Purpose Diversified Real Asset Fund May Commentary

Market Commentary

The Fund was up during the month of May as dividend paying equities gained while positions in commodities saw mixed performance. Energy and agriculture gained however, precious metals and base metals underperformed. The best performing commodity for the month was crude oil as inventories saw an unexpected draw. Gold was the worst performing commodity as geopolitical fears subsided and safe haven demand declined.

The Fund completed a quarterly rebalance, which targeted precious metals, real estate and energy. Positions added were Dominion Diamond Co., Detour Gold Co., Lundin Mining, Osisko Mining and Peyto Exploration & Dev. Positions sold were Argonaut Gold, Boardwalk REIT, Baytex Energy, Granite REIT, Canadian REIT and Silver Standard Resources.

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