During the month of November most of our positions delivered small positive or negative results.
Nothing spectacular nor inspiring happened last month. Both the equity and bond markets in general had
negative results in November.
The most important reason why we had a negative result was the movement of the USD against the Euro.
Our Dollar positions in the fund are partially hedged at the moment. The depreciation of the Dollar of almost
3%, brought the result of the Fund into negative territory (this unless we hedged about 20% of our US Dollar