We are pleased to inform you that we successfully launched the PCP Long Volatility Fund at the beginning of the year. The strategy aims to deliver significant portfolio protection in case of turmoil in financial markets. The portfolio is constructed to protect in a carry-neutral way. This way the protection is less timing-sensitive as it is avoiding the typical strong time decay (“bleeding”) experienced by e.g. buying equity put options or VIX futures. Please visit www.progressivecapital.com or call the team on +41 41 561 40 90.