The month of June was quite volatile but our portfolio put down a very strong performance. TWR (on 26/6) increased from 28,8% to 30,8%, an increase of 200 basis points. During the same period the STOXX600 dropped 80 basis points from 26,7% to 15,9%. YTD alpha is 14,9! The US portfolio YTD return declined slightly from 3,9% to 3,8%, a drop of 10 basis points. During the same period the S&P YTD return also declined from 2,4% to 2,1%. YTD alpha is Now 1,7. We are still performing better than the market but nowhere near the level in Europe.