At the start of May, you purchased some shares in Apple (a US company) for $US 25.35, and hedged your position using forward contracts (hedging the purchase value of the shares). The exchange rate at the time of purchase was $US1 = $NZ 1.79, while the one month NZ interest rate was 6.90% and the one month US interest rate was 6.40% (both rates are per annum, with monthly compounding). At the end of May, the exchange rate was $US1 = $NZ 1.84, while the shares were worth $US 26.59. Apple paid no dividends during May. What was your ($NZ) holding period return over the month of May?