Matrix Funds Management Tuesday announced that Matrix U.S. Equity Fund Corporate Class has been renamed as the Matrix American Dividend Growth Fund – Corporate Class.
The name change reflects a new approach, whereby every holding will pay a dividend, Matrix says.
“This is a great opportunity for Canadians looking for growth in the United States who want the added safeguard of a dividend only mandate,” says Robert McKim, portfolio manager for the Matrix American Dividend Growth Fund – Corporate Class and chief investment Officer (CIO) for SEAMARK Asset Management Ltd.(a Matrix Asset Management Inc. company).
As an added benefit, investors will also have the option to switch into other Matrix corporate class funds and defer capital gains that would have otherwise been payable on redemption because it is part of the broader Matrix corporate class of funds. There are currently eight corporate class funds within the Matrix family.
Also Tuesday, Matrix announced the additional new feature of T8 shares or units to provide monthly distributions that approximate an annualized 8% distribution yield to the following funds:
- Matrix Monthly Pay Fund – T8 units;
- Matrix International Income Balanced Fund – T8 units;
- Matrix Tax Deferred Income Fund – T8 units;
- Matrix Canadian Balanced Fund Corporate Class – T8 shares;
- Matrix Monthly Pay Fund Corporate Class – T8 shares;
- Matrix Dow Jones Canada High Dividend 50 Fund Corporate Class – T8 shares;
- Matrix S&P/TSX Canadian Dividend Aristocrats Fund Corporate Class -T8 shares; and
- Matrix American Dividend Growth Fund Corporate Class – T8 shares.
“This added feature provides predictable distribution yield in a highly tax-efficient manner,” adds Wan Kim, senior vice president, national sales and marketing.
Toronto-based Matrix Funds Management (a division of Growth Works Capital Ltd.) is the manager of the Matrix Funds and a subsidiary of Matrix Asset Management Inc. (TSX:MTA).