Every sub strategy added more than 3% in November to the result, except the currency hedge, on which we lost 4%. The different CTA funds in our portfolio performed quite differently from each other. The star performer was again Tulip Trend with 19.4%. In the same time another CTA manager lost almost 2%. Tulip Trend benefitted from the downward trend in prices of basic materials. Our Equity Long/Short positions performed all in a good way. Two of the funds were capable to gain almost 6%. In the first week of December the results are more mixed. Volatility of the markets is again high and the market recovery was brutally broken by the speech of Draghi . The influence of falling prices of basic materials is severe. Especially for countries like Brazil, Russia and South Africa.
We are still busy building up the portfolio. This month we welcomed three new names in the portfolio. First of all an very enhanced Long Short fund specialised in real estate. Next to this an CTA manager which approach is different from all other CTA managers. All others use the quotes of assets to determine the trend. This CTA manager looks to macro economic data in combination with the actual direction in the different markets. We moved to more than 75% of all assets invested. At the end of the year we will cross the 95%.