TORONTO, July 8 /CNW/ - Brandes Investment Partners & Co. (Brandes), the manager of the Brandes Funds, announces changes in response to the implementation of the federal harmonized sales tax (HST).
It has launched new Class AN and Class FN units for each of the Brandes Global Equity Fund, Brandes International Equity Fund, Brandes Sionna Canadian Equity Fund and Brandes Sionna Canadian Balanced Fund (collectively referred to as the "Funds"). The new Classes are identical to the existing Class A and Class F units of the Funds, respectively, but are intended for investors residing in provinces that do not participate in the HST (eligible investors).
These new classes are now available to eligible investors and will be subject only to the GST currently at 5%. Eligible investors may purchase these new classes now or may switch their current Class A or F units of the Funds for the Class AN and Class FN units respectively. Brandes plans to redesignate Canadian dollar denominated Class A and Class F units of the Funds (held by eligible investors on June 30, 2010) to the corresponding Class AN and Class FN so that no work is required by advisors or investors. Brandes is committed to completing this process by March 31st 2011 at the latest, or sooner as progress permits. Redesignated and exchanged/switched units will continue to be subject to the redemption charges that applied to the original units. Further details in respect of these matters are contained in the Funds' prospectus dated June 30, 2010.
Brandes also announces that for Class L and Class M of the Funds mentioned above and for all Classes of the remaining Brandes Funds (other than Class I, Class W and Class IH units) that it will be responsible for any increase in expense as a result of the application of the HST in place of the GST until December 31, 2010. Beyond this date, Brandes may (or may not) continue to absorb this increase at its discretion without additional notice.
About Brandes Investment Partners & Co.
Brandes Investment Partners & Co. (BIPCo) is the manager of the prospectus qualified mutual funds referred to above as the Brandes Funds. BIPCo is an affiliate of Brandes Investment Partners, L.P. of San Diego, CA. Brandes is a leading global investment advisory firm, managing more than Cdn. $52 billion of assets for institutional and private clients worldwide. Brandes applies the approach to securities selection pioneered by Benjamin Graham, identifying investment opportunities within a long-term context and following a time-tested value discipline in all market conditions. The company's web site is: www.brandesinvestments.ca.
SOURCE Bridgehouse Asset Managers
For further information: For further information: Mrs. Leah Brock, Senior Vice President, Marketing, Brandes Investment Partners & Co., (416) 306-5706