that they do not invest in the US. The fund is mainly derived from the (non-US) holdings of the global equity portfolios we manage, plus a handful of other non-US companies that we think attractive. Among the additional holdings are some smaller companies, including some that are very small, in which we have been able to invest because the portfolios themselves are currently very small. The investments in these smaller companies are the result of a fairly serendipitous process of discovery and consideration, sometimes originally unearthed either by chance reading or through discussion with other fund managers.