During July we performed in line with the global Sustainable Equity benchmark. We got some headwind by the losses on our derivatives bought end of June and start of July. After a fabulous June performance we decided to take some protection in the portfolio in case market sentiment would change in a negative way. As the markets performed in a positive way our derivates ended up with a 10% loss. A second drag on the performance came from Illumina. Illumina indicated softer than expected preliminary second-quarter results uDespite the lowered growth outlook for the remainder of the year, the demand prospects remain favourable for the foreseeable future. Also Svenska Handelsbanken lost 6,5% over July due to weak numbers. Not all went south, a lot of companies performed pretty well. Among them we found Sherwin Williams (+13,85%) and ASML (+10,3%). These companies could surprise us in a positive way with strong results. We are comfortable with the current portfolio. With derivatives we build a solid floor in the portfolio. During months with a strong performance we have the intention to increase the protection level. In this way we create a portfolio with a powerful performance during Bull Markets but also we create stability when markets are in turmoil.