The month of June was quite volatile, but our portfolio put down a solid performance. TWR (on 26/6) increased from 28,8% to 30,8%, increasing 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%, dropping 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.