June was another volatile month across asset classes, but particularly so for equities, as investors continued to weigh inflation concerns and a possible upcoming recession. DropShot returned -9.18% vs -8.03% for the ACWI. The Fund’s main source of underperformance was in US Equities and mostly driven by positions in Energy and Semiconductors, both of which suffered around a 20% intra-month drawdown. The algorithm captured 46% of market upside and took 75% on the downside. Despite the tough month, the Fund continues to outperform and show a favorable risk profile to most asset classes YTD.