The fund performed well during July 2019. The strategies Credit, CTA and Equity Long/Short all contributed to the result in a good way. The strong performance of the Credit strategy was mostly driven by one fund which was able to gain more than 12.4%, and overall our Credit positions did relatively well. Within the CTA positions there was more diversity. The two top performers of July generated gains of +18.2% and +16.1%, respectively. Additionally, some of the funds couldn’t take advantage of the market conditions; one of them was even on the losing side. The Equity Long/Short strategies generated mixed results. The European Long/Short fund performed well but the other one ended up in negative territory. We closed the Private Equity Strategy, due to the fact that our expectations are less favorable than reflected by the actual valuation. Global Macro was less inspiring with almost no movement. In the category Other the performance was more diverse. The losses are caused by the correction of Crypto Currencies in which we recently took a position. Also our new allocation to a volatility manager ended up in the red. The Currency Traders were able to deliver a small gain.