During September the portfolio added a solid 1.8% performance to the result since the start of the Altaica Sustainable Equity Long Short Fund, bringing it up to 18.2%. During September we stayed invested while hedging the portfolio by buying put options on the AEX Index. The Put Option position returned negative due to rising equity markets. This tempered the overall performance of the portfolio. Because of this the portfolio underperformed compared to the Think Sustainable World ETF. However, since the start on the 1 March 2019 the outperformance relative to this ETF is about 11.5%. We remain confident regarding our positioning with solid downside protection given the combination of (very) positive equity sentiment and the fact that some important issues are still not solved like the trade war between the USA and China, Brexit. On top of that we see an increasing recession risk. We increased the leverage factor of the portfolio from a modest 1.37 at the start of September up to 1.73 at the end of the month. The best performing stocks within our portfolio are Umicore (+19.5%), ASML (+12.4%) and Illumina (+9.6%). At the other side of the spectrum we find: AEX Put December 2019 (-26.1%), Salesforce (-3.6%) and Walt Disney (-3.4%). We sold our positions Colgate Palmolive and Svenska Handelsbanken. We added the iShares S&P Global Clean Energy ETF. This to increase the positive climate impact of the portfolio.