The monthly performance was essentially due to positive returns in the German DAX, S & P 500 and Nasdaq 100 indices. The German DAX was the main profit contributor, mainly due to a series of very short term trades initiated after September 24, with a bullish bias.

Gains in the DAX represented 76% of the monthly performance while the S & P generated 14% and the Nasdaq 7%. We also made small profits in crude oil and gold.

September results were reduced by a loss that was incurred in a short Euro (vs. USD position), as the currency continued to appreciate (since financial markets were keen to keep a positive correlation with rising equities). The Euro position lowered the September performance by 40%.