Cumberland Capital Appreciation Fund unitholders approved a change in the principal investment objective of the fund at a special meeting on May 26.

The change was proposed because the fund’s manager, Toronto-based Cumberland Investment Management Inc., believes that a balanced mandate is more appropriate for unitholders seeking “capital preservation” as a key element of their investment objectives, as well as long-term capital appreciation. The addition of the fixed income asset class provides more options for capital preservation and can provide better yields when compared to short-term cash deposits.

The change allows the fund’s manager to seek long-term capital appreciation while managing risk through the use of income trusts and high quality government and corporate fixed income securities as well as equities, Cumberland says.

The change in investment objective took effect May 27.

IE