NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
TORONTO (March 1, 2023) – CI Global Asset Management ("CI GAM") announces that JFT Strategies Fund (TSX: JFS.UN) (the “Fund”) is launching an at-the-market equity program (the “ATM Program”). The ATM Program allows the Fund to issue Class A units of the Fund (“Units”) having an aggregate sale price of up to $100,000,000, to the public from time to time, at the discretion of CI GAM. Any Units issued under the ATM Program will be sold at the prevailing market price at the time of sale through the Toronto Stock Exchange (“TSX”) or any other marketplace in Canada on which the Units are listed, quoted or otherwise traded.
The volume and timing of distributions under the ATM Program, if any, will be determined at the Manager’s sole discretion. The ATM Program will be effective until March 22, 2025, unless terminated prior to such date by the Fund. The Fund intends to use the proceeds from the ATM Program in accordance with the Fund’s investment objectives, investment strategies and investment restrictions.
Sales of the Units through the ATM Program will be made pursuant to the terms of an equity distribution agreement entered into by the Fund, CI GAM, and Timelo Investment Management Inc., as portfolio manager of the Fund (the “Equity Distribution Agreement”), dated February 27, 2023 with National Bank Financial Inc. (the “Agent”).
Sales of the Units will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Units in Canada. Since the Units will be distributed at prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution. The ATM Program is being offered pursuant to a prospectus supplement dated February 27, 2023 to the Fund’s short form base shelf prospectus dated February 21, 2023. Copies of the Fund’s prospectus supplement and short form base shelf prospectus and the applicable Equity Distribution Agreement may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the Agent, and are available on SEDAR at www.sedar.com.
About JFT Strategies Fund
The Fund’s investment objective is to maximize total return on investment to its holders while seeking to mitigate market risk and volatility by investing in an actively managed portfolio of long and short positions in any one or a combination of equities, debt securities or other securities. The Fund will seek to generate positive returns by selecting what Timelo Investment Management Inc. (“Timelo”), the portfolio manager (the “Portfolio Manager”), believes to be superior quality investments for long positions and inferior quality investments for short positions. The Fund’s net exposure (long versus short) varies depending upon the Portfolio Manager’s view of macroeconomic and other factors. The Portfolio Manager may also make selective use of derivatives and other securities in order to increase returns and/or mitigate the downside risk of one or more of the portfolio’s investments.
The lead portfolio manager of the Fund is Jean-François Tardif, CFA, President of Timelo. Mr. Tardif founded Timelo in 2011 to serve the needs of investors who were seeking an investment solution which provided an attractive risk-adjusted return while being uncorrelated with equity markets.
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), an integrated global asset and wealth management company with approximately $391.6 billion in assets as of January 31, 2023.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the Fund’s and/or CI GAM’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, market factors. Although the Fund and/or CI GAM believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Fund and/or CI GAM undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other factors which affect this information, except as required by law.
The short form base shelf prospectus and the prospectus supplement containing important detailed information about the securities being offered have been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the Equity Distribution Agreement, the short form base shelf prospectus and the prospectus supplement may be obtained from the Agent. Investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision.
This communication is intended for informational purposes only. You will usually pay brokerage fees to your dealer if you purchase or sell Units of the Fund on the TSX. If the Units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying Units of the Fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning Units of the Fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Fund in these documents. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. The Fund is managed by CI Global Asset Management.
CI Global Asset Management is a registered business name of CI Investments Inc.
©CI Investments Inc. 2023. All rights reserved.
Vice-President, Corporate Communications
CI Global Asset Management