July was a volatile month. Our short position on the Turkey market became the best performing position in the fund, this only after the attack on a Turkish village, which started the involvement of Turkey in the war on IS. Together with the unrest resulting from the attack the instability in Turkish politics – no new government after the last elections – started the downturn of the Turkish market. The recovery program of the Chinese market authorities came effectively into force in July. The crash of the markets stopped and there was even a recovery. However, at the end of the month doubts about the sustainability of the support program in combination with a weakening macro economic environment destroyed the budding recovery of the Chinese equity markets brutally. Russia is suffering of the fall in commodity prices, especially the oil prices. The Rubble weakened 10% in July, from 61 tot 67 to a Euro. The fund lost 1.82%, but outperformed the benchmarks: the TRIC index* by 3% and the MSCI Emerging Markets ETF by 3.4%. So in the first month of its existence the fund was able to achieve one of its goals: lowering the drawbacks compared to the drawbacks of the benchmarks.