Two new ETFs from Claymore
Toronto-based Claymore Investment Inc. has introduced two new exchange-traded funds: Claymore Global Infrastructure ETF and Claymore Global Real Estate ETF. The Global Infrastructure ETF is designed to replicate the performance of the MFC global infrastructure index, and seeks to provide long-term capital appreciation by investing in companies in the infrastructure sector based on a quantitative bottom-up, multi-factor selection process. The Real Estate ETF is designed to replicate the performance of the Cohen & Steers global realty majors index, which identifies the largest and most liquid securities in the global real estate universe.
Sprott unveils new all-cap fund
Toronto-based Sprott Asset Management Inc. has launched Sprott All Cap Fund, which provides investors with an opportunity to diversify their portfolio holdings and uses a “growth at a reasonable price” approach. The fund will provide investors with access to investment opportunities in the small-, medium- and large-cap spaces and will be co-managed by senior portfolio managers Charles Oliver and Jamie Horvat. Advisor commissions are on front-end sales only: 0%-2%. There are no deferred or low-load options. Trailing commissions are 1%. Management fees are 2.5% for A-class units and 1.5% for F-class units. Minimum investment is $5,000 for the initial investment and $500 for subsequent investments.
New AGF deposit notes focus on retirement
Toronto-based AGF Management Ltd. has unveiled Bank of Montreal AGF Elements RetirePlus Notes Series 1, designed for people saving for retirement or who have already retired. Issued by Toronto-based Bank of Montreal, the deposit notes offer investors reliable cash flow with adjustments for inflation. They also provide potential tax advantages, growth potential based on the AGF Elements Portfolios’ returns and automatic reallocation to a progressively more conservative portfolio. There are two types of deposit notes. The 15-year note offers monthly distributions, beginning immediately, at an annual rate of 6.6% of the initial principal; it matures Oct. 6, 2023. The 20-year note offers monthly distributions at an annual rate of 6.6% beginning in Year 6, based on the greater of the initial principal or the value of the note after five years; it matures on Oct. 6, 2028. Every five years, the notes’ allocations shift to a more conservative AGF Elements portfolio.
Manulife adds two to retail fund lineup
Toronto-based Manulife Mutual Funds has launched Manulife Global Opportunities Balanced Fund and opened up Manulife Global Natural Resources Fund to retail investors. Manulife Global Opportunities Balanced Fund combines the features of two existing Manulife funds, Manulife Global Opportunities Class and Manulife Strategic Income Fund; the new fund will have a target asset mix of 60%-80% equities. Manulife Global Natural Resources Fund is now open to retail clients; it was launched in August 2007 for institutional investors only. It aims to provide long-term capital appreciation by investing in companies involved in global natural resource industries or that supply goods and services to these industries. Toronto-based MFC Global Investment Management (Canada), Manulife Financial Corp.’s asset management division is the portfolio advisor for both funds. Advisor commissions are 0%-5% for front-end sales, 5% for deferred sales or 2% for the low-load option. For the regular DSC schedule, redemption fees begin at 6% in Year 1 and end at zero after Year 6; for the low-load option, they are 3% in both Year 1 and Year 2 and end at zero after Year 2. Trailing commissions are 1% for the front-end and low-load options, and 0.5% for DSC. Management fees for the Global Opportunities fund are 2% for A-class units and 1% for F-class units; for the Global Natural Resources fund, it’s 2.2% for A-class units and 1.2% for F-class units. Minimum investment is $500.
Renaissance funds to see changes
Toronto-based CIBC Asset Management Inc. is making changes to its Renaissance Investments product lineup, including changes to investment objectives, fund names and subadvisors. All changes will be effective Dec. 1. The investment objectives for the following five funds will change, as well as their names (as currently listed): Renaissance High Yield Bond Fund, Renaissance Real Return Bond Fund, Renaissance Global Multi Mangement Fund, Renaissance U.S. Equity Fund and Renaissance International Dividend Fund. The new investment objectives were approved by a significant majority at special meetings of unitholders held on July 25. Portfolio subadvi-sor changes include Enhanced Investment Technologies LLC replacing CIBC Global Asset Management Inc. for Renaissance U.S Equity Fund; KBC Asset Management International Ltd. replacing CIBC Global Asset Management Inc. for Renaissance International Dividend Fund; and Pictet Asset Management Ltd. replacing BlackRock Investment Management International Ltd. for Renaissance Emerging Markets Fund. Also, Renaissance Canadian Income Fund will have its name changed to Renaissance Short-Term Income Fund.
@page_break@Compiled by Clare O’Hara (cohara@investmentexecutive.com).