CIBC Asset Management Inc. announced today that it is proposing changes to the investment objectives of several Renaissance Investments funds. The company also intends to terminate the Renaissance Global Technology Fund, Renaissance Global Asset Allocation Fund and Sequence Portfolios.

“We believe the changes to the Renaissance Investments product line-up are ideally suited to meet the discerning needs of investors and advisors in their efforts to build properly diversified portfolios,” says Steve Geist, President of CIBC Asset Management Inc.

CIBC is proposing to change the investment objectives of five Renaissance funds.

For Renaissance Canadian High Yield Bond Fund, CIBC intends to increase the foreign content through investments primarily in high-yield corporate bonds from around the world. This change would offer portfolio managers more flexibility to seize opportunities outside Canada to a greater extent.

For Renaissance Canadian Real Return Bond Fund, CIBC intends to increase the foreign content through investments primarily in government or government-guaranteed real return bonds from issuers located around the world. This change would offer portfolio managers more flexibility to seize opportunities outside Canada to a greater extent.

For Renaissance Global Multi Management Fund, CIBC proposed to give the fund greater flexibility to meet its current mandate by changing the existing underlying fund requirement to allow investment in a broader range of funds. The fund will invest up to 100% of its assets in mutual funds managed by CIBC Asset Management Inc. or its affiliates.

CIBC proposes to transition Renaissance U.S. Index Fund to an active management strategy from a passive one, enabling the portfolio managers to construct a diversified portfolio of U.S. equity securities they believe will outperform the U.S. equity market.

CIBC proposes to change Renaissance International Index Fund to a strategy that allows the portfolio manager to actively construct a diversified portfolio of international equities with above-average dividend income characteristics, from a passive international equity management strategy.

The details of these proposals will be provided to in an information circular and proxy package that will be mailed in late June 2008. Pending investor approval at special unitholder meetings, scheduled on or about July 25, in Toronto, these proposed changes will take effect in the fall of 2008.

If the above-proposed amendments to the investment objectives are approved by the unitholders, the investment strategies of each fund will be revised to reflect the new investment objectives and the names of the funds will also be changed:

  • Renaissance U.S. Index Fund will become Renaissance U.S. Equity Fund;
  • Renaissance International Index Fund will become Renaissance International Dividend Fund;
  • Renaissance Canadian High Yield Bond Fund will be renamed Renaissance High-Yield Bond Fund; and
  • Renaissance Canadian Real Return Bond Fund will be renamed Renaissance Real Return Bond Fund.



CIBC intends to terminate the Renaissance Global Technology Fund, Renaissance Global Asset Allocation Fund and Sequence Portfolios on August 5,.

Effective April 22, no further purchases of units in any of the terminating funds or portfolios will be accepted, including purchases through any regular investment plan. However, any distributions will continue to be re-invested in additional units of the ferminating funds, except where a unitholder has otherwise instructed.