Blog Hero Image

Posted by Purpose Investments on Jul 16th, 2020

Purpose Investments Inc. Appoints New Manager to Purpose Duration Hedged Real Estate Fund; Fund to be Renamed to Purpose Real Estate Income Fund

Purpose Investments Inc. (“Purpose Investments” or “Purpose”) is pleased to announce today that Barry Morrison and Michael McNabb of Purpose (“the Managers”) have been appointed as managers of Purpose Duration Hedged Real Estate Fund (“the Fund”) (TSX: PHR). The Fund will also be renamed to Purpose Real Estate Income Fund to more accurately reflect its new investment strategy. There will be no change to the ETF ticker symbol. This change will take effect on or about August 4, 2020.

The change in manager is being undertaken to enhance the value to unitholders. In the Fund, the Managers will use an active, fundamental approach to investing in real estate equities, taking advantage of their decades of combined experience, including a long track record of managing REITs. The Managers will also employ technical analysis to assist in security selection, drawing on macroeconomic factors and trends in addition to company-specific growth, equity and value factors.

“We are both honoured and excited to manage Purpose Real Estate Income Fund. Given what has happened so far in 2020, there is a significant opportunity for attractive returns by using active approach in the real estate sector. But it won’t last forever.We believe our combined experience and investment process will be a great value to our non-institutional clients at Purpose,” said Mr. McNabb.

“Right now, public REITs are undervalued relative to the private market. The opportunity for investors lies at the heart of that disconnect. The current low-interest-rate environment is likely to benefit the real estate sector by allowing companies to refinance at a lower cost. It should also benefit investors who are looking for income and have been starved by other traditional sources,” he added.

Barry Morrison is one of the most experienced investors in Canada, with a career spanning more than 50 years. For most of his career, Mr. Morrison has managed money for pensions, pooled funds and private wealth clients. He joined Purpose in 2018 when the company purchased institutional assets from LOGiQ Asset Management.

Michael McNabb has been working in the finance industry since 2003, advancing through client-service roles and working his way up to portfolio management. He has been working closely with Mr. Morrison since 2008, focusing on dividend-income securities, particularly REITs.

About Purpose Investments

Purpose Investments is an asset management company with more than $9-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:

Matt Padanyi

Purpose Investments Inc.
Tel: (877) 789-1517

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Fund mentioned in this story