TORONTO, May 31 /CNW/ - Cumberland Investment Management Inc. (the "Manager"), the manager of the Cumberland Capital Appreciation Fund (the "Fund"), announced that at a special meeting on May 26, 2010 unitholders approved a change in the principal investment objective of the Fund.
The change was proposed because the Manager believes that a balanced mandate is more appropriate for unitholders seeking "capital preservation" as a key element of their investment objectives, as well as long-term capital appreciation. The addition of the fixed income asset class provides more options for capital preservation and can provide better yields when compared to short term cash deposits.
The change allows the Manager to seek long-term capital appreciation while managing risk through the use of income trusts and high quality government and corporate fixed income securities as well as equities.
The change in investment objective is effective May 27, 2010.
About Cumberland Private Wealth Management Inc.
Cumberland Private Wealth Management, the portfolio advisor of the Fund, provides discretionary investment management services for high net worth individuals and families, and the trusts, companies and foundations under their stewardship. The firm is privately owned by its employees and offers a wide spectrum of investment and wealth management expertise.
SOURCE CUMBERLAND INVESTMENT MANAGEMENT INC.
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