June was a relatively friendly month for most of the strategies. Both CTA and Equity Long/Short strategies performed well. Within the CTA’s there was a rebound of one of the strategies that suffered the most during the last 8 months of the violent market situations for CTA’s. This particular CTA gained more than 10%. All three Equity Long/Short positions performed well but not extraordinarily. We will sell the Private Equity allocation. The valuations are a bit high and in our expectation the strategy will suffer the most during a correction. Therefore we are looking for a substitute that offers exposure to the illiquid real estate markets. Also the Credit strategies contributed to the positive performance, however one of the top performers for the year in this segment suffered some losses. Global Macro ended up slightly in negative territory. One of the worst performing positions has been closed now. We are now looking for a good additional alternative as there is now only one fund left in this category. The category Other took the biggest hit: our new allocations in Volatility Trading and Crypto Currencies were at the loosing side. The Volatility Trading performance is as expected. In markets in which equity positions are performing well, this strategy will suffer from the low volatility environment that comes along with it. We need this position to perform during corrections with volatility spikes. All rhetorics from the US government about the crypto currency to be launched by Facebook had a negative impact on the crypto currency market as a whole.