During October we suffered from a severe currency headwind. The US dollar weakened almost 2%. On portfolio level this is a minus of about 1%. This explains almost the total loss of the portfolio during October. Between the different strategies the performances were quite mixed. First of all one of the big disappointment came from one CTA manager. This manager, one of the big names in the industry, burned all its impressive performance earlier this year into a loss. Last month this fund lost more than 13%, making it the biggest loss maker in the portfolio. This was exceptional because the other CTA manager performed not at all in this way. This also promotes this fund manager on the watch list of funds to sell. Most of them were between -1% and +1%. One of the managers was even able to produce a profit of more than 5%. Global Macro also didn’t do well. One of our largest and best performing strategies this year lost almost 5% of its value. Given it YTD performance of more than 50% we don’t question the quality of the manager. The other strategies did well. Especially Equity with a gain of 1.34%. There were two contributors to this result. First of all a fund that makes its bets based on insider trading data. This means board members of companies who are selling or buying equities of the company they are working for. Secondly the Real Estate & Private Equity fund we recently added to the portfolio did well.