December was the recovery month, both for the financial markets and our fund. With a positive return of 2.66% we neutralised an extremely difficult year for hedge funds and for CTA strategies in particular. This month all strategies delivered a positive return. The absolute winner was Equity Long Short, followed by CTA and Event Driven Strategies. Within Equity Long/Short our European manager performed outstanding, adding more than 11% to his result. The markets in Asia faced more turmoil, our manager over there lost a little more as 1%. The CTA managers performed all in harmony. The funds who lost a little more during November won the most in December. Equity and currency trades added the most to the returns. Trends started earlier this year came strongly back in December. The Event Driven manager was also able to deliver a good return during December. Multi Strategy managers were not able to deliver attractive returns. However all of them performed positive. One of our latest selected funds, the currency trading (FX) fund, added 1%. The fund manager was the last quarter extremely cautious and went into safety mode. In the coming months we expect a lot from this strategy. We started a procedure to add two more funds to the portfolio. This two funds have an good track record and unique strategies which are pretty low correlated to the whole portfolio. One of the funds invest in the Volatility Index of the S&P 500, this extremely difficult market offers great potential to this highly specialised investment team. Secondly we added a CTA investor which is fully specialised to act in the turbulent Asian markets.