(January 21 – 15:50 ET) – The labor-sponsored fund Triax Growth Fund, which is managed by Altamira Investment Management Ltd., has amended it’s prospectus so that it will no longer be required to keep a minimum of 20% of the net assets of the fund in reserves. Initially, the reserves were kept on hand in order to maintain liquidity in case of redemptions.
Management now feels that the investments of the fund’s portfolio have developed enough liquidity so that the fund is no longer reliant of reserves to fund possible redemptions.
Triax has seen a run up in net asset value per share to $16.71 at yearend from $11.25 at the end of October. This increase in value would have caused managers to sell investments in order to meet the 20% rule.
Conditions have changed so that Triax will keep 20% of the capital raised from the sale of shares, less redemptions, in reserve. This will lower the amount of cash Triax will need to keep on hand.
-IE Staff