April was a mirror image of March.

Global stocks rose +9.45 percent, driven by strong reports and a rotation back into risk, while oil prices remained above $125 a barrel and the Strait of Hormuz remained closed. Equity volatility (VIX) fell from 25 to 17.

Crescit Protect delivered +6.41 percent in the USD class and +3.78 percent in the SEK class, which corresponds to approximately 68 percent sensitivity to global equities. This is the same level the fund had when equities fell in March, which shows that the fund's design is working. The protection book remained intact throughout the month. We increased the sale of short call options that finance the protection structure and took profit on the protections that were added after the March movement.

On an annual basis, Protect B is at +3.19 percent (USD) and Protect C is at +4.23 percent (SEK). The European sub-strategy has outperformed its index for the year, a result of the active positioning work during the stress of March.