EN 
SE 
Meriti Neutral share class A fell during August by -0.26 percent and the fund has thus risen by +5.51 percent since the turn of the year. Since the start of the strategy pro forma on 30-06-2010, the fund has returned +191.2 percent while the correlation to the Swedish stock market has been 0.11.
August was characterized by great volatility in the financial markets. The popular yen carry trade trading strategy – borrowing cheap Japanese yen to invest in higher-yielding asset classes – fell apart as the Japanese currency strengthened sharply at the start of the month. In addition, US labor market data showed an unexpectedly large increase in unemployment, raising concerns about an imminent recession. However, after a very weak start, the stock markets recovered quickly and by the end of the month most were again in the positive.
The broad European stock index S&P Europe 350 Index rose by +1.6 percent in August, a remarkable recovery after an initial fall of -6 percent in the first three days of the month.
At sector level, the spread in outcomes was large. Real Estate developed best, while companies within Energy developed the worst.
Volatility in the fund was low during the month and it generated positive returns on 15 out of 22 trading days. The fund's Value-at-Risk (95%, 1 day) averaged 0.32 percent during the month and the exposure to the stock market, the fund's estimated beta to the world index, averaged 0.16.