In June, geopolitical concerns subsided and oil fell back, but the relief did not lift everything. The market rotated: Europe and Sweden rose while the US fell, and the month ended with a rebound in technology. Crescit Hedge rose 0.9 percent and is +5.4 percent for the year.

The rise came primarily from equity positions towards Europe and Sweden, while US exposure and currency hedging weighed. We participate in the market via call options that are most likely to lose their premium, while at the same time holding protective positions that cushion a fall. Rolling volatility was at a low 4.9 percent annualized rate.

For the saver, this means that the fund can follow an uptrend without giving up its defensive profile, with a smoother ride and less sensitivity to a quick setback.