July continued to be a volatile month across asset classes as investors continued to closely monitor inflation readings and the Fed’s corresponding monetary policy reactions. DropShot returned 3.81% vs 7.07% for the ACWI and 3.51% for Barclay’s Balanced Index. The fund traded well most of the month missing the early drawdowns and mostly tracked equity indices, until the last few days of the month when a Fed policy announcement caused a huge rally in risk assets. The Fund’s risk profile continued to be very favorable with only very small average losses during equity down days and a relatively high return given the low overall market exposure.