During December the equity markets went down by more than 5% on average. The fund was able to limit the losses within the -1% range. The best performing strategy was Gobal Macro with a solid 2.8% gain. At the other side we find Credit Strategies and Volatility Trading. Both strategies were losing about 4% of their value during December 2018. Looking back over 2018 we started with some volatility. The second and third quarter the fund performed pretty well. This positive trend came brutally to an end in the fourth quarter. Market volatility and direction changes came abrupt and disruptive. Trend following strategies couldn’t follow and became the victims of the markets. For January we also expect that this type of markets will have an negative impact on the fund.