February was a turbulent month. The impact of the Covid-19 virus started to become visible in the financial markets. It set the sentiment upside down. Especially CTA managers and Credit managers turned out to be vulnerable for this sentiment swing. The prosperous intra month perspectives of the Long Short Equity Managers were lost. The big profits were blown away. The portfolio was saved by the strong development of Global Macro managers as well as the Crypto Currency positions. The latter positions were closed by us almost at the top of the market. We have the intention to step back in after a correction. This correction started earlier and more aggressively as we could imagine. For the next months the environment will be challenging. Big swings on all markets are to be expected. We are the most worried about the Credit managers. The quarantine measures of governments to slow down the spreading of the virus will have a huge impact on the credit spreads. Also our Long/Short Equity Managers will feel the impact of the quick reversal of the equity markets. We went from a strong bullish sentiment to a crash scenario within one or two weeks. Also for CTA managers this can be hard to adjust their positions quick enough.