With a gain of +7.7% we almost offset the loss of March 2020. Year to date we closed the gap up to -4.1%. World equity markets, reflected by our long only benchmark is -13.2% YTD. Since the start of the strategy in March 2020 we are still generating a positive return with 22.8% and a rolling 12 month return of +10.3%. We outperformed the long only benchmark since the start with +24.9%. The recovery of the equity markets during April 2020 was as impressive as the downturn in March. However, much more difficult to manage and to understand. While the economic impact of the COVID-19 virus becomes every day more clear and depressive, markets started a new bull market. The fuel for this rally seems to be the gigantic stimulus measures of governments and central banks worldwide in combination with hope on a breakthrough in the development of a vaccine. This month we also witnessed a historic trading day in the oil markets. The price for West Texas Intermediate Oil traded for a short time in negative area, up to -$40 per barrel. For our sustainable portfolio it does not have any direct impact. However, with extreme low energy prices we are also worried for the business models of the Sustainable Energy industry. During the month we took action to ‘recalibrate’ our hedges to the changing market conditions. It’s our aim to have maximum downside protection but we also tried to benefit as much as possible of the market recovery. Especially at the end of the month we extended our Hedge Positions, this in the belief that markets are neglecting the economic impact of COVID-19 too much. The positive return of this month was dominated by our long equity positions. They added +12.7% to the result. The put options hedge impacted the performance by -4.7%. Best performing stocks in the portfolio were: Ashtead (+25.9%), Umicore (+23.7%) and Lowe’s (+23.2%). Beyond the put option, we found at the bottom of the portfolio the following stocks: Air Liquide (-0.5%), Geberit (+3.8%) and Intuitive Surgical (+3.95%).