Since January 2008, results compare favourably to equity markets and hedge funds indices.

 Most of the monthly gains came from strategies in the US S & P 500 index that contributed 66% of the results. After an initial purchase, our team reversed and maintained a selling bias afterwards until month end. The German DAX index added another 30% to the month performance. The team also kept a negative bias in this market. Strategies in the Euro against USD had a negative impact this month, reducing gains by 17%.

In addition, crude oil contributed another 13% to the monthly results and gold 6% (only currencies were negative in June).