Market month: Fund news and updates
Fund launches, mergers, and terminations from Mackenzie, Dynamic, Canada Life
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IFIC releases November fund statistics
The Investment Funds Institute of Canada (IFIC) on Nov. 24 announced investment fund net sales and net assets for October 2023.
Mutual fund assets totalled $1.808 trillion at the end of October. Assets decreased by $28.3 billion or 1.5%, since September. Mutual fund net redemptions were $12.5 billion in October.
ETF assets totalled $345.3 billion at the end of October, down by $1.2 billion, or 0.3%, from September 2023. ETF net sales were $2.9 billion in October.
The full report is available on the IFIC website.
Mackenzie re-opens two funds to new investment
Mackenzie Investments on Nov. 22 announced that it is removing its soft-cap on the Mackenzie US Small-Mid Cap Growth Fund and the Mackenzie US Small-Mid Cap Growth Currency Neutral Fund and opening the funds to new investments.
The funds were soft-capped on Oct. 29, 2020, owing to capacity constraints. As a consequence, advisors were not able to make investments for new investors. However, the company says it has closely monitored the capacity of the funds and has determined that it can once again re-open the funds.
"We’re pleased to be able to once again make these funds available to investors who have been eagerly awaiting this opportunity,” said Kristi Ashcroft, EVP, Products and Solutions, Mackenzie Investments. “Opening the funds to new investments will provide more investors with enhanced access to strong growth potential in the U.S. small-mid cap space,” she added.
Dynamic launches four Active ETF portfolios
Dynamic Funds on Nov. 14 debuted four Dynamic Active ETF Portfolios, offering investors access to a targeted mix of Dynamic Active ETFs in one-ticket mutual fund solutions.
Dynamic Active Income ETF Portfolio aims for a balance of income and long-term capital growth, with a significant weighting towards income. Target allocation is 75% fixed income and 25% equities.
Dynamic Active Conservative ETF Portfolio aims for a balance of income and long-term capital growth, with a greater weighting towards income. Target allocation is 60% fixed income and 40% equities.
Dynamic Active Balanced ETF Portfolio looks for a balance of income and long-term capital growth with a target allocatioin of 40% fixed income and 60% equities.
Dynamic Active Growth ETF Portfolio aim for a balance of long-term capital growth and income, with a significant weighting towards capital growth. Target allocation is 20% fixed income and 80% equities.
Canada Life announces fund mergers and terminations
Canada Life Investment Management Ltd. on Nov. 9 announced a number of proposed fund mergers and terminations. In a release, Canada Life said, “the changes aim to offer a more streamlined and competitive mutual fund lineup for advisors and their clients.”
The mergers of 20 Canada Life mutual funds will take place on or about Jan. 26. According to Canada Life, “the mergers will make it easier for advisors and investors to navigate the Canada Life mutual fund lineup. All mergers will be affected on a tax-deferred basis for investors.”
A special meeting will be held on or about Jan. 15, where unitholders will be asked to approve the mergers the table below:
In addition, the following fund mergers were reviewed and approved by the Canada Life Mutual Funds Independent Review Committee and do not require a vote:
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