May was a tough month because of high volatility in Europe caused by Italian political caos.
Models 3 were long on FTSEMIB, that was the best European stock market before the caos, and lost quite a lot past month.
Also the most defensive models were allocated on short term bonds in Europe, and there was the biggest 1 day move on short end Italian curve that produced a monthly loss.
It's a difficult environment, but maybe you could be surprise knowing that I'm not completely disappointed. Like in boxing, a knockout can happen to everyone, but if the boxer is good it will stand up again. 2018 is going to test the temperance of the Models and I'm sure, after the waters will be clearer, they'll recover.
Using a likeness as with the Agriculture market: the model (style) is good, but this year the weather is not favorable and harvest probably will be poor. It will be important to limit the losses, waiting for the next season
