Purpose Investments has launched two new investment funds, the Purpose Best Ideas Fund and the Purpose Duration Hedged Real Estate Fund, as well as a non-currency hedged version of its Purpose Tactical Hedged Equity Fund.
Purpose has completed the initial public offering of the funds' exchange-traded series of shares (ETF Shares).
The ETF Shares of the Purpose Best Ideas Fund, Purpose Duration Hedged Real Estate Fund, and Purpose Tactical Hedged Equity Fund – Non Currency Hedged will commence trading on the Toronto Stock Exchange today under the ticker symbols PBI, PHR and PHE.B respectively.
"With the launch of our first funds late last year, Purpose has been built with the goal of delivering the best investment products with attractive management fees and to make them available broadly to both large institutional and retail investors in Canada," says Som Seif, president and chief executive officer of Purpose Investments. "We are excited about our new funds because they will provide access to very important strategies that are not available today in the market."
The Purpose Best Ideas Fund invests in a portfolio of equities listed on major North American exchanges that are the top holdings of a select group of 20 world-class value and activist investment managers, including Warren Buffet, Carl Icahn, Nelson Peltz and George Soros.
The Purpose Duration Hedged Real Estate Fund seeks to provide shareholders with long-term capital appreciation by investing in a portfolio of real estate-focused equity securities listed on major North American exchanges. The fund is designed to guard against the risk of rising interest rates associated with real estate equity securities by tactically hedging the duration of the portfolio.
The Purpose Tactical Hedged Equity Fund – Non Currency Hedged is a non-currency hedged series, which aims to achieve equity market returns with substantially less market risk and protect against significant equity downside by dynamically hedging the market exposure of the fund.
"These new funds feature innovative approaches to equity investing, including the ability to mirror the high conviction picks of an elite group of investment managers and to invest in real estate securities while guarding against rising interest rates," says Seif.
