November 1, 2022
New funds expand industry-leading lineup of active ETFs
TORONTO (November 1, 2022) – CI Global Asset Management (“CI GAM”) today launched two new global fixed-income mandates, providing Canadian investors with additional options for income and diversification.
The new mandates are:
CI GAM has also received receipt for the final prospectus of CI Global Investment Grade Fund, a mutual fund trust version of CI Global Investment Grade Class, an award-winning corporate class fund with an overall five-star rating from Morningstar1. CI GAM expects CI Global Investment Grade Fund to be available for purchase on or after November 22, 2022.
“Recent moves in interest rates and the current challenges in capital markets demonstrate that active management in fixed income is more important than ever before,” said Roy Ratnavel, Executive Vice-President and Head of Distribution for CI GAM.
“These mandates leverage the expertise of CI GAM’s fixed-income group, a team with $26 billion under management and extensive experience across global developed and emerging market government bonds, investment-grade and high-yield corporate bonds, currencies, and derivatives.”
The funds allow Canadian investors to globally diversify their fixed-income portfolios through Canadian dollar or U.S. dollar hedged series, as applicable, as well as through a mutual fund or ETF platform.
“The new funds build on the track records of existing mandates and extend the CI GAM fixed-income lineup, one the industry’s most comprehensive,” Mr. Ratnavel said. “They also expand our leading selection of actively managed ETFs, offering investors the best of CI GAM’s investment expertise with the convenience of an ETF.”
CI Global Investment Grade ETF (CGIN, CGIN.U)
CI Global Investment Grade ETF’s investment objective is to generate income and the potential for long-term capital appreciation by investing primarily in a diversified portfolio of investment grade fixed-income securities issued by companies or governments of any size, located anywhere in the world.
The portfolio managers also have the flexibility to invest a portion of the portfolio in other securities such as high-yield corporate bonds, preferred shares and emerging market debt.
Lead portfolio managers are John Shaw, CFA, Head of Investment Grade Credit, and Leanne Ongaro, CFA. Mr. Shaw has over 32 years of investment industry experience and as head of CI GAM’s investment-grade team, is co-manager of a number of fixed-income and balanced mandates, including CI Corporate Bond Fund, CI Global Bond Fund, CI Global Investment Grade Class and CI Preferred Share ETF. Ms. Ongaro has 15 years of investment experience focused on investment grade fixed-income securities and is co-manager of several funds, including CI Global Investment Grade Class, CI Short-Term Bond Fund and CI Preferred Share ETF.
The ETF has a low risk rating and pays a monthly distribution.
CI Global Bond Currency Neutral Fund
CI Global Bond Currency Neutral Fund’s investment objective is to obtain long-term total return. It invests primarily in fixed-income and floating rate securities of governments and companies throughout the world that the portfolio adviser believes offer an attractive yield and opportunity for capital gains. The fund may make large investments in any country, including emerging markets and emerging industries of developed markets, and in high-yield securities of developed markets. The fund will use derivatives to minimize its exposure to foreign currency fluctuations against the Canadian dollar.
Lead portfolio managers are Fernanda Fenton2, MBA, CFA, and Mr. Shaw. Ms. Fenton has over 20 years of financial services industry experience, including over 10 years as a fixed-income analyst and portfolio manager. She focuses on global government and emerging markets securities, and is manager of funds that include CI Global Bond Fund and CI Emerging Markets Bond Fund.
The fund has a low risk rating and pays a monthly distribution. The ETF C$ Series trades on the TSX under the symbol CGBN.
CI Global Investment Grade Fund
CI Global Investment Grade Fund’s investment objective is to generate income and the potential for long-term capital appreciation by investing primarily in a diversified portfolio of investment grade fixed-income securities issued by companies or governments of any size, located anywhere in the world. The portfolio managers also have the flexibility to invest a portion of the portfolio in other securities such as high-yield corporate bonds, preferred shares and emerging market debt.
The fund, managed by Mr. Shaw and Ms. Ongaro, will have a low risk rating and pay a monthly distribution.
The existing fund, CI Global Investment Grade Class, has an overall five-star rating from Morningstar1 and was the recipient of a Refinitiv Lipper Fund Award and a FundGrade A+ Award for 20213.
Further information about CI GAM investment funds is available on its website.
About CI Global Asset Management
CI Global Asset Management is one of Canada’s largest investment management companies. It offers a wide range of investment products and services and is on the Web at www.ci.com. CI Global Asset Management is a subsidiary of CI Financial Corp. (TSX: CIX, NYSE: CIXX), an integrated global asset and wealth management company with approximately $338.1 billion in assets as of September 30, 2022.
1. © 2022 Morningstar Research, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. CI Global Investment Grade Class was rated against the following numbers of Global Fixed Income funds over the following time periods: 400 funds in the last three years, 287 funds in the last five years, and 99 funds in the last 10 years. Past performance is no guarantee of future results. Morningstar Rating is for the Series F securities only; other series may have different performance characteristics.
Morningstar Ratings reflect performance as of September 30, 2022 and are subject to change monthly. The ratings are calculated from a fund’s 3, 5 and 10-year returns measured against 91-day Treasury bill and peer group returns. For each time period the top 10% of the funds in a category get five stars. The Overall Rating is a weighted combination of the 3, 5 and 10-year ratings. For greater detail see www.morningstar.ca.
2. Fernanda Fenton is associated with CI Global Investments Inc., a firm registered with the U.S. Securities and Exchange Commission and an affiliate of CI Global Asset Management.
3. FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.
CI Global Investment Grade Class received a FundGrade A+ Award for the year 2021 in the CIFSC global fixed income category. The FundGrade A+ Award for the fund was calculated from January 31, 2017 to December 31, 2021. The performance of CI Global Investment Grade Class Series A for the period ended December 31, 2021 is as follows: 1 year: 0.4%, 3-years: 7.0%, 5-years: 4.7%, and since inception, 4.0% (2016-07-04).
CI Global Investment Grade Class Series P was awarded the 2021 Refinitiv Lipper Fund Award in the Global Fixed Income category for the three- and five-year periods ending July 31, 2021 out of a classification total of 382 funds (three years) and 283 funds (five years). The performance of CI Global Investment Grade Class Series P for the period ended September 30, 2022 is as follows: 1 year: -12.6%, 3-years: 0.1%, 5-years: 2.2%, and since inception, 2.3% (2016-07-04).
The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com. Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper.
Commissions, trailing commissions, management fees and expenses all may be associated with an investment in mutual funds and exchange-traded funds (ETFs). Please read the prospectus before investing. Important information about mutual funds and ETFs is contained in their respective prospectus. Mutual funds and ETFs are not guaranteed; their values change frequently, and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.
This document is provided as a general source of information and should not be considered personal, legal, accounting, tax or investment advice, or construed as an endorsement or recommendation of any entity or security discussed. Every effort has been made to ensure that the material contained in this document is accurate at the time of publication. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies.
CI Global Asset Management is a registered business name of CI Investments Inc.
©CI Investments Inc. 2022. All rights reserved.
Vice-President, Corporate Communications
CI Global Asset Management