Purpose Investments Inc. (“Purpose”) has obtained unitholder approval to change the investment objective of the previously named Purpose Floating Rate Income Fund (TSX: FLOT) (the “Fund”). In conjunction with the change of investment objective, the name of the Fund has also been changed to Purpose Global Flexible Credit Fund.
In accordance with applicable legal requirements, the required unitholder approval for the objective change was sought and obtained at a special meeting held on December 10, 2021, for unitholders of the Fund of record as of October 27, 2021.
The change of investment objective is as follows:
The Fund has been renamed to reflect its new investment strategy more accurately. Subject to the final approval of the Toronto Stock Exchange, the ticker symbols of listed units of the Fund will also be changed as follows:
“We’re excited to officially transition this fund to an expanded, global credit strategy,” says Vlad Tasevski, Chief Operating Officer and Head of Product at Purpose Investments. “With the extremely challenging interest rate environment and inflation levels higher than expected, we wanted to give investors a better way to navigate this market environment, benefit from institutional quality credit strategy and receive attractive risk-adjusted returns.”
The Fund type has also changed to “global fixed income” from a “floating-rate bond fund.”
Purpose is the trustee, manager, and portfolio advisor of the Fund. Neuberger Berman Investment Advisers LLC (“Neuberger”) will remain as sub-advisor of the Fund.
“At Neuberger Berman, we have experience managing global fixed-income portfolios through numerous market cycles and we believe that our new strategy has the potential to better help investors benefit from higher yield with limited duration risks,” says Norman Milner, Managing Director at Neuberger Berman.
Purpose believes the new active strategy will maximize total return from current income and long-term capital appreciation by investing in a diversified mix of global fixed-rate and floating-rate debt securities. The change maintains the same low-to-medium risk profile by employing a relative value, credit-focused active strategy.
For more information about Purpose Global Flexible Credit Fund, please visit: www.purposeinvest.com/funds/purpose-floating-rate-income-fund.
About Purpose Investments
Purpose Investments is an asset management company with more than $14 billion under management. Purpose 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.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman’s diverse team has over 2,400 professionals. For seven consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the Principles for Responsible Investment (PRI) named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for its approach to ESG integration across asset classes. The firm manages $437 billion in client assets as of September 30, 2021. For more information, please visit website at www.nb.com.
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