Diversification is the great advantage of adding Altaica Multi Alpha Strategy Fund to any portfolio of equity and bonds, as can be shown last month. When the turmoil of the BREXIT founds its way into the financial markets, our holdings were able to have a good performance on average. The total portfolio gained Especially our most aggressive Managed Futures programs made impressive gains: Lynx +21.7% and Tulip Trend +19.4. Tulip Trend is powered by the Transtrend Program of Robeco. For other strategies the circumstances were more difficult during June. Our European Long/Short Equity manager lost more than 5%, however he was able to regain some of his losses during the BREXIT volatility. The other Long/Short Equity manager in our portfolio, APS Asia Pacific, managed to produce a small plus. We welcomed a new fund to the portfolio, Twin. Twin Securities, Inc. (“Twin Securities,” or the “Firm”) was established in January 1988 by David J. Simon who serves as CEO and CIO for the Firm. Twin takes a selective, opportunistic, equity-based, event-driven approach focused on US and international investment opportunities across three strategies: merger arbitrage, special situations and deep-value with a catalyst. Twin is a good diversification to our total portfolio. The correlation to other funds is low. The track record is long and impressive. In the next months we are looking to diversify the portfolio with two specialised systematic trading programs, one Currency/FX program and a commodity trading program.