February 2016 was extreme. In the first weeks the tumble of the international markets continued. But unexpectedly the sentiment turned. First Turkey and later, more spectacularly, also Russia made a turnaround. During the month we took again a long position in Turkey and Russia. At the end of the month we added also China to the portfolio. Main driver for Russia is still the oil price. The price is stabilising and gaining strength. More and more analysts see the trend turning at the production side. The production is shrinking by the agreement between OPEC and Russia to stabilise the production and at the other side bankruptcies in the fracking industry of the USA. In the same time we don’t see any drama in the macro economic development of the USA and Europe, on the contrary. The European economy is gaining strength. We see great opportunities for the Emerging Markets. Some call Emerging Markets the bargain deal of the century. And sure, valuations are low and the markets are priced on distressed levels, however without a serious recovery of the commodity markets it will not work. But if the recovery will proof to be sustainable the opportunities will be great.