VANCOUVER, Jan. 6, 2017 /CNW/ - Qwest Investment Fund Management Ltd. (the "Manager"), the manager of the AlphaDelta Canadian Prosperity Class (the "Fund"), a class of special shares of Qwest Funds Corp., is pleased to announce that at a special meeting of shareholders of the Fund held on December 21, 2016, shareholders approved the change in the Fund's fundamental investment objective to "provide long-term capital appreciation by investing primarily in equity securities of Canadian and foreign companies." Accordingly, as disclosed in the press release dated November 30, 2016 issued by the Manager, on December 30, 2016 the change in the Fund's fundamental investment objective will take effect, as will consequential changes to the Fund's investment strategies.
In addition, effective December 30, 2016 the name of the Fund will be changed to the "AlphaDelta Canadian Focused Equity Class", and the management fees payable by the Fund will be reduced as follows:
- The management fee payable in respect of the Series A shares of the Fund will decrease from 2.5% per annum to 2.0% per annum;
- The management fee payable in respect of the Series F shares of the Fund will decrease from 1.5% per annum to 1.0% per annum; and
- The management fee payable in respect of the Series G shares of the Fund will decrease from 0.75% per annum to 0.60% per annum.
The change in fundamental investment objective and strategies will change the Fund's investment strategy category from "Canadian Small Cap Equity" to "Canadian Focused Equity", a category that carries a lower risk profile. Specifically, the Fund's risk rating will change from "Medium / High" to "Medium". This change will be reflected in the Fund's updated simplified prospectus, annual information form and fund facts documents, which are expected to be filed in mid-January 2017. The Manager believes that changing to the Canadian Focused Equity investment strategy category will result in an increase in Fund assets and therefore will result in lower Fund expenses on a per-unit basis, to the benefit of all unitholders.
AlphaDelta previously announced that investment industry veteran Dennis Starritt had joined Laurus Investment Counsel. "I am very pleased that Dennis has joined forces with the Laurus team whom are responsible for managing the Fund on a day-to-day basis," said Victor Therrien, AlphaDelta CEO. "Dennis brings decades of experience to a team that already has significant depth, focus and insight, and together we are confident in their ability to achieve exceptional risk-adjusted performance going forward as they have done in the past."
For further information about the amended fundamental investment objective and Fund strategies, please contact Victor Therrien, at 778-987-6417, [email protected] or www.alphadelta.com, or refer to Amendment No. 3 dated November 29, 2016 to the Fund's prospectus and annual information form which are available at www.sedar.com.
SOURCE Qwest Investment Fund Management Ltd.
For further information: Victor Therrien, 778-987-6417, [email protected]