In the month of April the fund gained 2.38%. Equity Long/Short strategies gained over 10% and Credit strategies rose 8.2%. As a group CTA’s generated a positive return. However, on a fund level there was quite some dispersion. The best CTA made +10.8%, while the worst lost almost 8%. Global Macro strategies didn’t perform well during April 2019. Our largest position within this strategy lost more than 2% of its value. Also in the category Other there was a loosing strategy, which was a volatility trader. We sold this position due to disappointing performance over the last 1.5 years as we want to have a volatility strategy in the portfolio that is better able at benefiting from volatility spikes in the markets. This happened two times in 2018 and so far one time this year. In all these three (volatility) events this fund couldn’t take advantage. Moreover they belonged to the funds with the highest level of losses. As a result of the sell of this volatility trading fund the cash level increased. Next month we will add another volatility trading fund which has quite consistently demonstrated the ability to take advantage of volatility spikes.