Due to a strong recovery for most of our CTA/Managed Futures positions the fund gained more than 2% over March. The CTA/Managed Futures strategy won in total more than 4%. Momentum is back in most of all markets and especially in the Equity and Bond Markets. Also helping was the strengthening of the USD (1.8%) compared to the EUR. All other strategies failed to perform during March and ended up in the red. Global Macro performed the worst with a loss of 2.45% followed by Equity Long/Short strategies. The last one was the most disappointing one, while equity markets did well they ended up at the losing side.