October 2018: Altaica EUR-Asia Emerging Fund: -4.42%

During October the stock markets suffered from severe losses, also the Emerging Markets. Due to that we cutted
down most of our exposure we were able to limit the damage to -4.42%. There were three positions left in our
portfolio at the end of the month. The China small cap position was hurted the most, -9.2%. Also Russia was not
able to escape from the market correction and lost 2.7%. The surprise came from Turkey. This market was
heavily hit during the summer months. It started its recovery one month ago and could also deliver a small
positive return during October of 0.34%. We expect to build up positions quickly in November. The sentiment in
the Emerging Markets is turning. Valuations are good as well as the opportunities.