CI makes portfolio management changes

Vancouver-based Qwest Investment Fund Management Ltd. announced on Friday that it has now made multiple changes to a Canadian-equity focused mutual fund, resulting in a new name, a different risk rating and lower management fees.

AlphaDelta Canadian Prosperity Class was changed to AlphaDelta Canadian Focused Equity Class on Dec. 30, 2016, following approval of the changes by the fund’s shareholders.

The fund’s investment objective is also different and now states that the fund is meant to “provide long-term capital appreciation by investing primarily in equity securities of Canadian and foreign companies,” according to the firm’s announcement.

The change in investment objective means the fund’s investment strategy category is now “Canadian focused equity,” which carries a lower risk profile than the fund’s previous category of “Canadian small-cap equity.” Specifically, the fund’s risk rating will change to “medium” from “medium/high.”

“The manager believes that changing to the Canadian focused equity investment strategy category will result in an increase in fund assets and therefore will result in lower fund expenses on a per-unit basis, to the benefit of all unitholders,” states Qwest’s announcement.

In addition, the firm will decrease the management fees for the fund:

  • Series A shares are now 2% a year from 2.5% a year
  • Series F shares are now 1% a year from 1.5% a year
  • Series G shares are now 0.6% a year from 0.75% a year

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