Crescit Hedge was unchanged in July, at 0.0 percent, and is at +5.4 percent for the year. It was a month when the broad stock market indices were almost static but individual markets expanded sharply. The fund participated where the upturn was. The Swedish exposure to OMX was the largest positive contribution, while the American exposure to the S&P 500 weighed when the US fell back. The interest rate and credit component and the currency hedging contributed, and the contributions offset each other.