During May the world equity markets faced a serious correction of about -5.7%. Bond markets got the impact of the market turmoil and served as a safe haven. Hedge funds performed better than equity markets by lower negative returns. Altaica Multi Alpha Strategies lost almost 2% of its value during this volatile month of May. The fund demonstrated to behave as a well-diversified portfolio. The dispersion in performance between the different strategies and also between funds within one strategy category was again considerable. Only Global Macro ended up in the black. Equity Long/Short performed poorly. When we focus on the main strategy of the fund, Managed Futures/CTA the diversity in returns was huge, ranging between +2.51% and -12.16%. Overall we ended up with a loss for this strategy of more than -3%. Within the Credit Managers the situation was more balanced. In general this strategy class performed again impressively with a positive contribution of 3.25%. The Credit outperformer of the last couple of months was suffering its first loss since a long time of -2.9%. This acceptable loss was offset by the stellar +13% of one of the other managers. In the category Other we replaced an underperforming Volatility Trader with a new one.