We introduced US-based apparel designer, Kontoor Brands, where we see a combination of brand strength, attractive valuation, and scope for material engagement activity. This purchase was funded by the sale of our holding in IT services business, Amdocs, where we have some concerns about the visibility into its end markets.
Our portfolio positioning retains its tilt towards mid-sized companies where there is a clear opportunity for engagement over sustainable development goals. We will be looking to continue with our strategy of adding to positions where we see underlying quality, the potential to engage with the company and where the market allows us to add at more attractive levels.
Our main overweight sectors are healthcare, consumer staples and financials. These are funded by underweight positions in real estate, communication services and energy. From a geographical perspective, we are overweight to Europe and Asia ex-Japan. This is funded by being underweight to North America.