Our European portfolio again performed exceptionally well during the last month. The STOXX600 continued its downward trend and dropped 460 basis points, from a YTD return of 6% at the start of the month to only 1,6%. Our portfolio performed significantly better and recorded a drop in YTD profit of only 100 basis points, from 24,6% to 23,6% This brings YTD alpha to 22, an increase of 340 basis points compared to last month. What does that mean? It means that the index lost all its profits for the year while our portfolio is still at a gain of 23,6% YTD!

In the US, it has been more challenging. The S&P recorded a drop of 260 basis points in September and now shows a YTD loss of -6,8%. Our US portfolio is at -10% YTD, which brings YTD alpha to -3,2. Let's see what October has in store, but the stocks in our portfolio seem to recover, so we still stand a chance to close the gap by the end of this quarter.