Crescit Protect rose 1.7 percent in August and is up 7.7 percent for the year. The Swedish share class, Protect C, rose 1.5 percent and is up 12.2 percent.

The fund's equity exposure contributed 2.9 percent during the month. The fact that the net ended up at 1.7 is due to the structure: the choice of index, the implementation in the option structure and the risk allocation together cost just over a percentage point. That's what the downside protection costs when the market goes up.

The month mirrored July, when US and Japanese exposure weighed. In August, the same leg pulled in the other direction, with four of the fund's five legs contributing positively.

The protection remained in place throughout the month without being called, with an unchanged distance to the protection level. The fund's exposure to market movements increased from 88 to 92 percent of assets, as a result of markets rising and not as a result of increased risk.