The French elections did have a serious impact on the financial markets. Monday the 24th, the day after, the European equity markets celebrated the election of Monsieur Macron as the new president of France and rose more than 4%. This positive sentiment on the European equity markets was there the whole month. This impacted the portfolio in a positive way due to our Equity Long Short managers. As category they added 3.8% to their value. On the contrary to the European equity markets we see weakening of the US equities. Measured in Euro the US equity markets performed already 10% less as Europe.
The second market which felt the impact of the French elections was the Euro / US Dollar. Together with all turbulence around the US President , Donald Trump, the US Dollar is severely weakening. Next to this there were disruptive price movements in the commodity markets. Bond markets were the centre of stability during April 2017. All together we lost money in our selection of CTA investments and FX (currency trading). All together the fund did have a positive return of about 1.5% in USD, measured in Euro however we lost 0,7%.