August turned out to be the most devastating month of the year fort he Eur Asian Markets. The losses in the Turkey equity market were dramatic, a loss of about 30% within one month. The second market which was under pressure was China, the trade tariff war with Trump keeps investors worried and this market lost about 3%. We see huge potential for both Turkey and China, these markets are totally undervalued. Both have their own specific opportunities and weaknesses. The Chinese economy does have a strong leadership and economy. Finally the trade dispute will be settled with the USA, after this investors will recognise that the latest market correction made the Chinese equity markets well priced. The Turkish economy is lacking the quality of leadership as we see in China, however Turkey is geographically well located, full of entrepreneurship and the government does have a very healthy and low debt level. China in contrary is building up its debts as fast as it is growing. We sold our Russia position. This due to both a long term as well as a short term sell signal. This in combination with the sanctions and the growing negativity in the sentiment against Russia in the West gave us the trigger to sell the position. The total performance of our position in the Indian equity markets was performing flat. Eastern Europe (+0,3%) and Taiwan (+1,9%) performed well. However the profits made over there were not able to flatten out the loss made in Turkey and China.