October saw equity markets whipsaw back from heavy September losses. DropShot returned +2.29% vs +2.46% for Barclay’s Balanced Index and +6.35% for ACWI. While equities recovered, fixed income went entirely the opposite direction: A 10% intra-month drawdown, at one point reaching a 14% spread to equities, added to its worst YTD performance in many decades. The algorithm took a relatively diversified position this month, while also holding a 30% cash position to shield against the continued volatility. The Fund’s risk profile continued to be very balanced as it took 54% of equity downside while capturing 50% of gains, while keeping a market beta of 0.5.