Worldwide equity markets took a nosedive and ended March 2020 with losses of about 15%. The impact of the Covid-19 virus and the lockdown measures of governments worldwide became more clear. The total impact is unclear for everyone and largely depends on over how much time it takes until economies will be open for business again. The fund kept the downside risk limited, our hedge strategies did their job. As a result of that the loss over March 2020 was limited to -7.99%. By this the fund outperformed the world equity markets by around 6.4%. The total accumulated outperformance, our Alpha, is around 24% over the last 12 months. By closing of the ETF positions at the start of the month we prevented the portfolio of a significant drawdown caused by the leveraged part of the portfolio. The contribution of the ETF positions was -1.65%. The contribution of the individual stock portfolio was -10.45%. Positive contributions came from the option hedges (+2.82%) and foreign currencies (+1.28%). Technology, Industrials and Consumer Cyclical sectors performed the worst. Positive contribution on a sector level came from our selection of Financials and the Clean Energy ETF which was sold just in time. The best performing stock was Flow Traders (+24.75%). Illumina (+3.06%) and Kone Oyj (+1.22%) performed also in a positive way. At the other side of the spectrum there are Ashtead Group Plc (-28.47%), Applied Materials (-21.2%) and Assa Abloy (-19.53%). We expect that the turbulence will extend into the next quarter. Mid March an impressive recovery started. We don’t think the situation is completely safe now. The impact on GDP and corporate results will become clear in the next quarter. Also we will have more inforation about for how long the governments will extend the lock down periods. This all keeps us in a ‘High Alert Mode’. We had to act rapidly on quickly changing market situation. Stay safe and healthy!