While we would have liked to add a few percentage points to the fund’s return for 2019, but for
that we would have had to relax our risk management criteria, and that was not something we
were willing to do. In a period of very low interest rates, the search for yield continued to drive
a growing number of investors toward equity markets. These markets had a spectacular year,
despite fears of an economic slowdown due to trade wars and the ongoing chaos in political
and economic management in the United States.