Mackenzie Investments simplifies and strengthens product lineup

TORONTO, April 23, 2013 /CNW/ - Mackenzie Financial Corporation (Mackenzie Investments) announced today it is making significant adjustments to its product lineup to meet investor and financial advisor demand in today's changing investment world. Mackenzie Investments is simplifying and restructuring its product offering so it is easier to understand and navigate. It is also making its lineup even more relevant through these fund enhancements and the introduction of two new funds.

Mackenzie Investments' product enhancements are categorized as follows:

  • Proposed fund reorganizations and mergers ("Mergers")
  • Fund launches
  • Fund enhancements
  • Renaming some investment teams
  • Proposed changes to investment objectives
  • New fund-naming convention

To view full details about the product changes, please visit mackenzieinvestments.com/now. Also refer to Schedules A, B and C at the end of this release for information about these changes.

Fund Mergers
To create a more straightforward product lineup, Mackenzie Investments proposes to merge several funds with narrow investment mandates (e.g., health sciences, technology) as well as several funds that are sub-scale or overlap with others. All told, there are 29 proposed fund Mergers involved in this revitalization. The overall result is a cleaner, more attractive lineup to meet investor and advisor needs - one that offers enough choice while being clearly articulated and easier to navigate.

Of the 29 Mergers, 19 are proposals conditional upon investor and regulatory approval. Full details about the proposed Mergers will be outlined in a Management Information Circular and Proxy to be mailed to investors of record in June. Special meetings of investors to consider and vote on the proposed Mergers are scheduled for July 31, 2013 at the Mackenzie Investments office in Toronto. If approved, the applicable terminating funds will no longer be available for new purchases, effective July 31, 2013 and the effective date of these Mergers is expected to be on or about August 2, 2013.

The remaining 10 fund Mergers were reviewed and approved by the Independent Review Committee (IRC) of the Mackenzie Funds. These Mergers received IRC approval on April 18 and investors in the funds will be provided 60 days' written notice before the changes take effect on or about August 16, 2013.

Existing pre-authorized chequing plans (PACs) that were established to purchase one or more terminating funds subject to a Merger will continue following the effective date of each Merger, substituting each applicable continuing fund in place of the terminated fund(s) subject to the PAC. Automated purchases under the Mackenzie One-Step Dollar Cost Averaging Service (One-Step DCA) will also continue following the Mergers and will also substitute applicable continuing fund(s) in place of the terminated fund(s) subject to the One-Step DCA.

Fund launches
Mackenzie Investments is in the process of launching new strategies designed to satisfy investors' heightened desire for income and more defensive investing. A preliminary prospectus has been filed with the regulators.

Subject to final regulatory approval, the two funds slated to launch on or about May 7 are Mackenzie Strategic Bond Fund and Mackenzie Floating Rate Income Fund, both managed by the Mackenzie Fixed Income Team.

  • Mackenzie Strategic Bond Fund seeks to provide a steady flow of income by investing primarily in Canadian government and corporate fixed-income instruments and asset-backed securities with maturities of more than one year. Preservation of capital is an important factor in the selection of portfolio investments.

  • Mackenzie Floating Rate Income Fund seeks to generate current income by investing primarily in floating rate debt obligations and other floating rate debt instruments of issuers located anywhere in the world.

Fund enhancements
Effective May 1, 2013 the fixed-income portion of the following balanced funds will be managed by the Mackenzie Fixed Income Team: Mackenzie Ivy Global Balanced Fund, Mackenzie Ivy Growth & Income Fund and Mackenzie Cundill Canadian Balanced Fund. With the changes, the fixed-income portion of all Mackenzie Investments balanced funds will be managed by a dedicated fixed-income team. There are no changes to the equity portion or the asset allocation of the three balanced funds referenced above.

Mackenzie Investments has also augmented its portfolio management capabilities by appointing Singapore-based subsidiary Mackenzie Investments Pte. Ltd. as a sub-advisor to Mackenzie Absolute Return Asia Fund (to be renamed Mackenzie Asian Bond Fund) and Symmetry Global Bond Fund, to manage Asian fixed income and global macro strategies. Neither fund is available to retail investors but each will be allocated a weight in the global fixed-income component of select Symmetry Portfolios.

Renaming some investment teams
To help clarify investment choices for advisors, effective today many of the investment teams will be identified by their areas of expertise rather than sub-brand name. For instance, the Mackenzie Saxon Team will be renamed the Mackenzie All Cap Value Team.

Familiar team names Cundill and Ivy, along with the Symmetry managed asset program, are well-established and understood, and will remain. Each of the 10 investment management teams will remain in place and continue to manage funds according to their distinct investment discipline and process. To help maximize choice, reduce correlation and sustain the benefits of diversity, Mackenzie Investments will continue to provide advisors and their clients with access to a wide range of investment styles and approaches.

Proposed enhancements to investment objectives
Subject to investor approval, the funds listed below will have their investment objectives enhanced. The investor meetings to vote on the proposed investment objective changes will be held on July 24, 2013 at the Mackenzie Investments office in Toronto. Full details about the proposed investment objective enhancements will be outlined in a Management Information Circular and Proxy to be mailed to investors of record in June. The effective date for the investment objective changes, if approved, is expected to be on or about July 26, 2013.

  • Mackenzie Ivy Enterprise Fund and Mackenzie Ivy Enterprise Class: The investment objectives of these funds will be broadened so the funds can invest primarily in equity securities of small- and mid-capitalization companies anywhere in the world. Current limitations to investing mainly in North American small- and mid-capitalization companies will be lifted. Phil Taller, with specific expertise in US small-to-mid-cap equities, and Chuck Bastyr, with specific expertise in global small-to-mid-cap equities, will co-manage these funds. The funds will be renamed Mackenzie Global Small Cap Growth Fund and Mackenzie Global Small Cap Growth Class, respectively.

  • Mackenzie Universal Global Infrastructure Income Fund: Investment objectives will expand so the fund can invest primarily in equity securities of companies anywhere in the world that pay, or may be expected to pay, dividends. Current limitations to investing primarily in infrastructure-related businesses will be lifted. The fund will be renamed Mackenzie Global Dividend Fund.

  • Mackenzie Universal North American Growth Class: Investment objectives will change so the fund can invest primarily in equity securities of American companies. Current ability to invest mainly in equity securities of North American companies will narrow. The fund will be renamed Mackenzie US Growth Class.

New fund-naming convention (effective July 15, 2013*)
Many Mackenzie Investments funds will be changing their name to provide better consistency, transparency and clarity of the fund's investment objective. Faced with so many fund choices across the industry, advisors have expressed that it has become too complicated and time-consuming to figure out what each fund represents. Mackenzie Investments is making it faster and more convenient for advisors and investors to choose a fund by working to ensure that each fund name adequately describes its investment mandate and objective. For example, Mackenzie Maxxum Dividend Fund will be renamed Mackenzie Canadian Large Cap Dividend Fund.

To view a complete list of current funds and the new names, please visit mackenzieinvestments.com/now.

* Effective date for new names of funds with investment objective changes is July 26, 2013.

Schedules
Refer to Schedule A at the end of this press release for a list of fund changes and the expected date of each change.

Refer to Schedule B at the end of this press release for the complete list of each fund that is being merged or proposed to be merged, along with the corresponding continuing fund.

Refer to Schedule C at the end of this press release for the list of fund name changes.

Mackenzie Investments was founded in 1967, and is a leading investment management firm providing investment advisory and related services. With $64.3 billion in assets under management as at March 31, 2013, Mackenzie Investments distributes its investment services through multiple distribution channels to both retail and institutional investors. 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 $125.8 billion in total assets under management as at March 31, 2013. For more information, visit mackenzieinvestments.com.

   

Schedule A: Fund enhancements

Below is a list of funds being enhanced and the date, on or about, when each change is expected.

Fund name Summary of change Expected date of change
Mackenzie Absolute Return Asia Fund1 Mackenzie Investments Pte. Ltd. to be the sub-advisor to the fund April 23, 2013
Mackenzie Cundill Canadian Balanced Fund Mackenzie Fixed Income Team to manage fixed-income component May 1, 2013
Mackenzie Founders Income & Growth Fund Equity component will now only include Mackenzie Cundill Value Fund and Mackenzie Ivy Foreign Equity Fund May 31, 2013
Mackenzie Ivy Enterprise Class2 Mandate will broaden from a North American fund to a global fund July 26, 2013
Mackenzie Ivy Enterprise Fund2 Mandate will broaden from a North American fund to a global fund July 26, 2013
Mackenzie Ivy Global Balanced Fund Mackenzie Fixed Income Team to manage fixed-income component May 1, 2013
Mackenzie Ivy Growth & Income Fund Mackenzie Fixed Income Team to manage fixed-income component May 1, 2013
Mackenzie Sentinel Corporate Bond Fund Putnam Investments to be the sole manager of the fund May 31, 2013
Mackenzie Universal Global Infrastructure Income Fund2 Mandate will broaden from a fund focused on infrastructure-related securities to a global dividend fund July 26, 2013
Mackenzie Universal North American Growth Class2 Mandate will change from a North American growth fund to a US growth fund July 26, 2013
Symmetry Global Bond Fund1 Mackenzie Investments Pte. Ltd. joins Manulife Asset Management (US) LLC as the sub-advisors to the fund May 31, 2013

1 This fund is not available for purchase by retail investors.
2 This fund's change is subject to approval by the fund's investors.

Schedule B: Fund mergers

The changes described in the table below will occur on or about August 16, 2013 unless otherwise indicated.

Terminating fund Continuing fund
Mackenzie All-Sector Canadian Balanced Fund1 Symmetry Balanced Portfolio
Mackenzie All-Sector Canadian Equity Fund Mackenzie Saxon Stock Class
Mackenzie Cundill American Class1 Mackenzie Universal U.S. Blue Chip Class
Mackenzie Cundill Global Balanced Fund1 Mackenzie Cundill Canadian Balanced Fund
Mackenzie Cundill Global Dividend Fund1 Mackenzie Universal Global Infrastructure Income Fund
Mackenzie Cundill International Class1 Mackenzie Universal International Stock Class
Mackenzie Cundill World Fund Mackenzie Cundill Value Class
Mackenzie Focus All-Canadian Class Mackenzie Saxon Stock Class
Mackenzie Focus Far East Class1 Mackenzie Universal Emerging Markets Class
Mackenzie Focus International Class1 Mackenzie Universal International Stock Class
Mackenzie Focus Japan Class1 Mackenzie Universal International Stock Class
Mackenzie Ivy All-Canadian Class1 Mackenzie Saxon Stock Class
Mackenzie Ivy European Fund Mackenzie Ivy European Class
Mackenzie Maxxum All-Canadian Dividend Class1 Mackenzie Saxon Dividend Income Class
Mackenzie Maxxum All-Canadian Equity Class Mackenzie Saxon Stock Class
Mackenzie Maxxum Monthly Income Fund1 Mackenzie Saxon Balanced Fund
Mackenzie Saxon Microcap Fund1 Mackenzie Saxon Small Cap Class
Mackenzie Sentinel Cash Management Fund2 Mackenzie Sentinel Money Market Fund
Mackenzie Sentinel Canadian Money Market Fund3 Mackenzie Sentinel Money Market Fund
Mackenzie Sentinel Managed Return Class1,4 Mackenzie Sentinel Bond Fund
Mackenzie Sentinel Short-Term Government Bond Fund Mackenzie Sentinel Short-Term Income Fund
Mackenzie Universal All-Canadian Growth Class1 Mackenzie Saxon Stock Class
Mackenzie Universal Canadian Shield Fund1 Mackenzie Saxon Stock Class
Mackenzie Universal Global Growth Fund Mackenzie Universal Global Growth Class
Mackenzie Universal Health Sciences Class1 Mackenzie Universal North American Growth Class
Mackenzie Universal Precious Metals Fund Mackenzie Universal World Precious Metals Class
Mackenzie Universal Technology Class1 Mackenzie Universal North American Growth Class
Mackenzie Universal U.S. Emerging Growth Class1 Mackenzie Ivy Enterprise Class
Mackenzie Universal World Real Estate Class1,4 Mackenzie Universal Global Infrastructure Income Fund

1 This fund's merger is expected to take place on or about August 2, 2013, subject to approval by the fund's investors.
2 This fund's merger is expected to take place on or about December 6, 2013.
3 This fund is not available for purchase by retail investors.
4 This fund's merger will be taxable, and investors in the fund who realize capital gains as a result of the merger will not be able to defer the realization of those capital gains.

Schedule C: Fund name changes

The name changes described in the table below will occur on July 15, 2013 unless otherwise indicated.

Current fund name Future fund name
Mackenzie Absolute Return Asia Fund1 Mackenzie Asian Bond Fund
Mackenzie Cundill Emerging Markets Value Class Mackenzie Cundill Emerging Markets Class
Mackenzie Focus Canada Fund Mackenzie Canadian Concentrated Equity Fund
Mackenzie Focus Class Mackenzie Global Concentrated Equity Class
Mackenzie Focus Fund Mackenzie Global Concentrated Equity Fund
Mackenzie Founders Fund Mackenzie Diversified Equity Fund
Mackenzie Founders Global Equity Class Mackenzie Global Diversified Equity Class
Mackenzie Founders Income & Growth Fund Mackenzie Global Diversified Balanced Fund
Mackenzie Global Tactical Fund Mackenzie Global Asset Strategy Fund
Mackenzie Ivy Enterprise Class2 Mackenzie Global Small Cap Growth Class
Mackenzie Ivy Enterprise Fund2 Mackenzie Global Small Cap Growth Fund
Mackenzie Ivy Growth & Income Fund Mackenzie Ivy Canadian Balanced Fund
Mackenzie Maxxum Canadian Balanced Fund Mackenzie Canadian Large Cap Balanced Fund
Mackenzie Maxxum Canadian Equity Growth Fund Mackenzie Canadian Large Cap Growth Fund
Mackenzie Maxxum Dividend Class Mackenzie Canadian Large Cap Dividend Class
Mackenzie Maxxum Dividend Fund Mackenzie Canadian Large Cap Dividend Fund
Mackenzie Maxxum Dividend Growth Fund Mackenzie Canadian Large Cap Dividend & Growth Fund
Mackenzie Saxon Balanced Class Mackenzie Canadian All Cap Balanced Class
Mackenzie Saxon Balanced Fund Mackenzie Canadian All Cap Balanced Fund
Mackenzie Saxon Dividend Income Class Mackenzie Canadian All Cap Dividend Class
Mackenzie Saxon Dividend Income Fund Mackenzie Canadian All Cap Dividend Fund
Mackenzie Saxon Small Cap Class Mackenzie Canadian Small Cap Value Class
Mackenzie Saxon Small Cap Fund Mackenzie Canadian Small Cap Value Fund
Mackenzie Saxon Stock Class Mackenzie Canadian All Cap Value Class
Mackenzie Saxon Stock Fund Mackenzie Canadian All Cap Value Fund
Mackenzie Sentinel Bond Fund Mackenzie Canadian Bond Fund
Mackenzie Sentinel Canadian Short-Term Yield Class Mackenzie Canadian Short Term Yield Class
Mackenzie Sentinel Corporate Bond Fund Mackenzie Corporate Bond Fund
Mackenzie Sentinel Diversified Income Fund Mackenzie Global Diversified Income Fund
Mackenzie Sentinel Global Bond Fund Mackenzie Global Bond Fund
Mackenzie Sentinel Income Fund Mackenzie Income Fund
Mackenzie Sentinel Money Market Fund Mackenzie Canadian Money Market Fund
Mackenzie Sentinel North American Corporate Bond Class Mackenzie North American Corporate Bond Class
Mackenzie Sentinel North American Corporate Bond Fund Mackenzie North American Corporate Bond Fund
Mackenzie Sentinel Real Return Bond Fund Mackenzie Real Return Bond Fund
Mackenzie Sentinel Short-Term Income Fund Mackenzie Canadian Short Term Income Fund
Mackenzie Sentinel Strategic Income Class Mackenzie Strategic Income Class
Mackenzie Sentinel Strategic Income Fund Mackenzie Strategic Income Fund
Mackenzie Sentinel U.S. Short-Term Yield Class Mackenzie US Short Term Yield Class
Mackenzie Universal American Growth Class Mackenzie US Mid Cap Growth Class
Mackenzie Universal American Growth Currency Neutral Class Mackenzie US Mid Cap Growth Currency Neutral Class
Mackenzie Universal Canadian Balanced Fund Mackenzie Canadian Growth Balanced Fund
Mackenzie Universal Canadian Growth Fund Mackenzie Canadian Growth Fund
Mackenzie Universal Canadian Resource Fund Mackenzie Canadian Resource Fund
Mackenzie Universal Emerging Markets Class Mackenzie Emerging Markets Class
Mackenzie Universal Global Growth Class Mackenzie Global Growth Class
Mackenzie Universal Global Infrastructure Income Fund2 Mackenzie Global Dividend Fund
Mackenzie Universal Gold Bullion Class Mackenzie Gold Bullion Class
Mackenzie Universal International Stock Class Mackenzie International Growth Class
Mackenzie Universal International Stock Fund Mackenzie International Growth Fund
Mackenzie Universal North American Growth Class2 Mackenzie US Growth Class
Mackenzie Universal U.S. Blue Chip Class Mackenzie US Large Cap Class
Mackenzie Universal U.S. Growth Leaders Fund Mackenzie US Large Cap Growth Fund
Mackenzie Universal World Precious Metals Class Mackenzie Precious Metals Class
Mackenzie Universal World Resource Class Mackenzie Global Resource Class

1 This fund is not available for purchase by retail investors.
2 This fund's name change will occur on or about July 26, subject to approval by the fund's investors of the change described in Schedule A.

 

SOURCE Mackenzie Investments



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