Crescit Hedge fell -1.15 percent in September and is up +5.51 percent for the year. The fund fell slightly less than global equities and a traditional mixed portfolio, but more than Nordic hedge funds. Over the year, the fund is ahead of the hedge fund index.

The decline came from equity exposure, with the European portion accounting for half as the Euro Stoxx 50 fell the most of the major markets. Interest rates and cash, including currency hedging, contributed a smaller portion as the krona weakened.

The equity exposure is in options. When the market falls, the exposure decreases by itself and in September it recovered almost half of the loss that the index fall would otherwise have caused. During the month, we moved capital from the fixed income portion to the cash and options book, mainly in OMX and Euro Stoxx 50.