The AFINA investment products had a strong April and have had a solid start to 2015:
- The AFINA Affinity Fund was up +5.3% in April (+6.9% YTD) and has generated an annualized return of +15.6% since its October 2014 inception.
- The AFINA Optima10 was up +9.7% in April (+14.7% YTD) and has generated a +19.5% annualized return since 2010.
The top performers in April were Macro Enterprises, Counsel Corporation, Higher One Holdings, National Bank of Canada, CIBC and Home Capital Group. We took the opportunity to exit our position in Counsel Corporation and reduced our weighting in energy equities given their strong performance.
Energy equities accounted for an 8.7% weighting at the end of April in the AFINA Affinity Fund compared to over 20% in January. Financials accounted for the largest sector weighting at 20.3%, followed by Technology at 12.5% and Consumer/Health Care at 11.7%. The cash weighting in the AFINA Affinity Fund was 45% at the end of April.
As of April 30, 2015. All figures are net of fees and other expenses. Past performance is not indicative of future results. * 2014 results for the AFINA Affinity Fund LP include performance from October 1, 2014. Refer to afinacapital.com for full details and disclosures.