Trimark Canadian Fund declined 1.71% gross of fees over the first quarter of 2016. The Fund’s benchmark, the 65% S&P/TSX Composite Index/35% MSCI World Index, declined 0.27% (C$) over the same period.
The Fund’s relative performance was primarily the result of its holdings in the materials sector, which lagged those of the benchmark. An overweighting in the consumer discretionary sector also hurt relative performance as the sector lagged the benchmark over the period.
Over the period, fluctuations in the value of the Canadian dollar versus foreign currencies had a negative impact on performance and detracted approximately 1.0%, net of currency hedges. The Fund currently hedges a portion of its U.S.-dollar exposure. Combined, these hedges contributed approximately 1.2% to Fund performance.
Source : Invesco