The volatility in markets, that had no clear trends, harmed the fund results. Especially the CTA funds (our biggest allocation) suffered severely. The other strategies delivered small positive results to the portfolio and we did not see much differences in the results of the individuals funds.
The fund still outperformed three of the four benchmarks since start. This year the Dutch stock market index, the AEX performed a little better. Compared to the global equity market this year we are happy with our out-performance of almost 6%.
We are looking to strengthen our fund with more high conviction Long Short investment strategies, because we want to have more positive performance in case of a new rally of the equity markets. We see potential for such a rally at the end of August or start September. Next to this we see the start of new trends in the different financial markets. This can fuel the performance of the CTA portfolio.
Halfway the month we increased our hedge on the US Dollar exposure of the fund. This to neutralize the US Dollar weakness compared to the Euro. This payed out well for us.