Toronto–based RBC Global Asset Management has launched RBC Monthly Income Bond Fund, a diversified portfolio of bond mutual funds combining two bond fund families: PH&N funds and RBC funds. RBC Monthly Income Bond Fund has a conservative profile that offers investors a one-decision, fixed-income investment solution, says RBCGAM. Investors benefit from the active management of two fixed-income teams, a portfolio that is regularly rebalanced and a monthly distribution with a payout rate of approximately 3%. This fund-of-funds is appropriate for investors seeking a diversified portfolio of fixed-income securities and a source of regular monthly income. RBC Monthly Income Bond Fund consists of 40% PH&N Short Term Bond & Mortgage Fund, 20% PH&N Total Return Bond Fund, 20% BC Bond Fund, 10% RBC Global Corporate Bond Fund, 5% RBC Emerging Markets Bond Fund and 5% RBC High Yield Bond Fund. Advisor commissions are 0%-5% for front-end sales; 5% for deferred sales; or 1% for the low-load option. Redemption fees begin at 6% in Year 1 and end at zero after Year 6 for the regular DSC schedule; or begin at 2% in Year 1 and end at zero after Year 2 of the low-load schedule. Trailing commissions are 0.5% for front-end and low-load sales; and 0.25% for deferred sales. Management fees are 1% for A-class units and 0.5% for F-class units. Minimum investment is $500.

New income fund from CI Investments

Toronto-based CI Investments Inc. has introduced CI Income Advantage Fund, designed to provide a diversified, tax-efficient income solution in a single investment. The fund provides investors with the exposure to a portfolio of income-generating securities, including investment-grade government and corporate bonds, preferred shares, common shares and real estate investment trusts. The fund pays a tax-efficient income stream through a monthly distribution of 3.5¢, representing a yield of approximately 4.2%. The investment portfolio is managed primarily by Toronto-based Signature Global Advisors, a division of CI. Trilogy Global Advisors LLC of New York also manages the portion of the portfolio that is allocated to global government bonds. Advisor commissions are 0%-5% for front-end sales; 5% for deferred sales; or 2% for the low-load option. Redemption fees begin at 5.5% in Year 1 and end at zero after Year 7 for the regular DSC schedule; or begin at 3% in Year 1 and end at zero after Year 3 of the low-load schedule. Trailing commissions are 0.75% for front-end sales; 0.3% for the first seven years of deferred sales, and 0.75% thereafter; or 0.3% for the first three years of low-load sales, and 0.75% thereafter. Management fees are 1.5% for A-class units and 0.75% for F-class units. Minimum investment is $500.

Sprott fund seeks to change objectives

Toronto-based Sprott Asset Management LP proposes to change the investment objectives of Sprott Multi-Manager Fund and change its name to Sprott Tactical Balanced Fund. If the change in investment objectives is approved by unitholders, the fund’s investment strategy will also change. The proposed fund would continue to provide exposure to a mix of investment strategies, but with greater asset-class diversification by including Sprott’s recently launched fixed-income funds. In addition, Sprott Tactical Balanced Fund would employ a more flexible and opportunistic asset-allocation approach to improve risk-adjusted return potential in a variety of market environments. If approved, management fees for A-class units and F-class units will be reduced by 0.25%. Sprott will seek unitholder approval for the proposed changes at a special meeting of unitholders to be held on or about Nov. 25.

Renaissance gives birth to real estate fund

Toronto-based Renaissance Investments, a division of CIBC Asset Management Inc., has launched Renaissance Global Real Estate Fund, which gives investors access to an institutional asset class that provides both yield and potential growth and enhances diversification. The fund with be subadvised by New York-based Cohen & Steers Inc. and aims to generate long-term capital growth through a portfolio that invests in equities in the global real estate market. Advisor commissions are 0%-5% for front-end sales; 5% for deferred sales; and 3% for the low-load option. Redemption fees begin at 5.5% in Year 1 and end at zero after Year 6 for the regular DSC schedule; or begin at 3% in Year 1 and end at zero after Year 4 for the low-load option. Trailing commissions are 1.25% for front-end sales; 0.5% for deferred sales for the first six years, and 1.25% thereafter; and 0.5% for the first three years of low-load sales, and 1.25% thereafter. Management fees are 2.5% for A-class units and 1.25% for F-class units. Minimum investment is $500.

Compiled by Clare O’Hara (cohara@investmentexecutive.com)