TORONTO, March 12 /CNW/ - Mackenzie Investments today announced that
Mackenzie Cundill Recovery Fund will be reopened to investors, effective March
28, 2008. The Fund, which won Global Equity Fund of the Year at the 2003 and
2005 Canadian Investment Awards, has been closed to new retail subscriptions
since April 2006.
Mackenzie decided to close the Fund to new retail subscriptions after
assets tripled in the 18 months prior to April 2006. Although the Fund had
maintained consistent performance numbers through this period, Mackenzie felt
it was in the best interests of investors to allow the managers time to
prudently utilize its cash consistent with the Fund's mandate. The Fund is
being reopened in recognition of current investment opportunities consistent
with the portfolio manager's investment approach.
"Mackenzie closed Cundill Recovery Fund in 2006, as finding appropriate
investment opportunities to deploy a growing cash position had become
increasingly difficult," said David Feather, President of Mackenzie Financial
Services Inc. "Now, however, global stock markets, which started to correct in
the summer of 2007, have created numerous deep value and recovery
opportunities, so the Fund's ability to take in new money has increased
substantially." At this time, the manager believes that some of the best
opportunities can be found in large cap companies in North America and in
certain sectors across Europe.
Mackenzie Cundill Recovery Fund is managed by James Morton, Chief
Investment Officer of CIM Investment Management Ltd. James Morton is a
consultant to Mackenzie Cundill Investment Management Ltd. With a Law degree
from Cambridge University, an MBA from Stanford Business School and an MA in
Third World Economics from the Stanford Food Research Institute, Morton has
30 years experience in the financial services industry, the last 10 as manager
of the Fund.
Mackenzie reserves the right to close the Fund again at a later date
should the Manager, along with the investment management team at Cundill,
believe that investment opportunities have become too limited.
Commissions, trailing commissions, management fees and expenses may all
be associated with mutual fund investments. Please read the prospectus before
investing. Mutual funds are not guaranteed, their values change frequently and
past performance may not be repeated.
Mackenzie Investments: Mackenzie Investments was founded in 1967, and is
a leading investment management firm providing investment advisory and related
services. With $60.3 billion in assets under management, Mackenzie Investments
distributes its services through a diversified network of third-party
financial advisors. Mackenzie Investments is a member of the IGM Financial
Inc. (TSX: IGM) group of companies. IGM Financial is one of Canada's premier
financial services companies with over $118 billion in total assets under
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