CI Investments provides update on proposed fund mergers and announces related portfolio manager changes
CI Investments provides update on proposed fund mergers and announces related portfolio manager changes
Canada NewsWire
TORONTO, Nov. 12, 2019
TORONTO, Nov. 12, 2019 /CNW/ - CI Investments Inc. ("CI") today provided an update on its proposal to merge 30 investment funds into other mandates and announced portfolio management changes affecting two funds.
Under the proposal, first announced on September 23, 2019, 30 mandates (terminating funds) will be merging with other funds (continuing funds) and their investors will receive the equivalent dollar value of securities in the corresponding continuing funds.
In the case of 20 mergers, the approval of securityholders of the terminating funds and of certain continuing corporate class funds is required for the mergers to proceed. Securityholders in all such terminating funds approved the merger proposals at meetings held on November 11, 2019 in Toronto. Meetings of securityholders in the continuing corporate class funds have been adjourned to November 18, 2019.
The following mergers have received all required approvals and will take effect on or after November 22, 2019:
Terminating Fund | Continuing Fund |
Cambridge Canadian Growth Companies Fund | Cambridge Growth Companies Fund1 |
CI American Equity Fund | Sentry U.S. Growth and Income Fund |
CI Global Small Companies Fund | Cambridge Growth Companies Fund1 |
Harbour Canadian Dividend Fund | Sentry Growth and Income Fund2 |
Harbour Fund | CI Canadian Investment Fund |
Harbour Global Equity Fund | CI Global Value Fund |
Harbour Global Growth & Income Fund | Signature Global Income & Growth Fund |
Harbour Growth & Income Fund | Signature Canadian Balanced Fund |
Lawrence Park Strategic Income Fund | CI Investment Grade Bond Fund |
Marret High Yield Bond Fund | Signature High Yield Bond II Fund3 |
Sentry Alternative Asset Income Fund | Signature Diversified Yield II Fund4 |
Sentry Canadian Bond Fund | Signature Core Bond Plus Fund |
Sentry Canadian Fixed Income Private Pool | CI Canadian Fixed Income Private Pool |
Sentry Conservative Monthly Income Fund | Portfolio Series Income Fund |
Sentry Corporate Bond Fund | Signature Corporate Bond Fund |
Sentry Diversified Equity Fund | Sentry All Cap Income Fund |
Sentry Energy Fund | Signature Global Energy Corporate Class |
Sentry Global Growth and Income Fund | Cambridge Global Dividend Fund |
Sentry Global High Yield Bond Fund | Signature High Yield Bond II Fund3 |
Sentry Global Mid Cap Income Fund | Cambridge Growth Companies Fund1 |
Sentry Global Tactical Fixed Income Private Pool | CI Global Unconstrained Bond Private Pool |
Sentry Money Market Fund | CI Money Market Fund |
Signature Real Estate Pool | Sentry Global REIT Fund5 |
The following mergers will take place on or after April 3, 2020, pending the approval of securityholders of the continuing funds. The terminating funds listed below were closed to new investors effective November 11, 2019 until they are merged next year. Current securityholders and securityholders in discretionary managed accounts may continue to make additional investments into the funds.
Terminating Fund | Continuing Fund |
CI Can-Am Small Cap Corporate Class | Cambridge Growth Companies Corporate Class6 |
CI Global Small Companies Corporate Class | Cambridge Growth Companies Corporate Class6 |
Harbour Corporate Class | CI Canadian Investment Corporate Class |
Harbour Global Equity Corporate Class | CI Global Value Corporate Class |
Harbour Global Growth & Income Corporate Class | Signature Global Income & Growth Corporate Class |
Harbour Voyageur Corporate Class | CI Canadian Investment Corporate Class |
Signature Gold Corporate Class | Sentry Precious Metals Class |
1To be renamed Cambridge Global Smaller Companies Fund |
2To be renamed CI North American Dividend Fund |
3To be renamed Signature High Yield Bond Fund |
4To be renamed Signature Diversified Yield Fund |
5To be renamed Signature Global REIT Fund |
6To be renamed Cambridge Global Smaller Companies Corporate Class |
Portfolio management changes
Effective today, Cambridge Global Asset Management ("Cambridge"), a division of CI, has been named portfolio manager of CI Can-Am Small Cap Corporate Class and CI Global Small Companies Corporate Class. The changes mean the funds will have the same portfolio manager as Cambridge Growth Companies Corporate Class, the fund into which they are being merged in April 2020. In preparation for the mergers, Cambridge will begin transitioning the portfolios of CI Can-Am Small Cap Corporate Class and CI Global Small Companies Corporate Class to align with the portfolio of Cambridge Growth Companies Corporate Class, which has an objective to provide long-term capital growth primarily through the investment in common shares of companies located anywhere in the world.
For further information about the mergers, along with a list of previously announced fund name changes that will take effect on or about November 22, 2019, please visit CI's Fund Merger Information page on www.ci.com.
About CI Investments Inc. – Trusted Partner in Wealth™
CI Investments is one of Canada's largest investment management companies. It offers a wide range of investment products and services and is on the Web at www.ci.com. CI is a subsidiary of CI Financial Corp. (TSX: CIX), an independent company offering global asset management and wealth management advisory services. CI Financial had $178 billion in assets as of October 31, 2019.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
CI Investments, the CI Investments design and Cambridge are registered trademarks of CI Investments Inc.
©CI Investments Inc. 2019. All rights reserved.
SOURCE CI Financial Corp.
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