As we close Q3, September was a rocky month for the market. The Fund returned +3.18% gross, +2.33% net. Although the S&P 500 was broadly flat, -0.45%, volatility was not. VIX for the month was up 9.5%, the highest thus far for the 2nd half of the year. Notably, the Fed raised rates 25 bps, the first time since 2023, to combat higher inflation and oil prices. Bond yields soared. The 10 yr is still above 5% as we enter Oct, +64 bps in Sept alone. The 30 yr yield remains elevated in Oct at 5.67%, +34 bps for Sept. Rate sensitive small caps were hit hardest, Russell 2000 was down 5.4%, the worst month of the year. March was -5.17% in comparison. The dollar strengthened 2%, inching closer to pre tariff 2025 levels. Midterms are around the corner and oil remains elevated. Only two FOMC meetings left for the year, October and December. Both will be on our radar.