Our serie of months with positive returns came to an end in July. This month we almost finished our rebalancing of the portfolio. Bringing the cash level below the 10% and CTA investments back to the 50% of the portfolio.
Equity Long/Short and Credit investment contributed in a positive way to the portfolio result.
During July we faced headwind of the weakening of the US Dollar against the Euro.
CTA investment and especially Multi Strategy funds contributed in a negative way to the performance. The almost 50% allocation in the portfolio the CTA investments pushed the result into the red.
We see a strong momentum in the US Dollar. Due to this we are not hedging our US Dollar positions and expect the next months a positive contribution from the US Dollar to the result.