TORONTO, ONTARIO -- (Marketwired) -- 05/17/13 -- Redwood Asset Management Inc., ("Redwood") a Toronto based investment fund manager that distributes unique, actively managed investment funds, focused on addressing specific client needs, announced changes to one mutual fund effective on or about July 18, 2013, subject to securityholder approval.
Subject to securityholder approval at a special meeting of securityholders to be held on or about July 17, 2013, the investment objective and incentive fee benchmark of Redwood Energy Income Class will be changed as further described below. If the objective and benchmark changes are approved, the investment strategies and fund name will be revised to reflect the new objective, and the portfolio manager of the fund will be changed. If the changes to the objective and benchmark are approved, the portfolio manager of the Fund will change from Aston Hill Investments Inc. to Redwood Asset Management Inc. The changes, if approved, will be effective on or about July 18, 2013.
If securityholders of Redwood Energy Income Class approve the proposed changes to the fundamental investment objective and performance fee benchmark, the name of the Fund will change to "Redwood Pension Class".
Incentive Fee Change
If securityholders of Redwood Energy Income Class approve the proposed performance fee benchmark change, the benchmark relating to securities of Redwood Energy Income Class will change from the S&P/TSX Capped Energy Total Return Index to a 50/50 blend of the MSCI World (CAD) and the Barclays Aggregate Bond, effective on or about July 18, 2013.
Fundamental Investment Objective and Portfolio Manager Change
If securityholders of Redwood Energy Income Class approve the proposed change to the fundamental investment objective, the fundamental investment objective of Redwood Energy Income Class will be, effective on or about July 18, 2013, as follows:
"The objective of the Fund is to generate, over the long-term, above average risk-adjusted returns in its global balanced mutual fund category, with a secondary focus on capital preservation. The Fund is a diversified portfolio designed to balance the needs of current income and capital appreciation. To achieve its objective it will utilize a multi-asset approach."
The new investment objective will permit a broader focus as compared to the current narrower energy sector scope of the Fund. The Fund will adopt a multi-asset approach similar to those championed by many Ivy league endowment funds, using both active and passive strategies to achieve its objectives.
The Portfolio Manager will also change from Aston Hill Investments Inc. to Redwood Asset Management Inc.
Redwood Asset Management Inc.
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