During November the performance differential between managers and strategies was remarkable. We ended up with a positive return of just a little bit more than 1%. The drivers of the performance were CTA (+2.3%) and Equity strategies (+3.2%). The other strategies suffered losses during November. Except two managers all CTA managers performed well. One of the managers which suffered huge losses in previous months was able to turn the tide and recovered partly by 12.1%. The other managers performed more modest with gains and losses between -1.6% and +4.4%. Due to a 4.8% loss of one of our largest positions in the portfolio the category Global Macro dragged down the total performance of the portfolio. The Equity managers performed well. However one of the three managers lost almost 3% during the month. The Dutch Long Short manager added almost 10% during November, bringing his year to date performance back to where we expected it to be. Credit managers were on the losing side, however after a very strong performance over the year, a loss of 0.3% is not worrying. Worries we have about the other funds. All of the four managers in this basket didn’t perform well over November but also not over the whole year. We reduced this month our exposure to one of our most successful managers over 2019. Next to this we reduced also our position in a more traditional CTA manager. This to balance the portfolio and to add new talent. We use the cash to diversify and allocate to another Long Short Equity fund, a new CTA manager, and additionally we are doing our due diligence for another Residential Real Estate manager.