Calgary-based Canoe Financial LP has teamed up with JPMorgan Asset Management (Canada) Inc. to introduce two new mutual funds, continuing the expansion of Canoe’s offering to investors.
The new funds are Canoe U.S. Equity Income Class and Canoe Global Equity Income Class. JPMorgan Asset Management (Canada) Inc. is sub-advisor to both funds and is advised by J.P. Morgan Investment Management Inc. of New York.
“Both of these new funds are managed by experienced teams supported by more than 200 research analysts around the world. They look for companies that are under-valued, well-managed, financially strong and capable of paying sustainable above-average dividend yields,” said Nevin Markwart, president and CEO of Canoe Financial.
Canoe U.S. Equity Income Class invests in large cap, high-quality and dividend-paying companies with the goal of achieving total return, monthly income and lower volatility. The fund offers greater diversification both geographically and through broader exposure to sectors such as health care, consumer products, and information technology, which are under-represented on the Toronto Stock Exchange. The investment management team is led by Clare Hart, managing director, and Jonathan Simon, managing director, who manage similar funds for J.P. Morgan’s U.S. equity group.
Canoe Global Equity Income Class offers diversification by investing in high-quality, dividend paying companies around the world, but with an emphasis on developed market economies. Its active management approach has the same goals of long-term returns and mitigating risk as the Canoe U.S. Equity Income Fund, but invests at least 40% of its assets outside the United States. The portfolio managers are Gerd Woort-Menker, managing director, and James Davidson, managing director, who manage similar funds for J.P. Morgan’s global equities team.
Canoe Financial is one of Canada’s fastest-growing mutual fund companies and currently manages approximately $1.9 billion in assets.