The fund lost about 1.4% during September after three positive months. During September a lot of markets made quick changes of direction. One of the events causing them was the attack on the Saudi Aramco oil facilities. This resulted in a spike in the oil prices causing havoc on the short oil positions of many CTA managers. Next to this there were sector rotations in the equity markets and rebound reactions in currencies and bond markets. This all resulted into a relatively small loss on the portfolio level. We were saved by the Credit strategies which generated a solid return and a little help from the Equity Long/Short strategies. Both CTA and Global Macro strategies suffered losses of more than 4%. During the last month we changed the composition of the portfolio. We replaced one fund from the Credit category by a fund in the Global Macro space. In our opinion this is a better fit to the overall strategy and better diversification of the portfolio. We also increased the weight in Equity Long/Short strategies by adding a fund that invests in Direct Real Estate and Private Equity. All together this makes the portfolio more balanced.Se