Acker Finley Asset Management Inc., the trustee and manager of QSA Canadian Equity Fund, says that unitholders of have approved a change to the investment objective of the fund, as a well as a change of name.
At a special meeting held yesterday, unitholders approved:
- the change of fundamental investment objective of the fund from “…to provide to investors capital growth over the long term by investing in equity securities — principally common shares — of a diversified group of primarily Canadian companies” to “…to provide to investors capital growth over the long term by investing in equity securities –principally common shares — of a limited group of Canadian companies (or other entities) selected from the largest companies by market weight in the S&P/TSX Composite Index”;
- the change of the name of the fund to QSA Canada Focus Fund; and
- the use of specified derivatives for hedging purposes only.
The change in investment objective and the name of the Fund became effective May 3 and the fund’s portfolio has been adjusted to reflect such change in investment objectives.
Acker Finley says the use of specified derivatives for hedging purposes by the fund will commence on or about June 8.
As a corollary to the change in its fundamental investment objective and the re-focusing, the fund has permanently ceased offering for sale its Series A units, which bore a performance fee. All Series A units that remain outstanding will be redeemed by the fund on May 4.
The Series B units of the fund were redesignated as “units” of the fund.
Distribution of units of the will recommence on after the renewal simplified prospectus and annual information form of the fund are filed with the applicable securities regulatory authorities.