Friday June 12th, 2015
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The Fund was positive in May. The best performing country was Japan as extremely accommodative monetary policy from the BOJ coupled with recent legislation requiring the national pension to hold a greater percentage in domestic equity holdings continued to provide a tailwind for markets. UK stocks also rebounded higher after political uncertainty was removed with the election of a majority Conservative government. European names lagged this month as Greek exit concerns re-emerged as a downside risk factor. Hong Kong stocks also declined on profit taking after seeing huge gains in April.
Across sectors, materials, utilities and consumer staples were the best performers, while financials, energy and technology were the worst.
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