Until the Black Monday of August the results of the portfolio were promising. Especially the long trend following funds could make profits in the turmoil in the stock, bond, commodity and currency markets. Unfortunately in the last week the best positions became the worst. This because of the huge rebound of almost every investment. The biggest loss was caused by Tulip Trend, this long term CTA performed in July 20% and lost in August almost the same percentage. The extreme intraday movements were killing the results of almost every active managed futures fund. We saw losses in the whole spectrum of hedge funds. For the coming months we expect good returns because the rebound momentum is coming down. Stock markets are probably going back to their down trends and currencies are becoming more stable. We started the portfolio defensive and are still almost 50% cash. In the next two months we will grow to a 100% invested portfolio.