November didn’t give the opportunity to our Hedge Funds to recover, we ended November with a small loss of -0.68%. The total performance was slightly influenced by some headwind of the US Dollar. During November almost all strategies gained a little, except Global Macro. One of our two Global Macro strategies suffered a big loss of -16.4%. This resulted in a loss for the Global Macro managers of -8.3%. This was the main event in the portfolio development. Within the CTA managers there was a lot of diversity in performance. Some of them won more than 4% and one other lost almost -4%. Together they produced a solid 0.6% gain over November.