During a couple of disastrous summer months in which the Eur-Asian Emerging Markets suffered severe losses. September gave us hope with good recovery rallies. The portfolio gained 2.43%. The heavily hit Turkish equity market showed an impressive +16%. Second best was Russia with a gain of about 5%. The Russian equity market could benefit from a rising oil price. Next to this the weakening Rouble and so a strengthening of the USD is great for Russian companies who are engaged in commodity markets like oil, steel and wheat.China was also performing well with +2%. Only Eastern Europe lost a bit with -0.2%.We enlarged our Turkish position as well the position in the Chinese equity markets. We are back in Russia but sold our investments in India and Taiwan.