The results of March 2016 were dominated by the performance of the US Dollar. The US Dollar went from
1.089 to 1.138. A depreciation of 4.5% within one month. Partly we hedged our currency risk, however the
performance was still heavily influenced by this movement. To illustrate the fund result in Euro was -2.7%,
measured in USD the performance was -3.97%.
Let’s zoom in to the different strategies of the fund. First of all CTA /Managed Futures programs. This
strategy was suffering the most of the sharp reversals in the commodity and currency markets. Those
strategies were mainly responsible for the losses of the fund. Unfortunately our selection of Equity Long /
Short funds also could not take advantage of the turns on the financial markets. Moreover, they lost also
significantly, -3%. The Multi Strategy funds were able to present positive returns. The single fund in Event
Driven Arbitrage made a small loss.
Special attention should be given tor Windmill Trend Evolution: it was again able to beat a lot of CTA funds by
gaining 0.7% (EUR) in March 2016. Other winners in the fund during March were the latest investments of
the fund, Boussard & Gavaudin (+6,1%) and Robeco GTAA (+1,2%).