Management Commentary ARIQON Alternative Strategies August 2018

August was very different from a global perspective. While technology companies continued to set the tone in the US, European equity markets suffered losses. Rising uncertainty from Italy caused a bad mood here and the Euro-skeptics once again came to the fore. For this, the trade war went into the next round and for now, there seems to be no relief in sight. Portfolio allocation remained relatively stable over the past month. We slightly increased the share of bond strategies against the trend and made adjustments within the equity strategies to benefit a little more from the increased dispersion in the market.