TORONTO, Feb. 20, 2013 /CNW/ - Franklin Templeton Investments Corp. today announced proposed changes to the investment objectives of Bissett Focus Balanced Fund and Bissett Focus Balanced Corporate Class, which will be voted on at special meetings of securityholders on or about April 22, 2013 in Toronto. The new investment objectives of the funds will provide investors access to a diversified mix of Canadian equities across market capitalizations. The equity investments will be complemented by Canadian and global fixed income opportunities across multiple sectors, which will help reduce portfolio volatility and enhance risk-adjusted returns.
Franklin Templeton's Calgary-based Bissett Investment Management team provides investors with strong expertise across market capitalizations and the yield spectrum. The balanced fund will be co-managed by four of Bissett's Canadian equity and fixed income experts. Garey Aitken, chief investment officer and co-lead manager of Bissett Canadian Equity Fund, and Ralph Lindenblatt, co-lead manager of Bissett Small Cap Fund, will oversee the funds' equity holdings; while Tom O'Gorman, director of fixed income and co-lead manager of Bissett Bond Fund, and Darcy Briggs, co-lead manager of Bissett Canadian Short Term Bond Fund, will be in charge of the funds' fixed income holdings.
Proposed investment objectives, names and management fees
If securityholders approve the proposed changes to the investment objectives of Bissett Focus Balanced Fund and Bissett Focus Balanced Corporate Class, the funds' names will also be changed and management fees reduced on or about May 13, 2013.
If approved, Bissett Focus Balanced Fund will change its investment objective to seek a balance of current income and long-term capital appreciation by investing primarily in a diversified portfolio of Canadian equity and fixed income securities, and to a lesser degree, in fixed income securities issued around the world. This marks a broadening of the fund's objective to a multi-cap, multi-sector approach that is backed by Bissett's investment team, which has a strong track record of absolute, relative and risk-adjusted returns. If the change in objective is approved, the fund's name will be changed to Franklin Bissett Canadian All Cap Balanced Fund and management fees for Series A, F, I and T of the fund will be reduced.
As the investment objective of Bissett Focus Balanced Corporate Class is to invest substantially all of its assets in units of Bissett Focus Balanced Fund, securityholders of the Corporate Class fund are also being asked to approve a similar investment objective change. If approved, Bissett Focus Balanced Corporate Class will change its investment objective to seek a balance of current income and long-term capital appreciation by investing substantially all of its assets in units of (the newly renamed) Franklin Bissett Canadian All Cap Balanced Fund. If the change in objective is approved, the Corporate Class fund's name will be changed to Franklin Bissett Canadian All Cap Balanced Corporate Class and management fees for Series A, F, I and T of the fund will be reduced.
Bissett Focus Balanced Corporate Class is part of Franklin Templeton's Corporate Class structure, which allows investors to switch between funds and portfolios while deferring any taxable dispositions until they redeem from the structure.
Securityholders of Bissett Focus Balanced Fund and Bissett Focus Balanced Corporate Class will receive an information circular in late-March 2013 detailing the proposed changes.
About Franklin Templeton Investments
Franklin Resources, Inc. (NYSE : BEN ) is a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series, Bissett, Fiduciary Trust, Darby, Balanced Equity Management and K2 investment teams. The San Mateo, CA-based company has more than 65 years of investment experience and over US$809 billion (over C$807 billion) in assets under management as of January 31, 2013.
Franklin Templeton Investments Corp. has more than 600 employees providing services to more than one million unitholder accounts and more than 200 pension funds, foundations and other institutional investors. Additional information on Franklin Templeton Investments Corp. can be found at franklintempleton.ca.
SOURCE Franklin Templeton Investments Corp.
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Franklin Templeton Investments Proposes Changes for Two Bissett Balanced Fund Mandates
Feb 20, 2013, 04:16 EST