In August, the global trend in which investors try to run from risky assets and into safe havens have continued. The on-going trade war between the U.S. and China associated with a recession signal being flashed by the bond market have not only pushed down US Stocks this month but also most world stocks. There has also been a surge in volatility worldwide this month with the S&P 500 for instance posting 11 (out of 22 sessions) moves of more than 1%. Over the month, Ho Chi Minh index is down by 0.9% and Hanoi index is down by 2.0%. Our reference portfolio is down by a more modest 0.2%. Anh Thomas returns over the long run are impressive. Since being launched, Anh Thomas portfolio overall return is +323.3% greatly outperforming both Hanoi and Ho Chi Minh indexes (+48.3% and +147.2% respectively).