The theme for November continued to be falling crude oil prices, which dropped approximately 14% during the month. The weakness in our two energy services investments modestly offset the strength in our US equity investments such as Western Digital, Seagate Technology and Outerwall. We used the weakness in our energy services investments to add to our positions as valuations appear highly attractive despite lower crude oil prices. We expect these energy services investments to provide strong returns in 2015.
|Instrument||November 2014||YTD 2014|
|AFINA Affinity Fund LP||-0.60%||+1.40%
|AFINA Optima10 Managed Account
|Investors Group North American Fund||+3.68%||+11.46%|
|RBC Canadian Equity Mutual Fund||+0.86%||+9.94%|
|S&P/TSX Total Return Composite Index||+1.06%||+11.46%|
|S&P 500 Index (C$)||+3.95%||+22.46%|
As of November 30, 2014. All figures are net of fees and other expenses. Past performance is not indicative of future results. Inception date for AFINA Affinity Fund LP was October 1, 2014 and AFINA Optima10 was December 31, 2010. Refer to afinacapital.com for full details and disclosures.