January 2019 was a perfect copy of disaster month October 2018. Also this month we lost about 4% of the fund value due to sharp turnarounds in a wide range of markets. During December the technical patterns and momentum for the equity markets were indicating a further downturn. Also everybody was expecting a further raise of interest rates, especially given the hawkish approach of the FED. Last but not least also the commodity markets were in a serious downturn. All momentum and systematic trading strategies were positioned for the extension of the December directions of the markets. January was however a month which started with movements into different directions on the markets due to a more reasonable approach of the US President into the direction of the FED, which itself became more dovish, and China. This in combination with a solved Shut Down of the US government gave the markets wings. This all resulted in a very sharp downturn in the Global Macro Funds. The CTA funds were more diversified in their approach of the markets. The Equity Long/Short part of the portfolio was saved by the Listed Private Equity position. This one performed well and turned the Equity Long/Short strategies into positive territory.