The portfolio performed strongly during November 2019. With a gain of 5.6% it outperformed our long only benchmark by more than 2.4%. This brings us to a total performance of 25.95% since start in March 2019. Our outperformance of the long only benchmark is now up to about 14.5%. The outperformance related to the Long Short Equity Benchmark is more siginificant. At the very end of the month we reduced our leverage factor to zero. The strong positive performance over the last months is making us a bit more careful at the end of the year. The portfolio is still 100% long but also fully hedged by put options on the AEX Index against a market drop of around more than 5%. We closed the individual stock position of Deutsche Post. The positions has been sold with a good return on investment, however we see more attractive investment propositions. Deutsche Post’s results are increasingly becoming vulnerable to the weakness in its operating environment characterised by slowing world trade. To acknowledge this risk, the stake in the firm is being sold to fund investments in firms with a better risk-return profile.