By the end of the month, the trade tensions de-escalated between US and EU after Jean Claude Juncker met with Donald Trump and agreed to work together toward zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods. In this context credit markets outperformed with Xover tightening by 40 bps to 280 bps and MSCI Europe TR finishing at +3.28%. Corporate results are quite strong so far with 56% of reported companies of Stoxx600 beating estimates with good performance from the cyclical sector. The results confirmed the EPS growth expected at the start of the year, at nearly 10%. On the primary side we saw a new issue from a Swiss biotech company Idorsia that came to market with 200 mln CHF 6Y 0.75% coupon convertible bond simultaneously raising 305 mln CHF of new equity to finance its clinical trials, we have participated in this deal. We increased our position in Cellnex as the bonds had cheapened since May implied volatility peak and sold some holdings in telecom sector like Orange/BT, Telefonica, AMX/KPN. On the options side we restriked lower our Telecom Italia and ING options. Equally we have taken some profits on Bayer/Covestro and Airbus/Dassault exchangeables. Steinhoff announced a debt restructuring plan with PIK interest at 10%, new 3Y maturity from the effective date of restructuring and 25% cash repayment for 2021 and 2022 CB holders in 2019. On the positive side the fund profited from our exposure to financials with Spanish banks reporting strong results with better than expected loan growth recovery and with Bund yield adding 14 bps on the month. On the negative side our position in Glencore weighed on the performance with the stock down 8% in July on a subpoena from the DoJ relating to its businesses in Nigeria, DRC, Venezuela.