The perfect storm hit the financial markets and especially the emerging markets. It all started with the devaluation of the Chinese Reminbi. This triggered the collapse of several emerging currencies. In the turmoil the Euro became safe haven. This was not the only problem China caused. The macro economic news has become worse and worse. A recession for China looks unavoidable. The mainland China index, CSI 300, lost more than 23% of its value. Next to the currencies we witnessed a tumbling oil price. For commodity countries like Russia this is a devastating development: halfway the month the losses on Russian Equity exceeded 22%. However at the end of the month there was also a sharp recovery of the oil price and in its wake the Rubble and Russian equity market. Turkey produced a gain in the portfolio due to the short position which we closed almost at the bottom of the markets. The fund lost 9,21%, but outperformed the MSCI Emerging Markets (-10,52%) and our own composed TRIC-X* benchmark (-11,28%).