Equity markets extended the strong bullish trend of 2019 in early January 2020. However, at the end of January the positive sentiment got disrupted by the Corona virus worries. All major indices ended up in the red for January. The hedge position of our portfolio kept the portfolio result positive over January. This gave us an outperformance of 1.42% over the Long Only Equity Benchmark. The best performing company in the portfolio was Novozymes (+11.8%), followed by Microsoft (+5.4%) and RELX (+5.2%). Negative results came from Illumina (-13.4%), Applied Materials (-7.5%) and ASML (-6.95%). But the biggest negative impact on the portfolio was caused by the Emerging Markets ESG ETF; this is a large position and over January it suffered a loss of -6.1%. On portfolio level it had an impact of -1%. The portfolio hedge was the most important building stone of the portfolio, it added 2.5% to the portfolio result.