TORONTO, Jan. 27, 2012 /CNW/ - On January 26, 2012, at a special meeting of unitholders (the "Meeting") of First Trust Canadian Capital Strength Portfolio (formerly known as RBC Dominion Securities Canadian Focus List Portfolio) (the "Fund"), unitholders approved a change to the investment objective of the Fund. Under the new investment objective, the Fund will seek to provide long-term capital appreciation by investing primarily in securities traded on a Canadian exchange or market.
The Fund will continue to invest predominantly in Canadian securities. First Trust Advisors L.P., the Fund's portfolio advisor, will use a multi-step, bottom-up, quantitative selection process in order to identify its investible universe of securities. Fundamental analysis will then be undertaken in order to make final portfolio selections. The selection process is designed to identify issuers that have certain objective and easily determinable attributes that, in the portfolio advisor's opinion, give them a strong capital position. It is expected that issuers selected for the Fund's portfolio will:
- be well-capitalized with strong balance sheets
- have a record of financial strength and profit growth
- have the ability to generate earnings growth
- have skilled management
- be highly liquid
At the Meeting, unitholders also approved an increase in the operating expense cap of each series of the Fund and an increase in the management fee payable by each series of the Fund. In addition, effective today, the Fund changed its name to First Trust Canadian Capital Strength Portfolio.
The material contracts of the Fund, including the Fund's trust agreement, have been amended effective as of today's date to reflect these various changes.
FundSERV codes for placing orders of the Fund remain unchanged and are as follows:
- Series A: FTC 461
- Series F: FTC 465
For further information:
Fraser Howell, President and Chief Financial Officer of First Defined Portfolio Management Co., the manager of the Fund, at 416 865-8065 or 877 622-1787