At the end of May we reduced the leverage of the portfolio from 165% back to 139%, this due to the increasing volatility and market risks. However at the start of June markets took again a U-turn move back to the positive sentiment of early 2019. In this way we were able to regain the losses made in May 2019. Moreover we were able to increase our outperformance to almost 9% compared to the Think Sustainable World ETF since inception, meaning for a period of the last 4 months. In the portfolio we added again the Think Sustainable World ETF and the iShares MSCI World SRI ETF. Especially the individual stock selection contributed significantly to the June 2019 performance. We are confident about our future performance. However we are increasingly attentive to the market conditions. Also we have the intention to start building up a protective hedge during July 2019.