Russia was the surprise of February 2018. With a positive performance of 2.5% it was the best performing market in our portfolio. Russia could benefit from rising oil prices. The markets ignored the increasing negative sentiment in the USA and the UK towarts Russia. Also Pakistan and Turkey delivered a positive returns of about 0.3%. Unfortunately not all markets in our portfolio performed well. Especially China and Eastern Europe suffered a lot from the equity market downturn which started at the end of January. Eastern European markets were down more than 7% and China, our biggest position, lost about 5%. This is a significant negative contribution to the fund performance. Also India, second largest position in the portfolio, lost also about 4% during February. Taiwan performed also poorly with a loss of 2.6%.