Mackenzie Investments introduced its newest fund, the Mackenzie Universal U.S. Dividend Income Fund, on Wednesday.

Offering a fixed monthly distribution, the fund aims to achieve a combination of income and long-term capital growth by investing primarily in large-cap, dividend-paying U.S. companies.

“Investors continue to look for solid income-related investment products, both in Canada and around the world,” said David Feather, president of Mackenzie Financial Services Inc. “The Universal U.S. Dividend Income Fund gives Canadians more choice in this area, along with access to the U.S. markets and a consistent income stream.”

To provide investors and advisors with flexibility in determining their optimal exposure to the Canadian or U.S. dollar, Mackenzie Universal U.S. Dividend Income Fund will be available in two different unit classes — a “hedged” class and an “unhedged” class.

The unhedged class of units will be available for purchase in both Canadian and U.S. dollars. This will offer investors additional flexibility when structuring their investment portfolios and allow them to draw income from their investment in either Canadian or U.S. dollars, depending on their investment needs.

The currency-hedged class applies to the Canadian dollar version of the fund. Like other Mackenzie funds that offer a U.S. dollar option, the U.S. dollar version should not be viewed as a currency hedge itself; the fund is priced in Canadian dollars and converted to U.S. dollars at the time of purchase or redemption only.

The Mackenzie Universal U.S. Dividend Income Fund offers a fixed monthly distribution, at an annual rate of 5% of the fund’s opening net asset value per unit. The distribution will be comprised of income, capital gains and a return of capital, and will be paid on both classes of units; this includes the U.S. dollar priced version, which will pay its distribution in U.S. dollars — again, the distribution is based on the Canadian dollar distribution amount converted into U.S. currency.

Available in front-end, back-end and low-load purchase options, this fund is suitable for investors with a medium tolerance for risk who seek income generation and long-term capital growth.