TORONTO, Feb. 17, 2021 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGFI) today announced management fee reductions for AGF Global Real Assets Class and AGF Global Real Asset Fund and proposed investment objective changes for AGF Diversified Income Class and AGF Diversified Income Fund.
These changes reflect AGFI’s commitment to continually review its line-up to ensure clients have access to products that are relevant, competitive and responsive to market trends.
Management Fee Reductions
Effective as of March 1, 2021, AGFI will reduce the management fees for certain series of AGF Global Real Assets Class and AGF Global Real Assets Fund as follows:
|Fund||Series||Management Fee Change|
|AGF Global Real Assets Class||Series F||1.50% changed to 1.00%|
|AGF Global Real Assets Fund||Series F||1.25% changed to 1.00%|
|AGF Global Real Assets Fund||Series W||1.10% (maximum) changed to 0.85% (maximum)|
Proposed Investment Objective Changes
Subject to securityholder approval, AGFI is proposing to change the investment objectives of AGF Diversified Income Class and AGF Diversified Income Fund.
At the special meetings of securityholders to be held on April 14, 2021, subject to extension or adjournment thereof, securityholders of each of AGF Diversified Income Class and AGF Diversified Income Fund will be asked to approve the following proposed changes in investment objectives:
|Fund||Current Investment Objective||Proposed Investment Objective|
|AGF Diversified Income Fund||The Fund’s investment objective is to achieve a high level of current income and long-term growth of capital by investing primarily in a diversified portfolio of income, dividend and distribution paying Canadian securities including common shares, income trusts and other types of equity and fixed income securities.||The Fund’s investment objective is to provide long-term growth of capital through a combination of capital appreciation and interest income by investing primarily in a diversified portfolio of equity and fixed income securities which fit the Fund’s concept of sustainable development.|
|AGF Diversified Income Class||The Fund’s investment objective is to achieve a high level of current income and long-term growth of capital by investing primarily in units of AGF Diversified Income Fund.||The Fund’s investment objective is to provide long-term growth of capital by investing primarily in units of AGF Global Sustainable Balanced Fund (formerly named AGF Diversified Income Fund).|
If approved, the proposed investment objectives are expected to be implemented on or about April 30, 2021. Notwithstanding the receipt of securityholder approval, AGFI may postpone implementing the investment objective change for a fund until a later date (which shall be no later than December 31, 2021) or may elect not to proceed with the change at all, if it considers such decision to be in the best interests of the securityholders of that fund.
If approved, upon adoption of the proposed investment objective changes (or as of the date indicated below), additional changes will be made to AGF Diversified Income Class and AGF Diversified Income Fund, as applicable, including the following:
- Name Change: AGF Diversified Income Class will change its name to “AGF Global Sustainable Balanced Class” and AGF Diversified Income Fund will change its name to “AGF Global Sustainable Balanced Fund”.
- Management Fee Reduction: Effective on or about May 1, 2021, the management fee for the MF Series of each fund will be reduced from 2.35% to 1.90%. The management fees for all other series of the funds will remain the same.
- Change in Distribution Frequency: The distribution frequency for AGF Diversified Income Fund will change from monthly to annually. The last monthly distribution for AGF Diversified Income Fund is expected to be on or about April 30, 2021. There will be no dividend policy change for AGF Diversified Income Class.
- Risk Rating Changes: As of February 17, 2021, the risk rating of the funds is anticipated to change from “low” to “low to medium” upon adoption of the proposed investment objective.
Additional information regarding the proposed change in investment objectives, including a discussion of certain Canadian federal income tax considerations, will be provided in the funds’ management information circular. In advance of the special meetings, a notice-and-access document will be mailed to securityholders of record as at February 12, 2021. The notice-and-access document will describe the various ways in which securityholders can obtain a copy of the management information circular.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.
AGF has investment operations and client servicing teams on the ground in North America, Europe and Asia. With over $39 billion in total assets under management, AGF serves more than 700,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances the fund will be able to obtain its net asset value at a constant amount or that the full amount of your investment in the fund will be returned to you.
Director, Corporate Communications
How to spot fraudulent investment schemes; regulator sees surge of deception on social media – Times Colonist
Fear of missing out on a good thing may be driving people to make poor decisions with their money, according to the B.C. Securities Commission.
The market regulator said new research suggests fear of missing out, or FOMO, may have investors, especially young ones, thinking social media is a good place to find investment opportunities and that failing to act immediately on a new investment might lead them to miss big wins.
“Results of this new research are particularly concerning because we’ve seen a surge in potentially fraudulent schemes peddled on social media during the COVID-19 pandemic,” said Doug Muir, the commission’s director of enforcement. “We also know that fraudsters put pressure on people to act quickly. It’s important to gather as much reliable information about an investment as you can before putting your money into it, and to not rush into it.”
The commission surveyed more than 2,000 Canadians, including 1,000 B.C. residents to gauge how age and FOMO influence investment attitudes.
The study found the younger you are, the more FOMO you have, with half of B.C. residents between 18 and 34 admitting they experience it compared with just 19 per cent of adults 55 or older. Thirty-eight per cent of B.C. adults under 35, who said they experience FOMO, believed social media to be a good source of investment opportunity. And 41 per cent of those believed that if they don’t act immediately, they might miss a good investment.
The commission said a key sign of investment fraud is time constraint — that an opportunity is exclusive or available only to select people, while in reality most legitimate investments are available to anyone with the money to invest. Another warning sign is rushing would-be investors, telling them they must sign now to get in on the deal.
Muir said over the past year or so, they have started to focus on factors like FOMO that influence investors.
Muir said often investors feel pressured by a variety of factors like trust, panic to make up investment shortfalls, fear of missing out and embarrassment that they aren’t well educated when it comes to investing.
“Many are embarrassed about asking questions — they don’t want to admit they don’t understand and when they also have FOMO that can overwhelm reason,” he said.
To educate people about the risk of letting FOMO drive their investment decisions, the commission is launching a campaign called Hi, My Name is FOMO to explain the importance of doing research before investing and encouraging people to report suspected fraud to the B.C. Securities Commission.
In 2018, research by the commission found that fraud vulnerability is highest among younger people, particularly young women.
Muir said the commission has been very active over the past year dealing with an overall increase in fraud as a result of the pandemic.
“It’s not surprising, fraudsters pick up on the theme of the day,” he said. “Fraud hasn’t changed much, but the particular hook they use to get people changes.”
Bank of Canada’s next move to be tapering asset purchases: Reuters Poll
By Mumal Rathore
BENGALURU (Reuters) – The Bank of Canada‘s next policy move will be to taper its asset purchase programme following a solid economic rebound and sustained growth later this year, according to a majority of economists in a Reuters Poll.
Despite renewed lockdowns in some provinces and expectations of a slowdown this quarter policymakers expect a recovery to be driven by a successful vaccine rollout, knock-on effects from a U.S. fiscal package and further gains in oil prices.
The consensus of the March 1-5 poll predicted the BoC would keep its key interest rate on hold at 0.25% through to the end of next year, unchanged from the previous poll.
While two of the top five Canadian banks predicted the central bank would hike rates as early as the second quarter next year, none of the 34 respondents expected any change at the bank’s next meeting on March 10.
More than 70% of poll participants, or 15 out of 21, who responded to an additional question, said the central bank would taper its asset purchases programme as its next move.
“The bank will look to re-calibrate its quantitative easing programme before moving on the overnight rate,” said Derek Holt, vice president of Capital Markets Economics at Scotiabank.
“If growth comes in stronger than expected, we could see a reduction in monetary support offered through the asset purchase programme.”
Despite the Canadian economy contracting 5.4% in 2020, its deepest annual drop on record, it ended 2020 on a brighter note and grew at a stronger-than-expected annualized rate of 9.6% last quarter.
The economy likely grew 0.5% in January, according to the latest Statistics Canada report despite being hit by a second wave of infections and containment measures.
“The Canadian economy soldiered through the second wave of restrictions much better than anticipated, supported by a big rebound in resource sector activity and a raging housing market,” said Douglas Porter, chief economist and managing director economics at BMO.
“Look for new growth drivers to kick into gear as the economy re-opens in stages through this year, leading to roughly 6% growth – a nice mirror image to last year’s deep dive. It’s not precisely a V-shaped recovery, but it’s very close.”
All 25 economists who answered another question agreed with the BoC’s assessment of a solid and sustainable economy in the second half of this year.
(Reporting by Mumal Rathore; Polling by Manjul Paul; Editing by Jonathan Cable and Edmund Blair)
Comparing Luxury Investment Around the World – Visual Capitalist
Do you enjoy the finer things in life? For many of the world’s wealthy individuals, acquiring luxury goods such as art, fine wine, and watches is a passion.
Unlike traditional investments in financial assets, luxury goods can be difficult to value if one does not have an appreciation for their form. A rare painting, for example, does not generate cash flows, meaning its value is truly in the eye of the beholder.
To gain some insight into the market for luxury goods, this infographic takes data from Knight Frank’s 2021 Wealth Report to compare the preferences of nine global regions.
Global Tastes in Luxury Goods
To rank the most popular luxury investments in 2020, Knight Frank surveyed over 600 private bankers, wealth advisors, and family offices. The following table summarizes their findings, as well as each category’s growth according to the Knight Frank Luxury Investment Index.
|Global Average Ranking||Category||10-year growth in asset values (%)|
Art was unmistakably the top category for 2020, ranking first in every geographic region except Africa and Asia, where it placed second instead. The global market for artwork was estimated to be worth $64 billion in 2019, and is often facilitated through auction houses such as Sotheby’s.
In terms of asset appreciation, rare whiskeys have climbed the most in value over the past 10 years. Connoisseurs of this spirit will be familiar with distilleries like The Macallan, whose rare bottles can sell for more than a million dollars.
Comparing Luxury Investment Between North America and Asia
Below, we’ve compared the rankings of Asia and North America to get a better idea of how preferences can vary.
The biggest differences here are watches, which ranked first in Asia but fourth in North America, and classic cars, which ranked second in North America but fifth in Asia. The remaining eight categories took similar spots across the two regions.
|Rank||Asia Popularity||North America Popularity|
|6||Rare whiskey||Rare whiskey|
|9||Colored diamonds||Coins (tied for 8th place)|
Asia’s stronger preference for watches was likely driven by Chinese consumers, who are now the biggest buyers of luxury watches globally. Demand throughout the COVID-19 pandemic proved resilient, with exports of Swiss watches to China increasing by 17.1% between January and November 2020.
Classic cars, on the other hand, may be more popular in North America due to the region’s longer automotive history. Two of America’s most iconic automakers, Ford and General Motors, have both been around for over a century!
The Biggest Sales of 2020
Here were some of the most extravagant and noteworthy luxury sales from 2020.
Francis Bacon’s 1981 Triptych Inspired by the Oresteia of Aeschylus was sold by Sotheby’s for $84.6 million in June 2020. A triptych is an artwork that is divided into three sections but displayed as a single piece.
Other paintings by Francis Bacon have sold for even larger amounts. In 2013, Three Studies of Lucian Freud was sold by Christie’s auction house for $142 million.
A 1932 Bugatti Type 55 Super Sport Roadster sold for $7.1 million in March 2020, making it one of the biggest classic car sales of the year.
Founded in 1909, Bugatti has produced some of the world’s most sought-after cars. The French brand was acquired by the Volkswagen Group in 1998, and since then, has released numerous special edition cars with price tags reaching well into the millions.
An Hermès Himalaya Niloticus Crocodile Retourné Kelly 25 sold for $437,330 in November 2020, becoming the most expensive handbag ever sold at an auction. Founded in 1837, Hermès is commonly regarded as one of the world’s most prestigious makers of handbags.
COVID-19 Dampens Luxury Investment
When compared to 2019, total sales for Sotheby’s declined 16% in 2020, while Christie’s, another leading auction house, reported a 25% decline. Despite these decreases, executives remain optimistic.
“The art and luxury markets have proven to be incredibly resilient, and demand for quality across categories is unabated.”
– Charles Stewart, CEO, Sotheby’s
The industry has been largely successful in transitioning to online operations, with Sotheby’s reporting that 70% of its auctions in 2020 were held online, up from 30% in the previous year.
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