September was a volatile month for the Emerging Markets. Until Tuesday the 29th the losses were significant and our short positions did their job. At that moment the fund outperformed the market with more than 5%. At the moment we closed 50% of our China short positions. On the last day of the month the markets made an impressive rebound. Our benchmark, the iShares MSCI Emerging Markets UCITS gained 3,4%. The sharp recovery of the Emerging Markets hurted our short positions, on a monthly basis the fund and its benchmark obtained an equal result, -2,4%. Within the Eur-Asian markets Russia and Turkey made the most significant losses, both more than 4%, China lost also a 2,5% and India made even a small profit of 0,6%. The markets in India were boosted by an interest rate cut by 0,5%.