We continue the hedging cycle with an entry on a possible combination you may prefer in the current volatile markets. With some of the companies, we again remind you of Qualcomm, it is hard to find direct competitors in Europe and US. The farther you go from the US market the more you become exposed to the risks of currency there. In the case of China, we see the main tech companies prefer the US listing over the Chinese one, but although it is true, we still claim that the base currency for these stocks is CNY. Nevertheless, even the most liquid Chinese companies have the listing on the stock exchanges in China, thus you should somehow deal with CNY anyway if your position is large enough or you need to open it in the matter of a few days. The classical tool for hedging is the spot market positioning – you can open either short or long position covering the risks of your portfolio. Essentially, you can cover the long position in your portfolio by shorting it, but it is less interesting as you will lose any return while there is no market position whatsoever. The more interesting and sophisticating strategy would be shorting and longing the competitors or clients in the hope of cutting or extending exposure to some of the news. We should give you a remark here, as always, the portfolio companies try to optimize their exposure in their way, Qualcomm, for example, invests in mobile phone producers (e.g. Xiaomi) in the hope to get more value from the chain of delivering the final product to the consumer. In that sense, you may prefer betting only on the chip production and licensing, thus shortening mobile phone producers. As mobile phone producers are experiencing problems for some years already, we propose here to cut this exposure from our portfolio. The precise estimation here would be nearly impossible, but the main dependent on the mobile phones market is, obviously, Qualcomm. As for the value of the investment, we think positioning in the 10-20% range of QCOM would make sense considering its exposure from the overall business model and current investments. Therefore, it would make selling mobile phones companies for the 10% of QCOM portfolio value reasonable, but, as we have already said, the main mobile phones producers are based in China or Taiwan. Although hedging with Chinese companies is the first idea here to come up, going into Taiwan makes the deal even more fun. Considering HTC problems during the year, selling it might be your choice. The main listing for the company is in Taiwan, thus the company is traded in NT$, the main revenue is hedged in NT$ and CNY, so you will get a bunch of exposure to those currencies if you just sell it. Our idea here is that you can go with hedging even further, by buying swaps on US$. Thus, when you sell HTC you will get US$, not NT$, but when you cover the short position you will also pay US$ with the same exchange rate when you opened the position. By using such tactics along the futures hedging, you may cut the exposure to fluctuations between the US$ and CNY completely provided our estimates of the exposure are right.