April was a treacherous month with all asset classes experiencing sharp downturns. DropShot returned -8.09% vs -8.07% for ACWI. The fund tried to decrease its equity exposure by pivoting into fixed income, some of which suffered worse than equity drawdowns. Although the fund had slight excess returns in US Equities, other asset classes took their toll on total performance. DropShot took 85% of the shock on equity down days while taking 68% of the gains on up days. The fund’s leveraging mechanism kicked in at the tail end of the month and remains active into May. Cross asset portfolios remain under heavy pressure with static 60/40 allocations returning -15.50% YTD.