The monthly gain was mainly due to positions in the German DAX and

S & P 500 index, that had remained open at the end of July. Around the middle of August, our team took advantage of a fall in stock prices. They bought these two markets at attractive levels, compared to July 31.

At the end of August, the open positions in US S & P 500 and German DAX represented less than 30% of portfolio.

Since end December 2007,  our program, has generated a positive performance of 14%, that was not correlated with the movements in stock markets. This was also achieved with a significantly lower risk than equity and hedge fund indices, as measured by their annualised volatility.