FAM announces changes to imaxx™ Global Equity Growth Fund
Foresters Asset Management (FAM), the manager of the imaxx Global Equity Growth Fund, announced April 13 that it will seek unitholders’ approval to change the fund to a global equity balanced mandate. The manager proposes to rename the fund imaxx Global Fixed Pay Fund.
The investment objective of the imaxx Global Fixed Pay Fund would be to generate long term capital appreciation and income by investing primarily in a combination of equity and fixed income investments from around the world, says FAM.
A special meeting of unitholders to consider the proposed change will be held on or about May 15, 2018. If the change is approved, the fund will have a global equity balanced mandate and the manager anticipates that the risk rating will change from medium, to low to medium.
Distribution rate changes for imaxx Canadian Fixed Pay Fund
Also on April 13, FAM announced changes to the distribution rate for the A8 and F8 classes of the imaxx Canadian Fixed Pay Fund.
Effective June, 2018, the fund will be lowering its distribution rate for A8 and F8 class units from $0.08 per unit per month to $0.02 per unit per month. The A8 and F8 classes will be renamed the A2 and F2 class, respectively. FAM will retain the A0, A3, A5, F0, F3 and F5 classes of the fund and their respective target distribution rates.
Preserving net value of the fund
The company says it is making this change now “to preserve the net asset value of the fund and to provide distribution levels that FAM considers more appropriate for current market conditions and more sustainable for the long term, which FAM believes is what investors are looking for from the fund.”