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Oak Hill Asset Management Inc. on May 1 launched its Oak Hill NexPoint Global Merger Arbitrage Fund. The fund aims to provide an equity alternative to fixed income products with lower interest rate risk. To achieve its investment objectives, the fund will primarily focus on merger arbitrage by investing in securities of companies that are involved in publicly announced mergers (including mergers through takeovers and tender offers). Merger arbitrage is a highly specialized investment approach generally designed to profit from the successful completion of merger transactions.
Connor, Clark & Lunn Funds Inc. announced that effective April 28, the CC&L Diversified Income Portfolio has been renamed to CC&L Diversified Income Fund. This name change is being made to align the naming convention with all other mutual funds offered by Connor, Clark & Lunn Funds Inc. CC&L is also changing the risk rating for the fund to Low-to-Medium from Low. This change is based on the risk classification methodology mandated by the Canadian Securities Administrators to determine the risk level of mutual funds
TD Asset Management Inc. on April 27 announced three new exchange-traded funds to its lineup.
TD Canadian Bank Dividend Index ETF (TSX: TBNK) tracks the performance of Solactive Canadian Bank Dividend Index, which measures the investment return of equity securities of the largest Canadian banks and puts more weight in banks with higher dividend growth.
TD Global Technology Leaders CAD Hedged Index ETF (TSX: TECX) TECX tracks the Solactive Global Technology Leaders Hedged to CAD Index, which measures the investment return of global mid- and large-capitalization issuers related to technology, including disruptive technology related companies across the globe, hedged to the Canadian dollar. An unhedged (TSX: TEC) and U.S. dollar (TSX: TEC.U) version are also available.
TD Active U.S. Enhanced Dividend CAD Hedged ETF (TSX: TUEX) is an actively managed ETF that offers investors exposure to competitively positioned large-capitalization dividend paying U.S. companies with a focus on total return (income and moderate capital growth), hedged to the Canadian dollar. Option writing is actively employed to help enhance yield and reduce risk as part of the fund's strategy. An unhedged (TSX: TUED) and U.S. dollar (TSX: TUED.U) version are also available.
Purpose Investments Inc. on April 27 announced the launch of its Purpose USD Cash Management Fun (TSX: MNU.U). The fund is aims to provide attractive yields for investors with U.S. dollar cash allocations. At launch, the initial target annualized net yield was expected to be 5.01%.
The fund invests in high-quality, short-term money market instruments denominated in U.S. dollars to deliver against its primary objective of preserving capital and maintaining liquidity without taking undue risk.
AGF Investments Inc. on April 26 announced a number of fund name changes.
According to AGF, these name changes are being made to better reflect the funds position as yield-oriented, monthly income-paying offerings.
The Investment Funds Institute of Canada on April 25 announced investment fund net sales and net assets for March 2023.
Mutual fund assets totalled $1.883 trillion at the end of March 2023. Assets increased by $15.3 billion or 0.8% compared to February 2023. Mutual funds recorded net redemptions of $3.4 billion in March 2023.
ETF assets totalled $337.1 billion at the end of March 2023. Assets increased by $9.2 billion or 2.8% compared to February 2023. ETFs recorded net sales of $6.8 billion in March 2023.
Mackenzie Investments on April 18 debuted its Mackenzie Corporate Knights Global 100 Index ETF (NEO: MCKG) and the mutul fund Mackenzie Corporate Knights Global 100 Index Fund.
In a release, Mackenzie says the funds track the Corporate Knights Global 100 Index, which consists of a diverse selection of global companies with strong management, enduring financial strength, and exceptional performance in 25 measures of sustainability developed and maintained by Corporate Knights. To achieve this, the ETF intends to hold the constituent securities of the Index in equal weighting, rebalanced annually, while the mutual fund will invest in the ETF.
Horizons ETFs Management on April 14 launched its Horizons 0-3 Month T-Bill ETF (TSX: CBIL) and Horizons 0-3 Month U.S. T-Bill ETF (TSX: UBIL.U). The funds provide respective exclusive exposure to Canadian and U.S. short-term federal Treasury Bills – that is, federal government securities with maturities of one year or less. Across the fixed-income spectrum, T-bills are generally considered to be amongst the lowest-risk investments available to investors, given that they are short-term securities backed by the creditworthiness of large federal governments.
Purpose Investments Inc. on April 5 announced that in a joint decision with Black Diamond Asset Management, it will terminate Black Diamond Distressed Opportunities Fund (TSX: BDOP) on or about June 12, 2023. Units of the fund will be voluntarily delisted from the Toronto Stock Exchange on or about June 7, 2023, at the close.
According to a press release from Purpose, the mutual decision to close the fund was driven primarily by Black Diamond’s conclusions regarding the fund’s relatively low assets under management and the costs associated with maintaining a fund of this size. Such factors have made it difficult to efficiently manage the fund in accordance with its intended investment objectives, and closing the fund is therefore in the best interests of unitholders.
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