The Historia Alexandri Magni is the history of the conquests of Alexander the Great (356-323 BC), King of Macedonia. The Middle Ages took a great interest in Alexander and various adaptations of the text appeared.
The historiated initial "S" shows Alexander controlling Bucephalus, his horse with the large ox-head. The illuminator painted horse and horseman on their way to the woods through an opening in the letter "S," thus creating a felicitous transition from the letter to the border decoration.