Friday June 12th, 2015
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The Fund was negative in May. U.S. GDP contracted 0.7% although this was widely attributed to seasonal factors which were expected to rebound later in the year. Job growth remained steady which supported the Fed’s goal of raising rates in Q4.
This month technology, utilities and industrials were the best performing sectors. The worst performing sectors were energy, consumer discretionary and financials.
The Fund completed its quarterly rebalance this month with eight holding changes.
With respect to currency hedged units the Fund hedges USD currency exposure maintaining a net USD exposure of up to 10% of the Fund’s NAV. This month unhedged long USD exposure was a tailwind as CAD declined 3.5% against the U.S. dollar.
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