(Toronto, ON, December 19, 2018)
Foresters Asset Management Inc. (“FAM”), the manager of the imaxxFunds™, is pleased to announce that effective January 1, 2019, FAM will lower the management fee for Class F of the imaxx Short Term Bond Fund and Class F of the imaxx Canadian Bond Fund (the “Funds”), and will continue to absorb a portion of the Funds’ operating expenses in order to lower the Management Expense Ratio (“MER”).
The changes to the management fees and MERs are summarized in the following table:
|
Fund Name
|
Class
|
Current MER*
|
Current Management Fee
|
New Management Fee
|
Targeted MER effective Jan. 1st, 2019
|
Effective
MER Reduction
|
|
imaxx Short Term Bond Fund
|
Class F
|
0.84%
|
0.63%
|
0.27%
|
0.36%
|
0.48%
|
|
imaxx Canadian Bond Fund
|
Class F
|
0.87%
|
0.75%
|
0.33%
|
0.40%
|
0.47%
|
*Based on the June 2018 unaudited Financial Statements and Semi Annual Management Report of Fund Performance.
Gregory Ross, FAM’s president and CEO, stated: “We are an institutional asset manager that has built enviable and demonstrable track records managing Canadian corporate credit strategies. The recent back up in rates has provided some compelling yields in Canada. Ever mindful of management fees eating into investors’ returns, we’ve taken this step to provide institutional expertise, with institutional pricing, for our advisors and unitholders. Coupled with our Responsible Investment integration, we’re providing our clients with a couple of compelling fixed income solutions.”
The changes to the management fees of the Funds will be reflected in the updated Simplified Prospectus and Fund Facts to be released in May 2019. The investment objectives of the Funds remain unchanged.
About Foresters Asset Management
Foresters Asset Management Inc. (FAM) oversees $10 billion in retail, institutional, and third party assets. FAM is backed by the strength of Foresters Financial™, an international financial services provider with total funds under management of $44 billion, overseen by more than 30 investment professionals. FAM’s focus is to provide exceptional total return, income and capital preservation solutions for our clients. We add value through our proprietary, bottom-up research that applies a prudent, disciplined and repeatable investment process. The results are low volatility portfolios designed to provide consistent risk-adjusted returns over the long term.
Responsible Investment Integration
At FAM, we believe companies that integrate responsible investing factors effectively into their operations can enhance the quality of our investment portfolios. This allows, FAM to better manage risk - without impacting the diversification attributes of a fund - and therefore, generate greater sustainable risk adjusted returns for our unitholders.
For more information:
Andrew Berwick, VP Marketing
Foresters Financial
416 226 8053
andrew.berwick@foresters.com