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Canada’s JovFunds to convert Jov Talisman Fund into actively-managed ETF

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Toronto-based JovFunds Management, a subsidiary of Jovian Capital Corporation has invited unitholders of the Jov Talisman Fund to approve its conversion into an actively-managed exchange-t

Toronto-based JovFunds Management, a subsidiary of Jovian Capital Corporation has invited unitholders of the Jov Talisman Fund to approve its conversion into an actively-managed exchange-traded fund.

If investors approve, the fundamental investment objective of the fund will become to achieve long-term capital growth by investing primarily in constituents of the S&P TSX 60 Index Canadian equity index.

The fund’s investment adviser, JovInvestment Management, will replace Strategic Analysis (1994) Corporation as sub-adviser and instead has agreed exclusive access to the analytical and technical research of Ron Meisels, an active analyst since 1971.

Meisels is the president and founder of Phases & Cycles, a firm specialising in independent research of Canadian securities, and editor of publications including its TOP 60 portfolio report, researching the best candidates for investment in the S&P/TSX 60 Index. He was previously a vice-president and director of technical research at Nesbitt Thomson (now BMO Nesbitt Burns) between 1982 and 1990.

‘We are excited to gain access to Ron’s analytical and technical research,’ says Adam Felesky, chief executive of JovFunds and of Jovian Capital’s specialist ETF subsidiary, BetaPro Management.

‘Ron’s extensive knowledge and experience in technical analysis of the S&P/TSX 60 will provide strong support for the fund’s adviser, JovInvestment, and the launch of this product. ‘We are very excited to be taking the next step in the evolution of exchange-traded funds – into active management.’

Unitholders will vote on the change at a meeting on December 1. If approved, the fund will be re-launched, subject to regulatory approval, in December through a reorganisation of its Series A, F and I units into newly-created series E units.

Upon approval, the fund will become one of the first actively-managed ETFs offered in Canada and listed on the Toronto Stock Exchange. It will be actively rebalanced, provide inter-day liquidity and will have a lower management expense ratio.

JovFunds manages and distributes more than CAD2.2bn in client assets and provides distribution for the Horizons BetaPro ETFs. The Jovian group of companies, which also includes MGI Securities, MGI Securities (USA), Rice Financial Group, Horizons Funds, Leon Frazer & Associates, T.E. Wealth and Felcom Data Services, has CAD14bn of client assets, comprising CAD6bn under management and CAD8bn under administration.

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