Altamira Investment Services Inc. says that effective today the Altamira Precision Pacific Index Fund, Altamira Leisure and Recreation Fund, Altamira RSP Global Telecommunications Fund and Altamira RSP Global 20 Fund have ceased distribution of their units. The funds will be terminating on December 31.

Redemption of the funds’ units of the will continue to be accepted until the termination date.

Altamira says the decision to terminate the funds results from weaker than anticipated growth in their assets due to unfavourable market conditions. Currently the combined assets of the four funds are between $11 and $12 million.

Accordingly, their associated fixed costs are being shared by a relatively small number of unitholders, thereby adversely affecting their returns. Altamira concluded that it is in the best interests of unitholders that the funds be terminated.

“We believe that it is in the best interest of our unitholders to close the Funds,” says Chris Hodgson, Managing Director of Altamira. “This is the most prudent option.”

Investors will be able to redeem or switch their holdings in the respective funds until December 31. Any remaining assets at December 31 will be sold and the proceeds distributed to the relevant unitholders.

Unitholders will not be required to pay a redemption fee as a consequence of the termination of the funds and all costs associated with the termination of the funds will be borne by Altamira.