Purpose International Tactical Hedged Equity Fund May Commentary & Fund Update

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Fund Commentary

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. Hong Kong stocks declined on profit taking after seeing huge gains in April.

Across sectors, materials, industrials and consumer discretionary were the best performers, while financials, energy and utilities were the worst.

The Fund does not hedge its foreign currency exposure.

This month short index futures hedges were added Switzerland (-1.5%), Australia (-1.7%), Eurozone (-2.9%) and Britain (-1.6%).

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