Equity markets sentiment was extremely bullish during most of February 2020, until its last week. An abrupt and devastating change in sentiment and market direction was ignited by the Covid-19 virus. The virus started to spread all over Europe. Heavily hit by the virus are Italy and Spain. Just these two countries which are still struggling to recover from the financial crisis were forced to close down large parts of their economies. Almost all our individual equities ended the month with losses. The only exeptions were Novozymes (+5.26%) and Applied Materials (+0.95%). The most heavily hit equities in our portfolio were; Walt Disney (-14.28%), Cisco Systems (-12.5%) and Danone (-12.23%). The sectors Technology and Industrials took the hardest hits. The sector Energy, Global Clean Energy was the best performing sector with a small positive contribution to the result. The hedge part of the portfolio did a great job. Our embedded put options strategy prevented the portfolio to suffer bigger losses. Both of these positions contributed almost 7% to the total result, driving the YTD outperformance of equity marketsof around 4%.