With a positive return of 1.16% over August the fund performed well. This during a challenging month for the equity and bond markets. The differences between the strategies the fund is invested in were interesting. It was an excellent month for our Credit managers. This type of strategies was the stellar outperformer with a gain of 7.6%. Especially our American based manager. With a stellar performance of 17.5% it was the best performing fund in our portfolio, bringing the year to date performance of this manager up to 65%. The two other credit managers were both adding to the positive result but not that exceptional. All other strategies performed less impressive. Most of them ended up in the red. Only Global Macro was able to produce a small positive contribution. The CTA /Managed Futures performance was hurt by a loss of more than 16% of one of the managers. Most of the other CTA managers performed well. The Equity Long/Short managers performed in line with the global equity markets. There were also significant losses from our Crypto Currency investments. The fund is also benefiting from the USD strength.