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 20% of portfolio.

In the last two to three years our program, has generated a positive performance, that was not correlated with the movements in stock markets. This was also achieved with a lower level of risk, as measured by its annualised volatility.