Toronto-based Mackenzie Financial Corp. announced on Tuesday it will be changing the investment objectives, investment strategies and availability for purchase of several mutual funds.
Effective Sept. 29, the Mackenzie Systematic Strategies Team will assume lead management of Mackenzie Canadian Large Cap Growth Fund, the equity component of Mackenzie Canadian Large Cap Balanced Fund and a number of institutional accounts. The team will be led by Rick Weed, senior vice president, investment management.
Concurrent with this change, Mackenzie will be increasing the foreign content limit of Mackenzie Canadian Large Cap Growth fund from 30% to 49%.
Also effective Sept. 29, Mackenzie Canadian All Cap Dividend Fund and Mackenzie Canadian All Cap Dividend Class will increase the foreign content limit from 10% to 30%.
Mackenzie will be changing the investment objectives and strategies of Mackenzie Strategic Income Class on Dec. 10. After that date, as a result of tax law changes introduced in the 2013 federal budget, the class can no longer rely on character conversion transactions to provide investors with tax-efficient exposure to Mackenzie Strategic Income Fund.
“It is in the best interest of investors of the class to invest substantially all of its assets directly in the fund. The investment objectives and strategies of the class will change to permit this,” Mackenzie said in a statement.
The class remains closed to new investment, except that switches from one series of the class to another series of the class will continue to be permitted.
Purchase restrictions on certain corporate class funds
After Jan. 29, Mackenzie will no longer permit registered accounts to purchase the securities of 13 corporate class funds. Taxable accounts may continue to purchase the securities of these restricted funds.
Each restricted fund is also offered as a trust fund, so registered accounts may continue to access these mandates by purchasing securities of the respective trust funds. Registered accounts are also encouraged to switch any existing investments in a restricted Fund to its equivalent trust fund.
The restricted funds are:
- Mackenzie Canadian All Cap Balanced Class
- Mackenzie Canadian Money Market Class
- Mackenzie Cundill Recovery Class
- Mackenzie Cundill Value Class
- Mackenzie Global Concentrated Equity Class
- Mackenzie Global Small Cap Growth Class
- Mackenzie International Growth Class
- Mackenzie Ivy Foreign Equity Class
- Symmetry Conservative Income Portfolio Class
- Symmetry Conservative Portfolio Class
- Symmetry Balanced Portfolio Class
- Symmetry Moderate Growth Portfolio Class
- Symmetry Growth Portfolio Class