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The major North American stock indices shrugged off escalating trade tensions between the U.S. and China, and, well, just about everyone else, as the S&P 500 Composite Index posted a gain of 0.9% on the week, while the Dow Jones Industrial Average closed at a record high 26,743.50, for a gain of 2.2% on the week. Toronto’s S&P/TSX Composite Index rose 1.3%, buoyed by a 2.7% weekly advance in the price of crude oil and a decline in the rate of inflation in July, to 2.8% from 3% in June. Weakness among the U.S. tech giants, however, contributed to flat performance in Friday’s session and kept the broader indices in check, while the Nasdaq Composite Index ran a marginal loss of 0.3% on the week.
FUND NEWS
* Mackenzie and Quadrus fund mergers. Mackenzie Investments and Quadrus Investment Services Ltd. announced seven proposed mergers that it says will simplify the Quadrus product offerings. The proposed mergers, effective next February, are as follows:
* Mackenzie fund mergers. Mackenzie Investments announced two fund mergers, saying in a release that the move makes it easier for investors to navigate.
Effective next February, Mackenzie Canadian All Cap Dividend Fund will merge into Mackenzie Canadian Large Cap Dividend Fund. And Mackenzie Canadian All Cap Dividend Class will merge into Mackenzie Canadian Large Cap Dividend Class.
Martin Downie, Senior Vice-President, Portfolio Manager, and Tim Johal, Vice-President, Portfolio Manager, will become the portfolio managers on the Mackenzie Canadian All Cap Dividend mandate in addition to the portfolio manager roles they already hold on the Mackenzie Canadian Large Cap Dividend mandate.
* TD switches index providers for ETF lineup. TD Asset Management announced the it is changing the underlying index of each TD ETF from an index provided by S&P Opco, LLC, a subsidiary of S&P Dow Jones Indices LLC to an index provided by Solactive AG. As a result, three of the affected TD ETFs are also changing their names, as set out in the table below:
* Manulife changes fund names. Manulife announced that the subadvisor for Manulife International Value Equity Fund and Manulife International Focused Fund will change to Pictet Asset Management from Manulife Asset Management (US), effective Oct. 31. As a result, Manulife International Focused Fund will change its name to Manulife EAFE Equity Fund and Manulife International Value Equity Fund will be capped to all new purchases.
In addition, Manulife announced that the Manulife Global Equity Unconstrained Fund will change to Manulife Global Franchise Fund and Manulife Global Equity Unconstrained Class will change to Manulife Global Franchise Class, effective Sept. 25.
* Investors merges funds, makes name changes. Investors Group announced a host of changes to its lineup of mutual funds, to take effect in February, including changes to objectives, names, and fund mergers. For more detail on these changes, see the Investors news release.
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