CALGARY, ALBERTA--(Marketwired - June 20, 2014) - Hesperian Capital Management Ltd. ("Hesperian"), the manager of a strategically focused group of public mutual funds and limited partnerships (the "Norrep Group of Funds"), announced today that it has received shareholder approval to change the investment objective of Norrep Global Class of Norrep Opportunities Corp. ("Norrep Global Class"). The change to the investment objective (the "Investment Objective Change") was approved at a special meeting of shareholders of Norrep Global Class held earlier today and will be effective as of June 20, 2014. The new investment objective allows Norrep Global Class to invest in a broader range of global equity securities, permitting the fund to invest in companies with the strongest prospects, as determined by Hesperian, and those with a larger market capitalization. The benchmark index for Norrep Global Class has also been changed from S&P Developed Small Cap Total Return Index in Local Currencies to MSCI World Index (net).
In connection with the Investment Objective Change, Hesperian applied the methodology it uses to determine the risk rating for the Norrep Group of Funds, which is the methodology recommended by the Fund Risk Classification Task Force of The Investment Funds Institute of Canada (the "Methodology"). As a result of applying the Methodology, Hesperian has changed the risk rating of Norrep Global Class from "Medium to High" to "Medium".
Hesperian also announced today that, as a result of its annual review of risk ratings using the Methodology, it is changing the risk rating for Norrep High Yield Class of Norrep Opportunities Corp. ("Norrep High Yield Class") from "Low to Medium" to "Low" and the risk rating for Norrep Short Term Income Fund from "Low to Medium" to "Low".
The Investment Objective Change and the risk rating changes for Norrep Global Class, Norrep High Yield Class and Norrep Short Term Income Fund (the "Funds") will be reflected in the simplified prospectus of the Funds, which will be filed on or about June 23, 2014.
Hesperian Capital Management Ltd. is a Canadian investment firm with offices in Calgary and Toronto. Please visit www.hesperiancapital.com for more details about Hesperian and the Norrep Group of Funds.
Certain information set forth in this press release, including a discussion of future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. Actual results, performance or achievement could differ from those expressed in or implied by these forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Hesperian Capital Management Ltd.Holly Luong
Manager, Dealer & Client Services
Source: Hesperian Capital Management Ltd.