Clarington launches three new funds

The prospectus outlines the firm’s plans for a new global balanced fund, the Clarington Global Income Fund, which qualify as foreign property, investing in equities and fixed income from around the world. The fund will charge management fees of 2.50%. The advisor for the fund will be Seamark Asset Management of Halifax. The fund is organized as a trust.

Clarington is also launching two new sector funds, the Digital Economy Class and the Health Sciences Class. These funds are organized as corporations. These funds will qualify as foreign property, and both will charge management fees of 2.60%. The advisor for both funds will be Munder Capital Management of Birmingham, Michigan.

The digital economy fund will invest in “companies that leverage technology to gain a competitive advantage”, particularly those that use “the Internet to improve efficiencies, utilizing technology to increase market-share and profitability, and companies transforming their businesses to become more competitive are all candidates for investment.” It will also maintain sector weightings approximately equal to the S&P 500 index at all times.

The health sciences fund will invest in companies providing health care and medical services and products worldwide, including pharmaceutical producers, biotechnology firms, medical device and instrument manufacturers, distributors of healthcare products, healthcare providers and managers, and other healthcare service companies. Munder will use a bottom-up approach, seeking companies that are at the leading edge of new developments in the healthcare industry.

The three funds will be sold with a front-end charge of 0% to 5%, paying a 1% trailer. A low-load option also carries a 1% trailer. The deferred sales charge option pays the dealer 5% up front on a DSC schedule starting at 5.75% declining to 0% after seven years, with a 0.50% trailer.