After a decent start in March the fund continued to deliver a solid performance with +6.70% during the month of April. Compared with the Think Sustainable World ETF we outperformed with a solid margin of around +2.8% for the month of April. We are confident with the current level of leverage, it was stable during April, between 65% and 70%. The Q1 corporate result publications dominated the portfolio developments. We didn’t change the portfolio of individual shares, besides some small rebalancing adjustments. We implemented some more diversification in the portfolio by adding an allocation in sustainable equities of the Emerging Markets. We are waiting for the opening of the Japanese equity market to add even some more diversification through an allocation to Japan. In order to account for this we decreased our exposure in the Think Sustainable World ETF.