Driven by the comeback of appetite for Emerging Markets investments the fund was able to gain 2.69% during August. All markets, except Pakistan, added to the positive result to the fund. The positive force was the strongest for China, with a gain of almost 6%. The second best performing market was Russia with 4%. Unless the choppy oil prices the Russian Equity market is back on track. Russia has year to date after Brazil one of the best performing equity markets. Still the equity market is extremely low valuated. Our third market, India, performed also well with a solid gain of more than 2.6%. In the aftermath of the coup in Turkey we see still a lot of nervousness. However the markets are calming down and tending to business as usual. As said, Emerging Markets are back on the radar of international investors. We expect a further strengthening and positive returns for the funds in the last part of the year.