TORONTO, April 27, 2023 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is excited to announce further expansion of its industry-leading cash solutions lineup with the launch of the Purpose USD Cash Management Fund (the “Fund”), which begins trading today on the Toronto Stock Exchange (“TSX”) under the ticker, MNU.U.
Investment
Purpose Investments Unveils New US Dollar Cash Management Fund to Expand Industry-Leading Cash Solutions Lineup
Building off on the success of its Canadian dollar counterpart, Purpose Cash Management Fund (TSX: MNY), which launched in September 2022, the Purpose USD Cash Management Fund is designed to navigate the current economic environment and turn high interest rates into attractive yields for investors with US dollar cash allocations. At launch, the initial target annualized net yield is expected to be 5.01%.
“Against the backdrop of sticky inflation, which may keep interest rates higher longer, prudent duration and robust risk and liquidity management for cash investments has become a key consideration for investors looking to earn an attractive return,” says Greg Taylor, Chief Investment Officer at Purpose.
The Purpose USD Cash Management Fund is an excellent alternative to other traditional US dollar cash alternatives for investors looking to reconsider their cash and liquidity strategies without locking them in with guaranteed investment certificates. The Fund also serves as an efficient tool for bulk trading.
Purpose has closed the offering of the initial units of the Fund and is pleased to offer investors US dollar-denominated ETF non-currency hedged units (TSX: MNU.U), Class A units and Class F units. The mutual fund units of the Fund will be offered at a fixed $10.00 net asset value.
- High levels of liquidity and capital preservation by investing in a diversified portfolio of short-term, high-quality, US-dollar-denominated money market instruments.
- Attractive yields are generated without taking undue credit risk to meet monthly current income requirements.
- Active management to adjust the portfolio strategy to take advantage of the changing market environment.
- Trades in US dollars and offered both as an ETF and mutual fund for ease of use, based on investor preferences.
The Purpose USD Cash Management Fund is the latest offering in Purpose’s industry-renowned cash lineup, which features the world’s first high-interest savings ETF, Purpose High Interest Savings Fund (TSX: PSA) and Purpose US Cash Fund (TSX: PSU.U), among others. Purpose’s cash lineup is known for offering best-in-class yields significantly higher than traditional cash alternatives, deposited safely with Canada’s big banks.
Purpose revolutionized cash investing with the introduction of the Purpose High Interest Savings Fund in 2013 and is proud to expand its lineup with the Purpose USD Cash Management Fund to provide investors with a new tool to maximize returns on their US dollar cash balances. Learn more about the Fund here: http://purposeinvest.com/funds/purpose-usd-cash-management-fund
About Purpose Investments
Purpose Investments is an asset management company with approximately $16 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, offering a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent, technology-driven financial services platform that is reshaping the industry by connecting and creating opportunities across asset management, wealth management and small business financial services.
Keera Hart
Keera.Hart@kaiserpartners.com
905-580-1257
Commissions, trailing commissions, management fees and expenses may all be associated with investment fund investments. The prospectus contains important detailed information about the investment fund. Please read the prospectus before investing. There is no assurance that any fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investment fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.
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TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
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