CALGARY, Jan. 20 /CNW/ - Brickburn Asset Management Inc. (the "Manager"), the manager of the Brickburn Funds, announced today that shareholders approved changes to the fundamental investment objective of the Brickburn Income Growth Class (the "Fund").
The Fund's investment objective was previously as follows: "The Fund is designed to provide holders of the shares with a stable monthly stream of distributions, which shall be determined on an annual basis by Brickburn Asset Management Inc., and the potential for medium to long-term capital appreciation by investing in small to mid-capitalization companies. For the purposes of this Fund a small to mid-capitalization company will be defined as a company with a market capitalization up to $5 billion in Canada and up to $10 billion in the United States. The Fund will be weighted approximately 60% to 80% in instruments with quarterly or monthly distribution streams of cash including convertible debentures, trust units, royalty units, common and preferred shares with dividend distributions and other high-yield instruments. The remaining 20% to 40% of the portfolio will be invested in growth-oriented equities."
The Manager proposed, and shareholders of the Fund approved, that the investment objective of the Fund should be changed to being as follows: "The Fund is designed to provide holders of the shares with a stable monthly stream of distributions, which shall be determined on an annual basis by Brickburn Asset Management Inc., and the potential for medium to long-term capital appreciation by investing primarily in a diversified portfolio of dividend-paying and/or distribution-paying Canadian equity and income securities including common and preferred shares, real estate investment trusts, trust units, other high yield instruments and corporate debt."
The Manager is seeking to amend the Fund's investment objective in order to provide the Fund with a broader mandate that includes larger capitalization companies. The Manager believes that this change is in the best interests of the Fund and its shareholders and intends to immediately appoint Vantage Point Investment Management Inc. as sub-advisor for the Fund. Vantage Point is a boutique portfolio management firm based in Calgary.
SOURCE BRICKBURN FUNDS INC.
For further information: For further information: Mr. William D. Bonner, Chairman, Brickburn Funds Inc., (403) 303-4488