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The returns for the Special Equity Fund were -16.45% for the June quarter and -18.27% for year-to-date versus the S&P TSX which was -5.15% for the quarter and 0.16% year-to-date. I am very disappointed with the absolute and relative performance. That being said, this portfolio has not mirrored the index historically and most likely will not in the future. I still feel that the portfolio is positioned well to take advantage of the back half returns in 2011.
The best performing sectors were Telecom, Health Care and Consumer Staples returning +7.5%, +3.3% and +1.6% for the quarter. The worst performing sectors were Materials, Energy and Info Tech with returns of -8.6%, -9.1% and -31.44%.
The charts below show the portfolio’s allocation of sectors relative to the S&P TSX Index.
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