Ninepoint Partners LP has introduced a new actively managed global equity fund that invests in a concentrated portfolio of companies across geographies, sectors and market capitalizations, aiming to capture global growth opportunities.
Ninepoint senior portfolio manager Sam Mitter, who has more than 25 years of experience under his belt, runs the Ninepoint Global Select Fund.
Mitter said the fund is modelled after a similar product he helped launch at his previous firm — the AGF Global Select Fund — which grew from some $40 million in assets under management a decade ago to $6.6 billion today.
He calls the Ninepoint Global Select Fund “a best-ideas fund, which means that you look for the best ideas across the board, across geographies, across market caps.”
“It’s like a chef’s tasting menu. It’s a curated 30-40 course meal and each item serves a purpose, with no fillers,” Mitter said.
“Great business models are hard to find. And one of the things I’ve learned in the industry is if you have a good idea, go big — constantly.”
There are certain guidelines in place for the fund. For example, it will hold a maximum of 45 companies, it won’t provide more than 20% exposure to emerging markets (EM), and no single stock in its portfolio will carry a weight above 10%, Mitter said.
The fund seeks to capitalize on the shift away from U.S. exceptionalism.
Mitter noted that while the MSCI World Index is overweight in the U.S., the Ninepoint Global Select Fund seeks to provide investors with less exposure to the U.S. and greater exposure to markets that have been underserved and are projected to do better over the next couple of years. He’s especially bullish on companies in Europe and Asia.
“There’s a line that says that the U.S. innovates, China replicates and Europe regulates. And there was a lot of talk about U.S. exceptionalism, which has obviously worked out for the last couple of decades, but I think this year it got dented a bit,” Mitter said.
“If you think about it, a lot of the global champions are not [from the] U.S. The world’s No. 1 semiconductor fabricator is not American. It’s Taiwanese. The company that makes the best high-bandwidth memory, which all these AI clusters sit on, is actually Korean. … And that superapp that every American company wants to build that can put in fintech and chat and commerce only exists in China,” he added, referring to WeChat.
The fund is now available for purchase in various units via FundServ, and as an ETF series on the TSX under the ticker symbol GBSL. Its management fee has been waived until March 31, 2026.
BMO unveils new CDRs
Bank of Montreal (BMO) has unveiled five new Canadian Depository Receipts (CDRs) that invest in companies in Europe.
The bank’s new CDRs include:
- AXA SA Ordinary Shares (Cboe: AXA), which provides exposure to the French multinational financial services and insurance company
- Sanofi S.A. Ordinary Shares (Cboe: SAN), which provides exposure to the French multinational pharmaceutical and health-care company
- Société Générale SA Ordinary Shares (Cboe: SOCG), which provides exposure to the French multinational universal bank and financial services company
- Rheinmetall AG Common Shares (Cboe: RHM), which provides exposure to the German automotive and arms manufacturer
- Heineken N.V. Ordinary Shares (Cboe: HEIA), which provides exposure to the Dutch multinational brewing company
The investment vehicles began trading on Cboe Canada on Sept. 18.
Desjardins streamlines its mutual fund lineup
Desjardins Investments Inc. (DI) has streamlined its mutual fund lineup.
The adjustments involved merging and changing the names of some Melodia and Chorus II Portfolios. The mergers took effect on Sept. 12, while the new names following on Sept. 16.
“With this new, simplified lineup, we’re offering accessible, easy-to-understand investment solutions that can still provide the same strong performance potential as before,” said Frédérick Tremblay, managing director, head of investment Solutions and chief operating officer of DI, in a release.
The rejigged mutual fund portfolios form a new line of investment products called “the Desjardins Active Strategy Portfolios,” which leverage the expertise of Desjardins Global Asset Management.
Desjardins now offers three lines of products: the Desjardins Active Strategy Portfolios, the Desjardins Sustainable Portfolios and Desjardins ETF Portfolios.
NBI launches multiple ETF, ETFH series
National Bank Investments Inc. (NBI) has announced new ETF series and hedged ETF series (ETFH series) for certain mutual funds.
A full list of the new product offerings is available here.
“The introduction of these ETF and ETFH series marks a pivotal moment in empowering investors to build stronger, more versatile portfolios,” said Martin Felton, vice-president, national sales at NBI, in a release.
“We are dedicated to expanding opportunities and helping our clients seize new possibilities in today’s dynamic market.”
Another ESG fund bites the dust
Amid a series of ESG fund closures in North America, Desjardins Investments Inc. (DI) has announced the termination of the Desjardins Sustainable American Equity ETF (TSX: DSAE) following what it called a “strategic analysis” of its product offerings.
In a release Monday, DI said it will terminate DSAE on or about Nov. 28 and request the TSX delist units of the fund on or about the termination date. All units still held by investors by then will be subject to a mandatory redemption.
“As part of its commitment to offering an optimal range of products to its members and clients, DI conducts an ongoing review of its offerings,” the release said.
“Following this strategic analysis, and in the best interest of investors, DI has made the decision to dissolve the DSAE, as it no longer adequately meets their evolving needs.”
Prior to the termination date, DI said it “will, to the extent reasonably possible, convert the assets of the DSAE to cash and, after paying or making adequate provision for all of the DSAE’s liabilities, as soon as practicable following the termination date, distribute the net assets of the DSAE pro rata among unitholders of record of the DSAE.”
No more purchases of the fund will be accepted as of Nov. 17.
Investors are set to receive further details about the terminations via mail and an upcoming press release.
Global X rolls out new leveraged, inverse-leveraged funds
Global X Investments Canada Inc. has expanded its suite of leveraged and inverse-leveraged funds with three new products.
As of Sept. 18, the firm’s BetaPro suite now includes the BetaPro Nasdaq-100 Daily Inverse ETF (TSX: QQI), as well as the BetaPro 3x Russell 2000 Daily Leveraged Bull Alternative ETF (TSX: TRSL) and BetaPro -3x Russell 2000 Daily Leveraged Bear Alternative ETF (TSX: SRSL).
QQI seeks to provide investors with inverse (opposite) exposure to the daily performance of the Nasdaq 100.
TRSL and SRSL seek to provide investors with three times leveraged and inverse-leveraged exposure to the Russell 2000 index, respectively.
The three new ETFs will have a 0.65% management fee until Dec. 31. After that, their fees rise to 1.15%. The lower fees are part of a broader fee rebate effort involving the BetaPro suite at Global X.
“With the launch of these ETFs, including the first 3x leveraged and inverse leveraged Russell 2000 ETFs in Canada, traders now have a direct and efficient way to express tactical views on U.S. small cap companies through a reputable benchmark,” Erik Sloane, executive vice-president, head of distribution at Global X, said in a release.
It’s important to note that ETFs with leverage carry a high level of risk and require heightened due diligence.
TDAM expands its product offerings
TD Asset Management Inc. (TDAM) has expanded its product offerings with a new ETF series for an existing mutual fund and four new target-maturity bond funds.
The TD North American Dividend Fund is now available in an ETF series, providing investors with access to “a diversified portfolio of income-producing North American securities,” including dividend-paying stocks, preferred shares, REITs and bonds in an ETF wrapper that offers “the flexibility of intraday trading and simplified tax reporting,” a release said.
The fund is now trading on the TSX under the ticker symbol TDNA. It has a 0.8% management fee.
“By introducing the ETF series for one of our most recognized mutual funds, we’re giving investors more choice and access to a proven strategy,” said David Sykes, senior vice-president and chief investment officer at TDAM, in the release.
TDAM also launched four new target-date maturity bond funds.
The new mutual funds invest primarily in Canadian investment-grade corporate bonds that are set to mature on a target date in 2028, 2029, 2030 or 2031.
The new funds join a suite of target-maturity bond funds first introduced by TDAM in September 2024 for the 2025-27 maturity years.
“Our target-maturity bond funds are designed for investors seeking predictable income and capital preservation, while benefiting from professional management and low costs,” said Rachana Bhat, vice-president and director at TDAM, in the release.
BlackRock Canada announces fund changes
BlackRock Asset Management Canada Ltd. (BlackRock Canada) has announced index methodology changes for one investment fund a fee reduction for another.
The iShares Exponential Technologies Index ETF (TSX: XEXP), which tracks the Morningstar Exponential Technologies Index, is expected to see “higher than normal portfolio turnover” due to changes to the evaluation process used to determine the composition of the underlying index, BlackRock Canada said in a release.
The index has shifted from annual to quarterly rebalances, while certain themes in it have either changed or been removed.
“As a result of the rebalances, XEXP may experience higher than normal transaction costs and realize net capital gains,” BlackRock Canada said.
The index will also transition from equal weighting to a float-adjusted market cap weighting system, with consistent issuer weights capped at 4% and exponential technology theme weights capped at 25%.
Meanwhile, the annual management fee of the iShares India Index ETF (TSX: XID) has been reduced from 0.98% to 0.74%.
Insurance app offers new whole, term life products
Life insurance mobile app platform Goose Insurance Services Inc. has launched new whole life and renewable term life insurance products underwritten by Moncton, N.B.-based Assumption Life.
The application process is entirely digital and includes policy issuance in minutes without medical exams or blood tests.
“We’re taking a complex, high-value product like whole life and making it as simple to hail a ride or order food delivery on your phone,” said Omar Kaywan, co-founder and chief growth officer at Goose Insurance, in a release.
Clients can get information on policy application, manage existing policies and view cash value through the app.
— With files from Jonathan Got