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In May, global stock markets rose broadly, closing near records, while volatility fell to low levels. The rally was driven by a few companies and rested more on hopes for peace in the Middle East than on resolved conflicts.

Crescit Protect participated well in that environment. The fund rose 3.57 percent during the month, capturing about 82 percent of the global equity rally, without giving up its downside protection. We took a large part of the rally in the US and Europe, while the protection structure limited how much we followed Japan's rapid rush.

During the month, we reduced our exposure to the US, which looks the most overbought, and started adjusting our protection levels upwards. With cheap protection and a market pricing in a calm that is not yet secured, we remain prepared for a pullback – while also being in the market if the uptrend continues.

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