July 23, 2024
CI Global Asset Management Announces Portfolio Management and Risk Rating Changes
TORONTO (July 23, 2024) – CI Global Asset Management (“CI GAM”) announces portfolio management changes affecting four U.S. equity funds and risk rating changes to six other funds.
Portfolio management changes
Effective July 24, 2024, CI GAM will replace a sub-advisor as portfolio advisor to CI Synergy American Corporate Class, CI Synergy American Fund and portions of CI Select U.S. Equity Managed Corporate Class and CI Select U.S. Equity Managed Fund.
The portfolios will be managed by members of CI GAM’s highly experienced U.S. equity team, who are also responsible for managing CI U.S. Dividend Fund, CI North American Dividend Fund, CI U.S. Stock Selection Corporate Class and CI Alternative North American Opportunities Fund. The team also draws on the extensive global research capabilities of the CI GAM organization.
CI Select U.S. Equity Managed Corporate Class and CI Select U.S. Equity Managed Fund are multi-manager funds that provide style diversification within a single mandate and are part of the Portfolio Select Series asset allocation funds. The funds are managed by the CI GAM Multi-Asset team, which determines the asset class and manager allocations, while the underlying managers are responsible for security selection within their portion of the portfolios.
Effective July 24, 2024, the underlying portfolio managers of CI Select U.S. Equity Managed Corporate Class and CI Select U.S. Equity Managed Fund will be CI GAM, CI Segall Bryant & Hamill Asset Management, Epoch Investment Partners, Inc. and Wellington Management Canada ULC.
CI GAM is replacing Picton Mahoney Asset Management on CI Synergy American Corporate Class, CI Synergy American Fund and portions of CI Select U.S. Equity Managed Corporate Class and CI Select U.S. Equity Managed Fund. Picton Mahoney Asset Management continues as sub-advisor to CI Synergy Canadian Corporate Class and CI Synergy Global Corporate Class.
The Independent Review Committee of the funds has reviewed the changes with respect to the potential conflict of interest matters and provided its positive recommendation, having determined that the changes achieve a fair and reasonable result for the funds.
Risk rating changes
The following risk rating changes are effective immediately:
| Fund | New Risk Rating | Previous Risk Rating |
|---|---|---|
| CI Canadian Core Plus Bond Fund | Low-to-Medium | Low |
| CI Canadian Small/Mid Cap Equity Corporate Class | Medium-to-High | Medium |
| CI Canadian Small/Mid Cap Equity Fund | Medium-to-High | Medium |
| CI Mosaic ESG Balanced Income ETF Portfolio | Low-to-Medium | Low |
| CI Preferred Share Fund | Medium | Low-to-Medium |
| CI U.S. Income US$ Fund | Low-to-Medium | Low |
The risk rating changes are based on the risk classification methodology mandated by the Canadian Securities Administrators to determine the risk level of mutual funds. CI GAM reviews the risk rating for each of the funds it manages at least on an annual basis, as well as when a fund undergoes a material change. These changes are the result of an annual review and are not the result of any changes to the investment objectives, strategies or management of the funds.
About CI Global Asset Management
CI Global Asset Management (“CI GAM”) 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 GAM is a subsidiary of CI Financial Corp. (TSX: CIX), an integrated global asset and wealth management company with approximately $489.1 billion in assets as at June 30, 2024.
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 recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, 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.
This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase mutual funds managed by CI Global Asset Management and is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard. Every effort has been made to ensure that the material contained in this document is accurate at the time of publication. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies. These investments may not be suitable to the circumstances of an investor.
Epoch Investment Partners, Inc., Picton Mahoney Asset Management, and Wellington Management Canada ULC are portfolio sub-advisors to certain funds offered and managed by CI Global Asset Management.
CI Mosaic ETF Portfolios are managed and advised by CI GAM Multi-Asset, a division of CI Global Asset Management.
The CI Exchange-Traded Funds are managed by CI Global Asset Management, a wholly owned subsidiary of CI Financial Corp. (TSX: CIX).
Contact:
Murray Oxby
Vice-President, Corporate Communications
CI Global Asset Management
416-681-3254
moxby@ci.com
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CI Global Asset Management is a registered business name of CI Investments Inc. © CI Investments Inc. 2024. All rights reserved.