Toronto-based Return On Innovation Advisors Ltd. Friday announced the listing of three closed end funds on the Toronto Stock Exchange.
The Class A units of ROI Canadian High Income Mortgage (formerly ROI High Income Private Placement Fund) are listed under the symbol RIH.UN, the Class A units of ROI Canadian Mortgage Income Fund (formerly ROI Private Placement Fund) are listed under the symbol RIL.UN and the Class A units of ROI Canadian Real Estate Fund (formerly ROI Strategic Private Placement Fund) are listed under the symbol RIR.UN.
“The listing of the funds represents an important milestone for ROI Capital” noted David Sharpe, President of ROI Capital. John Sterling, founding Partner and Executive Chairman of ROI Capital added “we are very pleased to now offer investors access to our portfolio of commercial mortgages and interests in real estate through the TSX.”
The three funds offer investors monthly tax-advantaged distributions with a range of yields and risk profiles. They invest primarily, directly or indirectly in, or by obtaining economic exposure through the forward agreement to, an actively managed diversified portfolio of commercial mortgages, loans secured by, or that provide a participating interest in, real property or ownership interests in real property.
The funds anticipate paying targeted monthly distributions of between $0.042 and $0.05 per Class A unit based on an assumed net asset value of $10.00 per unit. This represents an implied cash flow yield of between 5.04% and 6.00% annually.