TORONTO, Sept. 27, 2018 (GLOBE NEWSWIRE) -- Subsequent to the August 30, 2018 press release issued by S&P Global Ratings (“S&P”), Purpose Investments Inc. (“Purpose” or the “Manager”) announces the decision to remove “P2L” from the name and all material related to the Canadian Investment Grade Preferred Share Fund P2L (RIGP.UN) (“the Fund”), which is currently listed on the Aequitas NEO Exchange. The new Fund name will be Canadian Investment Grade Preferred Share Fund. There will be no change to the ticker symbol and CUSIP. The name change is effective as of September 24, 2018.
The name change does not represent a change in the Fund’s investment strategy, the Fund will continue to be managed in similar manner as before and the Manager does not anticipate a change in the overall credit quality of the portfolio.
“Purpose is a firm focused on innovation and the best possible outcomes for investors,” said Som Seif, President and CEO of Purpose Investments. “As such, we believe retaining the flexibility to hold high-quality securities, irrespective of which agency rates them, is the best course of action. We have not altered the investment strategy of the Fund in any way, and we have no plans to do so. We also continue to believe that the Fund represents a compelling opportunity for investors to diversify their income and lower overall portfolio volatility.”
About Canadian Investment Grade Preferred Share Fund
Canadian Investment Grade Preferred Share Fund’s investment objectives are to (i) provide holders of units (“Unitholders”) with monthly cash distributions; and (ii) maximize the total return to Unitholders over time by investing in an actively managed portfolio comprised primarily of preferred shares of Canadian issuers. A minimum of 80% of the total assets of the Fund will be invested in investment grade securities. The Fund uses the Unit Traded Fund structure, which has been developed to accomplish two goals, namely (a) to enable the Fund to invest virtually all of the gross proceeds from the offering in the portfolio, and (b) to encourage the Fund’s Class T units to trade in the market at a price not less than 98.50% of their net asset value (“NAV”) throughout the life of the Fund.
About Purpose Investments
Purpose Investments is an asset management company with approximately $6.1 billion under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent technology-driven financial services company.
For further information please contact:
Nancy Turner
Purpose Investments Inc.
Tel: (877) 789-1517
Email: info@purposeinvest.com
This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to U.S. news wire services.