During August the CTA managers were able to deliver uncorrelated performance. Due to their performance the fund also performed well, 0.87%, bringing the YTD result at 0.53%. Also our Currency trader was able to make a good positive return during August. The other strategies didn’t follow the lead of the CTA funds. Our Equity Long/Short funds do have a long bias, this didn’t work out in August. The volatility in Turkey and Southern Europe’s bond markets were the cause of the losses in our Credit funds. Last but not least, the US Dollar contributed to the positive result. In the fund we are almost fully invested. In the next months we expect to invest also the last part of the cash.