May 2016 Investment Performance Returns

May was a solid month for equity markets and the AFINA investment products. One of the key holdings in the AFINA Affinity Fund and AFINA Optima10, Apollo Education (APOL), was sold in early May across our portfolios as it reached our price target given the probability of successful takeover approval increasing. A summary of the AFINA investment product performance is as follows:

  • The AFINA Affinity Fund was up +2.0% in May and up +10.0% in 2016. At the end of May, financials represented the largest sector weighting (34.6%) followed by consumer/health care (27.0%) and technology (21.8%). The dividend yield of the AFINA Affinity Fund was 3.86%.
  • The AFINA Optima10 was up +5.6% in May and up +4.4% in 2016. The Optima10 currently has its largest weighting in financials (40%), consumer (20%), technology (20%) and cash (10%). The dividend yield at month-end in the AFINA Optima10 was 4.26%. We were excited to announce a reduction in fees starting June 1, 2016.

[ws_table id=”17″]
As of May 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.