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Market month: Fund news and updates

Published on 01-05-2024

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Announcements from Guardian, Ninepoint, Purpose, Horizons, Evolve, Dynamic


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Fund news

Guardian terminates two ETFs

Guardian Capital LP announced on Dec. 22 that it will terminate Guardian Fundamental All Country Equity ETF (TSX: GGAC) and Guardian Fundamental Emerging Markets Equity ETF (TSX: GGEM) effective on or about March 15, 2024.

Ninepoint to launch capital appreciation fund

Ninepoint Partners LP on Dec. 21 announced plans to launch the Ninepoint Capital Appreciation Fund a mutual fund expected to be open for purchase in early 2024. A preliminary prospectus has been filed with securities regulators across Canada.

The aims to provide unitholders with long-term growth and capital preservation using a balanced approach, investing, both directly and indirectly, in a mix of equity and fixed income securities and mutual funds.

IFIC announces November statistics

The Investment Funds Institute of Canada (IFIC) on Dec. 20 announced investment fund statistics for November 2023.

Mutual fund assets totalled $1.893 trillion at the end of November. Assets increased by $85.1 billion, or 4.7% since October. Mutual funds recorded net redemptions of $8.6 billion in November.

ETF assets totalled $369.3 billion at the end of November, up by $24.0 billion, or 6.9% from October 2023. ETFs recorded net sales of $5.1 billion in November.

Visit the IFIC website to view the full report.

Purpose terminates three funds

Purpose Investments Inc. on Dec. 19 announced that it will terminate Black Diamond Global Equity Fund (TSX: BDEQ), Black Diamond Impact Core Equity Fund (TSX: BDIC), and Black Diamond Global Enhanced Income Fund. Purpose anticipates that the terminations will occur on or about Feb. 19, 2024

The decision to close the funds was driven primarily by the decreasing asset size of each fund. In a release Purpose said it is difficult to efficiently manage each fund in accordance with its investment objective, thus making each fund no longer economically viable or practical to continue. As a result, the terminations, in the view of Purpose, are in the best interests of unitholders.

Horizons terminates three ETFs

Horizons ETFs Management announced on Dec. 13 that it will be terminating three of its exchange traded funds effective at the close of business on or about Feb. 21, 2024: Horizons Active ESG Corporate Bond ETF (TSX: HAEB), BetaPro Marijuana Companies Inverse ETF (TSX: HMJI), and BetaPro Marijuana Companies 2x Daily Bull ETF (TSX: HMJU).

Evolve to launch Artificial Intelligence fund

Evolve Funds Group Inc. announce on Dec. 11 that it has filed a preliminary prospectus with the Canadian securities regulators for he Evolve Artificial Intelligence Index Fund (TSX: ARTI). According to a release, Evolve says the fund uses generative Artificial Intelligence (AI) to determine the portfolio for the Index. The fund is powered by Gradient Boosted Investments Inc. and is designed to provide investors with exposure to AI companies deemed to benefit from the increased global adoption of AI.

ARTI tracks the performance of the Artificial Intelligence Index of global securities that will benefit from increased adoption of AI. The index consists of stocks of companies in developed markets selected by’s proprietary large language model.

Dynamic changes fund name, caps fund

Dynamic Funds announced on Dec. 4 that effective Dec. 4, 2023, Dynamic Alternative Managed Risk Private Pool Class will be renamed Dynamic Premium Balanced Private Pool Class. The Pool continues to be managed by Damian Hoang and Derek Bastien, and its investment objectives, strategies, and risk rating remain the same.

In addition Dynamic announced that effective Dec. 5, 2023, Dynamic Money Market Class will be closed to all new investment.

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