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Investment Executive regularly lists notable developments in Canada’s investment product landscape. Here are some newly released funds as well as some management fee reductions on existing funds:

  • The Veritas Next Edge Premium Yield Fund went live as of June 28, Next Edge Capital Corp. president Rob Anton wrote in an email to Investment Executive. With a risk rating of medium, the mutual fund consists mostly of Canadian equities with a bias toward yield and capital preservation, Next Edge said in a press release on June 27. The fund uses covered option writing strategies to generate additional yield and further mitigate downside exposure and adverse price movements, the release said. The fund was launched in conjunction with Veritas Investment Research Corp. and Veritas Asset Management Inc., and will invest primarily in stocks that Veritas rates as a buy, the Fund Facts document says. Next Edge values Veritas for its “forensic accounting–based approach,” Anton stated in the release. Management fees are 1.8% for Series A and 0.8% for Series F.
  • Put options are a key feature of the Ninepoint Partners LP Target Income Fund, launched June 28 in partnership with RBC Capital Markets. An ETF version (NEO: TIF) started trading June 30. The fund sells put options on broad equity indexes and uses, or obtains exposure to, put selling strategies through the use of derivatives such as swaps. The fund aims to have exposure of at least 70% to North American equities. The risk rating is low to medium. Management fees are 1.6% for Series A, 0.6% for Series F and 0.6% for the ETF.
  • Capital International Asset Management (Canada) Inc. (Capital Group) announced its Multi-Sector Income Fund is available as of June 30. Normally, the fund will invest at least 80% of its assets in bonds and other debt instruments, across the credit spectrum. The fund aims to provide less volatility and drawdown than a standalone high-yield or emerging market debt fund. The risk rating is low to medium. Series A and F are available in both Canadian and U.S. currency versions. For Series A, the management fee is 0.92% (fund’s net assets under $5 billion), 0.89% (fund’s net assets $5 billion to $10 billion) and 0.87% (fund’s net assets over $10 billion). For Series F, the management fee is 0.42% (fund’s net assets under $5 billion), 0.39% (fund’s net assets $5 billion to $10 billion) and 0.37% (fund’s net assets over $10 billion). Other series are also available.
  • SEI Investments Canada Co. reduced management fees as of July 1 for Class F and F(H) of its funds, and changed how operating expenses are charged for such classes, to provide greater cost transparency. In some cases, management fees have been cut by 50 basis points. For example, the management fee for both SEI’s Balanced Monthly Income Fund and its Balanced 60/40 Fund is 0.45%, down from 0.95%.
  • IG Wealth Management announced several changes to existing funds, including dozens of management fee reductions, on June 28. The changes reflect the firm’s commitment to continually review its fund line-up to keep products “competitive and responsive to market trends,” IG said in a release. IG also appointed Philip Petursson, chief investment strategist with IG Wealth Management, as portfolio manager for several iProfile funds.

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