Includes solutions for Canadians seeking: U.S. dollar investments, potential for superior income generation and protection from rising rates and market volatility
TORONTO, Sept. 16, 2013 /CNW/ - CIBC Asset Management Inc. (CAMI) announced the launch of several new funds for Canadian investors:
- Renaissance Floating Rate Income Fund
- Renaissance U.S. Equity Income Fund
- Renaissance U.S. Dollar Corporate Bond Fund
- Renaissance U.S. Dollar Diversified Income Fund
- Renaissance Optimal Conservative Income Portfolio
- Renaissance Optimal Growth & Income Portfolio
These new funds will be sub-advised by specialized investment managers including: CIBC Global Asset Management Inc.; American Century Investment Management, Inc.; Ares Management LLC and Logan Circle Partners, L.P.
"Canadians are seeking more diversified sources of income and stability from their investments. They need shelter from the potential of rising interest rates. More Canadians also need solutions designed specifically for investing U.S. dollars," says Steve Geist, President of CIBC Asset Management. "These are among the key challenges that we have addressed with the addition of new solutions to the Renaissance Investments family of funds."
Rising Rate Protection and Income Enhancement
Renaissance Floating Rate Income Fund aims to provide investors with a high level of current income and mitigate the impact of rising interest rates, primarily through investment in U.S. senior floating rate bank loans, other floating rate debt instruments and lower-rated debt securities (including high-yield corporate bonds) of issuers around the world. Sub-advisor: Ares Management.
Renaissance U.S. Equity Income Fund seeks to provide current income and long-term capital growth by investing primarily in a diversified portfolio of U.S. equities. The Fund is based on a flagship equity income mandate from American Century Investments, with a proven track record of providing income and delivering superior results since 1994. Sub-advisor: American Century Investments.
U.S. Dollar Investment Solutions
Two funds have been introduced specifically for investors who have U.S. dollars to invest. With underlying assets and pricing in U.S. dollars, the funds enable Canadians to mitigate currency volatility and avoid unnecessary currency transactions, while earning income from the underlying portfolio.
Renaissance U.S. Dollar Corporate Bond Fund seeks to generate income by investing primarily in bonds, debentures, notes and other debt instruments of U.S. issuers. Sub-advisor: Logan Circle Partners.
Renaissance U.S. Dollar Diversified Income Fund aims to generate a high level of income and some potential for capital appreciation by investing primarily in units of mutual funds that invest in fixed income (80% of portfolio) and equity securities (20% of portfolio) of U.S. issuers. Sub-advisors of underlying funds: Logan Circle Partners; American Century Investments.
All-in-One Optimal Portfolios
Two new all-in-one, core investment solutions strategically combine diverse asset classes typically used by pension funds (including Canadian and U.S. equity income, global fixed income and global infrastructure) to generate income and provide stability in uncertain times.
Renaissance Optimal Conservative Income Portfolio prioritizes steady income with an asset mix of 80% fixed income and 20% equities. Sub-advisors of underlying funds: CIBC Global Asset Management; Brandywine Global Investment Management, LLC; RARE Infrastructure Ltd; Ares Management.
Renaissance Optimal Growth & Income Portfolio offers additional long-term growth potential alongside income with an asset mix of 60% equities and 40% fixed income. Sub-advisors of underlying funds: CIBC Global Asset Management; American Century Investments; Brandywine Global Investment Management; RARE Infrastructure; Ares Management.
Additional Pricing Options
Premium Class and Class F-Premium options are available on many of the new offerings and will also be added to the following funds:
- Renaissance Global Bond Fund
- Renaissance High-Yield Bond Fund
- Renaissance Real Return Bond Fund
For more information on these new funds, please visit www.renaissanceinvestments.ca.
CIBC Asset Management, the asset management division of CIBC, is responsible for the CIBC and Renaissance Investments families of mutual funds, Imperial Pools, Frontiers Pools and the CIBC family of managed portfolio solutions - Axiom Portfolios, CIBC Managed Portfolio Services and CIBC Personal Portfolio Services. CIBC Asset Management manages more than $60 billion in assets.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Renaissance Investments family of funds simplified prospectus before investing. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer, nor are they guaranteed. The values of many mutual funds change frequently. Past performance may not be repeated.
SOURCE Canadian Imperial Bank of Commerce