The worst quarter in 4 years.

15Q3 was the worst quarter in the last 4 years.
Stocks retreated with more than 7% in 3 months.

The Dow Jones index was even -2% below last years quote.

Our own portfolio was very much badly influenced by all this negativism and lost -7.7% on the quarter.
Fortunately some profit was left over the year: +2.1%, just beating our benchmark.

In order toincrease our stake in Dialog Semiconductor we sold our minor stocks, Akorn and Ashtead.

Overall we now stand at an average yearly return of +5.6%. Over the same period our benchmark, the Russell 2000, made +1.1%

We work on a Tactical Asset Allocation: 81% stocks + 19% cash.
We are lightly bullish on the markets.