The adjustments to the positions were implemented seamlessly and are performing as expected to market conditions. I will not need to adjust the positions now until October. It will I guess in part depend on the volatility of the market and whether the current high volatility persists or returns to lower levels.

The strategy was actually designed with the lower volatility levels in mind, as that is what we have had since 2009. Of course, as soon as it was implemented, volatility jumped to the highest levels since 2009.

Although volatility was deemed an outlier, it was accounted for in the strategy, and clearly seems to have performed well in the heightened volatility.

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