August 2017 Investment Performance, NBCN Name Change

August 2017 Investment Performance, NBCN Name Change

Custody Partner Name Change

Our custody partner National Bank Correspondent Network (NBCN) will be changing its name to National Bank Independent Network (NBIN) effective November 1, 2017. According to NBCN:

National Bank Independent Network reflects and enhances the position of independent registered investment advisors, portfolio and investment fund managers in our industry.

Importantly, the NBCN/NBIN name change will have no impact on your relationship with us or NBCN/NBIN. Furthermore, there is no change to the $1 million per account Canadian Investment Protection Fund (CIPF) coverage. Cheques for deposits after November 1, 2017 should be made payable to National Bank Independent Network, or NBIN.

As a reminder, AFINA Capital Management entrusts NBCN (a subsidiary of National Bank of Canada) with the custody and administration of our client assets, which allows us to focus on making the important investment decisions for our clients. NBCN was established over 25 years ago, and today it supports over 400 independent firms, including Introducing Brokers, Portfolio Managers and Investment Fund Managers with over $160 billion in assets under administration.

August 2017 Investment Performance

While volatility picked up in August, equity markets and the AFINA equity portfolios were relatively unchanged at month end. The top performers in the AFINA equity portfolios were Michael Kors (KORS), Gilead Sciences (GILD) and Lear Corporation (LEA) while the bottom performers were Synaptics (SYNA) and CIBC (CM).

An overview of the performance of our actively-managed products is as follows:

  • The AFINA Optima10 was flat in August, and was up +23.9% in 2016 compared to the benchmark return of 14.8%. Our cash weighting is currently 14.5%.
  • The AFINA Affinity was down 0.7% in August, and was up +20.6% in 2016 compared to the benchmark return of 14.8%. Our cash weighting is currently 50%.

 

As of August 31, 2017. All figures are net of fees and other expenses. Past performance is not indicative of future results. Refer to https://www.afinacapital.com/legal/ for full details and disclosures.
(1) The benchmark represents a 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.