MSCI emerging market equities (MXEF) fell 2.38% in February and are now down 4.51% YTD. Diamond Age employs a global macro EM mandate with holdings in some 23 countries in multiple asset classes across 16 sectors at present. With emerging market equity weight of 130.80% gross AUM at month end; the Fund was not unaffected by falling share prices and declined 3.09% for the period, vs. a solid +2.25% gain for the benchmark index MSCI EME (MXMU). Russia continued to be the top performing major equity market in the world on a YTD basis. The Fund’s broad geographic dispersion, long-short multi-asset class portfolio construction, and significant underweight in Russia (25.14% of AUM) was simply not competitive, one-month-performance-wise in February, against a long-only, single-country, stock-only proxy such as the RTS which is 55% oil and gas.