Augustus 2020 : Altaica Sustainable Long Short Equity + 7.9%

The fund performed excellent during August with a gain of 7.86%. By this we extended our outperformance by 2.51% up to
42.7% since start on the first of March 2019. Especially our stock selection contributed to the result. There were two stellar
performing stocks, Varta (+37.64%) and (+38.03%). Only a couple of stock ended up with a small negative
return. Our portfolio hedge contributed as expected in a negative way to the result. However due to active management we
managed we kept the impact relatively small.
During August we repositioned the portfolio. Firstly we sold three underperforming stocks and sold part of the profits on
Varta and We added five new positions and increased the stakes in some underweighted positions.
We expect the actual trends will continue during 2020 but we stay cautious by hedging our portfolio in a solid way.