Unitholders of First Trust Canadian Capital Strength Portfolio (formerly RBC Dominion Securities Canadian Focus List Portfolio) approved a change to the fund’s investment objective at a special meeting held Thursday.
Under the new investment objective, the fund will seek to provide long-term capital appreciation by investing primarily in securities traded on a Canadian exchange or market, says Toronto-based First Defined Portfolio Management Co.
The fund will continue to invest predominantly in Canadian securities. First Trust Advisors L.P., the fund’s portfolio advisor, will use a multi-step, bottom-up, quantitative selection process in order to identify its investible universe of securities.
At the meeting, unitholders also approved an increase in the operating expense cap of each series of the fund and an increase in the management fee payable by each series of the fund. In addition, effective Friday, the fund changed its name to First Trust Canadian Capital Strength Portfolio.
FundSERV codes remain unchanged as follows: Series A: FTC 461; Series F: FTC 465.