(April 24 – 15:20 ET) – The Scotia Latin American Growth Fund has been named the top performing Latin fund in the world for the five-year period ended December 31, 1999 by Latin Finance Magazine.
The selection of the winning funds was done by Standard & Poor’s. Latin Finance has run these awards for four years. This is the first time a Canadian team has won the Latin American Fund category. Funds are compared using a risk adjusted return calculation.
“Our managers outperformed 81 other Latin American Funds,” said Peter Godsoe, chairman and CEO of Scotiabank.” This award helps recognize our strong understanding of Latin America and that we can use that knowledge not only for our strategic advantage, but also for our customers’ benefit,” said Godsoe.
The fund is part of Scotia Securities’ family of 29 mutual funds posted a return of 56% last year. It outperformed the benchmark, Morgan Stanley’s Latin American Free Index, which rose 46% during the same period. The fund’s five-year annualized return is 12.1%. Its MER is the lowest in the industry at 2.4%. To date the fund’s investors include ScotiaMcLeod, Scotia Discount Brokerage and Scotiabank retail clients.
-IE Staff