TORONTO, June 1, 2020 /CNW/ - CI Investments Inc. ("CI") today announced portfolio management changes to two investment funds:
- Marret Asset Management Inc. ("Marret"), an affiliate of CI, has been appointed portfolio manager of CI First Asset Active Credit ETF (TSX: FAO), effective on or about June 30, 2020.
- Sentry Investment Management ("Sentry"), a division of CI, has been appointed portfolio manager of a portion of CI Canadian Small/Mid Cap Fund, effective on or about June 15, 2020.
"Sentry and Marret each have a disciplined investment approach and extensive experience in the specializations required for these portfolios," said Roy Ratnavel, Executive Vice-President and Head of Distribution for CI.
"Marret's expertise as active fixed-income investors, especially in corporate credit, make the team a natural fit for the CI First Asset Active Credit mandate. For CI Canadian Small/Mid Cap, we selected Sentry as part of a move to increase the fund's allocation to U.S. stocks. The Sentry team has a strong track record in managing portfolios focused both on North American small-cap companies and U.S. equities."
Marret is a specialist fixed-income investment firm focused on corporate credit strategies. The team's experience includes investment-grade and high-yield corporate credit, short-term cash alternatives, and opportunistic distressed debt. Lead Portfolio Manager will be Paul Sandhu, President and Chief Executive Officer, who has over 30 years of Canadian and global fixed-income experience. His co-manager will be Adrian Prenc, Vice-President, Portfolio Manager and Chief Risk Officer, who has over 20 years of investment experience.
CI Canadian Small/Mid Cap Fund is a multi-manager fund, with each manager chosen to provide enhanced diversification by investment style and other factors. Given that the fund may hold up to 49% foreign content, CI will be increasing its allocation to U.S. companies. CI selected Sentry due to its proven results in managing U.S. and small and mid-cap portfolios, its strong fit with the fund's objectives and its ability to complement the other investment teams. Lead Portfolio Managers of the Sentry portion will be Aubrey Hearn, Head of Equities, Vice-President and Senior Portfolio Manager, who has over 15 years' investment experience, and Jack Hall, who has more than eight years of investment experience.
Picton Mahoney Asset Management and QV Investors Inc. will each continue to manage their portion of the CI Canadian Small/Mid Cap Fund's portfolio with Lead Portfolio Manager CI Multi-Asset Management, a division of CI, continuing to provide oversight and determining the allocations between investment teams. Sentry is replacing Manulife Investment Management.
The Independent Review Committee of the funds has reviewed the portfolio management changes with respect to potential conflict of interest matters and provided its positive recommendation, having determined that they achieve a fair and reasonable result for each of the funds.
About CI Investments
CI Investments is one of Canada's largest investment management companies. It offers a wide range of investment products and services and is on the Web at www.ci.com. CI is a subsidiary of CI Financial Corp. (TSX: CIX), an independent company offering global asset management and wealth management advisory services with $166.3 billion in fee-earning assets as of April 30, 2020.
Commissions, trailing commissions, management fees and expenses all may be associated with an investment in mutual funds and exchange traded funds (ETFs). Please read the prospectus before investing. Important information about mutual funds and ETFs is contained in their respective prospectus. Mutual funds and ETFs are not guaranteed; their values change frequently and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on the TSX. If the units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.
CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. ©CI Investments Inc. 2020. All rights reserved.
SOURCE CI Investments Inc.
For further information: Murray Oxby, Vice-President, Communications, CI Investments Inc., 416-681-3254