(December 13 – 14:45 ET) – Triax Growth Fund Inc.is pleased to announce a one-year rate of return of 58.49% as of December 10, 1999 The net asset value per share closed at $15.77 on Friday up from $9.95 one year ago.
This performance can be partly attributed to a number of successful investments in the portfolio such as MGI Software Corp., Linmor Inc., Backweb Canada Inc. and Research in Motion Ltd. among others, says Triax.
The Investment Advisor for the Fund’s portfolio is Altamira Management Ltd. Alex Sasso, Vice President and Portfolio Manager and Steve Masson, Assistant Vice President and Portfolio Manager are currently responsible for the Fund’s investment decisions.
Mr. Sasso has been involved in the management of the Triax Growth Fund portfolio since its inception in January 1996 and Mr. Masson has been involvedin the management of the Fund since January 1997.
Established on January 10, 1996, Triax Growth Fund is a Canadian labour sponsored investment fund that invests in a wide variety of small to medium sized Canadian companies with strong growth potential. The Fund is available to investors across Canada, except in Saskatchewan, and provides a 15% federal tax credit to purchasers plus a matching provincial tax credit available to residents of Ontario, Nova Scotia and New Brunswick.
As of December 10, 1999, the total net asset value of the Fund’s portfolio was $275,892,973 or $15.77 per Share. Currently, there are 49 investee companies in the portfolio.
-IE Staff