Toronto-based Manulife Investments, a division of Manulife Asset Management Ltd., announced on Wednesday that it is lowering the risk rating on five of its mutual funds and capping certain other funds.
The funds whose risk ratings have changed are:
- Manulife Diversified Strategies Fund, from “low to medium” to “low”;
- Manulife Special Opportunities Class, from “high” to “medium” ;
- Manulife China Class, from “high” to “medium to high” ;
- Manulife Global Real Estate Class, from “medium to high” to “medium” ; and
- Manulife Global Real Estate Fund, from “medium to high” to “medium”.
The newly designated risk ratings will be effective on or about July 31 and changes have not been made to the investment objectives, strategies or management of these funds, says Manulife Investments in statements.
In addition, Manulife Investments also announced that it has capped all new and ongoing purchases of the Manulife Canadian Bond Fund.
“Any existing pre-authorized chequing plans, group plan purchases and [registered education savings plans] incentives to the Manulife Canadian Bond Fund will be directed to a money market fund managed by Manulife Investments, unless securityholders advise otherwise,” the firm states in its announcement.
As well, Manulife Investments will also cease offering the U.S. dollar option series of more than 40 funds. (See here for the full list.)
“Instead of the U.S. dollar purchase option, investors interested in purchasing investments in U.S. dollars have the option of choosing U.S. dollar funds,” Manulife Investments’ announcement states. “Manulife Investments offers four pure U.S. dollar funds: two fixed-income, one balanced and one equity.”