January was another volatile month for equities. While market corrections can be frustrating, these fluctuations are an important part of building long-term wealth for patient investors. As such, we used the volatility to our advantage and added to existing positions in January, while also adding a few new positions to the Fund including Cummins, Bed Bath & Beyond, Gluskin Sheff + Associates and Synaptics.
A summary of performance is as follows:
- The AFINA Affinity Fund was down 5.0% in January. At the end of the month, financials represented the largest sector weighting at 50.9%, followed by consumer/health care (37.1%). Currently, the dividend yield of the AFINA Affinity Fund is 5.41%.
- The AFINA Optima10 was down 3.7% in January. The Optima10 currently has its largest weighting in financials (50%) and technology (20%). The current dividend yield in the AFINA Optima10 is 4.31%.
As of January 31, 2016. All figures are net of fees and other expenses. Past performance is not indicative of future results. Refer to afinacapital.com/legal/ for full details and disclosures.
(1) The AFINA Affinity Fund LP fully hedges its US dollar exposure. Accordingly, the AFINA Affinity Fund LP benchmark represents the 50% weighting of the S&P 500 Total Return Index in US dollars and a 50% weighting of the S&P/TSX Composite Total Return Index in Canadian dollars.
(2) The AFINA Optima10 Managed Account does not hedge its US dollar exposure. Accordingly, the AFINA Optima10 benchmark represents the 50% weighting of the S&P 500 Total Return Index in Canadian dollars and a 50% weighting of the S&P/TSX Composite Total Return Index in Canadian dollars.