Global Macro Equity Fund -24.06%

In 2016 the underlying fund in the Courant SICAV-SIF portfolio with the largest allocation suffered a significant drawdown.

This macro manager, based in London and managing in excess of US $2 billion, has a long and successful track record. Throughout the year the fund was aggressively selling short selected equities. Its net short exposure fit well with our portfolio, providing insurance against a market correction or recession. The post-election Trump rally caused significant losses in the fund.

We remain confident in the abilities of the Manager and share in the views expressed in his current portfolio. It seems to us reasonable to expect a rebound of this fund's performance in 2017.


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