July was a strong month for the financial markets. Stock indices rose on a broad front all the way to the penultimate day of the month. At the same time, long-term interest rates remained relatively stable and credit spreads were further pressured down. Crescit continued to develop stably and now has a return of +7.2 % so far this year. Protect continues to navigate the markets well and has so far given an increase of +4.2 % so far this year.