Mackenzie Financial Corp. today announced investors have approved a change to broaden the investment objectives of Mackenzie Universal Financial Services Capital Class. Effective August 30 the new fund will be renamed Mackenzie Maxxum Global Explorer Capital Class to better reflect the new mandate.

Under Alan Pasnik’s stewardship as lead manager of the fund, Mackenzie Maxxum Global Explorer Capital Class will pursue long-term capital growth by investing in a variety of companies from around the world, while maintaining a commitment to protecting capital. At least 35% of the fund’s assets will be invested in North American securities.

“We’re searching for those stories where a good company in a solid business is temporarily broken, overlooked or trading in the low range, but has the necessary elements for a comeback,” said Pasnik. “Strong management, free cash flow, and good dividend yields are reliable signs of value in an otherwise depressed stock — valuation is key.”

Pasnik, vice president, investments at Mackenzie joined the Mackenzie Maxxum team in July. From 1995 to 2003 Pasnik was part of Cundill Investment Research Ltd., where from 1998 to 2003 he was head of Canadian equities, including portfolio management of Mackenzie Cundill Canadian Security Fund and Mackenzie Cundill Canadian Balanced Fund. Pasnik also had a role in global securities selection and co-managed Mackenzie Cundill Global Balanced Fund.

Mackenzie Maxxum Global Explorer Capital Class falls under the Mackenzie Maxxum family brand. The Maxxum team manages close to $5 billion in assets.