AGF Funds Inc. today announced that it is increasing the foreign content limits on seven of its equity funds. The maximum limits are effective immediately.

“We want to ensure AGF funds continue to be managed in the best interest of our clients and investors,” said Randy Ambrosie, president of AGF Funds Inc., in a news release. “With the federal government’s changes to allow more foreign content, our portfolio managers will have another tool to gain greater access to the numerous attractive opportunities abroad. They will also have more securities within sectors to choose from in enhancing portfolio diversification.”

Executive vp and chief investment officer Martin Hubbes explained that AGF portfolio managers are welcoming the freedom and flexibility to diversify outside of Canada but added that the new limits will not change how the funds are currently being managed.

“It will be up to each of the managers to decide if and by how much they want to increase the foreign content and this will depend on their investment styles and strategies,” said Hubbes. “Attractive investment opportunities and the potential for long-term returns will continue to determine where we invest — whether in Canada or overseas.”

The seven funds affected by today’s announcement, along with their maximum allowable foreign content limits are:

  • AGF Canada Class, up to 10%;
  • AGF Canadian Stock, up to 49%;
  • AGF Canadian Real Value, up to 49%;
  • AGF Canadian Growth Equity, up to 49%;
  • AGF Canadian Small Cap, up to 49%;
  • AGF Canadian Resources, up to 49%; and
  • AGF Precious Metals, up to 49%.