Dynamic Funds, managed by managed by Toronto-based GCIC Ltd., launched a new corporate class fund, Dynamic Preferred Yield Class, on Wednesday.
The new fund will provide investors with dividend income while preserving capital by investing in a diversified mix of preferred shares from North American companies as well as dividend paying common shares and interest earning securities. The fund will be managed by Marc-André Gaudreau.
In addition to launching a new fund, Dynamic has also made changes to one of its current corporate class offerings. As of Wednesday, Dynamic Canadian Dividend Class has been renamed Dynamic Income Growth Opportunities Class. The new name is a reflection the fund’s amended investment strategy, which will now use a broader asset allocation.
The equity component of the fund will continue to be co-managed by Don Simpson and David Fingold. Marc-André Gaudreau will join the team as a co-manager and focus on fixed income. In addition, the management fees on Series A and Series T shares of the Opportunities Class will now be 1.90% lower, while Series F shares have been reduced by 0.90%.
GCIC is a subsidiary of DundeeWealth Inc., which is wholly owned by the Bank of Nova Scotia (TSX:BNS), all based in Toronto.