October 2015 proved the importance of a well-diversified portfolio of hedge funds. Some funds performed really good while in the same time other funds with almost the same investment strategy lost significantly. In general the Long Short Equity funds with a long bias contributed the most to the positive portfolio result. The CTA fund results showed far more differences in results. The markets changed several times from direction, extremely challenging for trend following programs. The largest position in the fund, Windmill Evolution, lost almost 3%. The star of the previous month, Tulip Trend, lost almost 7% in October after gaining 14% in September. For the end of the year we expect to be fully invested. At the moment we are adding a few new categories to the portfolio like credit arbitrage funds and several CTA investments. Also we are adding a Long Short Real Estate fund.