TDAM continues to refine its investment fund line-up to provide investors with more features and flexibility, including new U.S. dollar purchase options, series extensions, a pricing reduction, name changes and updates to certain investment funds’ risk ratings
TORONTO, July 29, 2020 /CNW/ – TD Asset Management Inc. (“TDAM”) today announced several changes to certain investment funds, as described below, providing more opportunities and ways to help investors reach their financial goals.
TD U.S. Equity Portfolio – Name Change & New U.S. Dollar Purchase Option
TDAM will rename TD U.S. Equity Portfolio to TD U.S. Equity Pool (the “Fund”) to better reflect its investment strategy. The Fund is designed to be a comprehensive, one-stop, fund-of-fund solution for investors looking to access high-quality U.S. equities.
On August 11, 2020, U.S. dollar purchase options will be made available on Investor Series, Advisor Series and F-Series units of the Fund to provide even greater flexibility for investors.
Key benefits include:
Two Layers of Active Management: Investors will benefit from both tactical adjustments made by the Portfolio Manager, as market opportunities arise, and the active investment approaches used by the underlying fund managers
Unique Core-Satellite Approach: Combines a long-term focused strategic asset allocation with additional tactical levers using various size, style and sector exposures to take advantage of short-term market opportunities
Active Risk Management: The Portfolio Manager will have a long-term focus while attempting to defensively position the portfolio when appropriate
Depth of Experience: Combines the expertise of the Asset Allocation and Fundamental Equity teams at TDAM
In addition, TDAM is adding the flexibility for TD U.S. Equity Pool to start using derivative instruments. The Fund may use derivatives for hedging and non-hedging purposes and may use various derivatives, such as options, futures, forward contracts and swaps to, among other things, gain exposure to equity instruments without investing in them directly, reduce the risk associated with currency fluctuations, gain exposure to gold, enhance income and provide downside risk protection. Derivatives will only be used by the Fund in accordance with securities regulations. The Fund may only begin to use derivatives after providing unitholders with 60 days’ written notice of its intent to do so.
TD International Growth Class – Name Change
TDAM will also rename TD International Growth Class to TD International Stock Class (the “Class”) to reflect a change in Class’ underlying investment. Due to the pending termination of TD International Growth Fund, on or about August 25, 2020, TD International Stock Class has ceased investment in TD International Growth Fund and has moved to investing in TD International Stock Fund. The Class is designed for investors looking to invest in, or gain exposure to, stocks and other securities of, or with exposure to, companies outside of Canada and the U.S.
TD International Stock Fund – Pricing Reduction & Series Extensions
To provide more value, as of July 29, 2020, TDAM will reduce the management fee charged on D-Series of TD International Stock Fund by 10 basis points, from 1.25% to 1.15%. To offer greater flexibility, Investor Series, Advisor Series and F-Series of TD International Stock Fund will be made available to investors for purchase on or about August 11, 2020.
TD International Stock Fund gives investors access to:
Exposure to companies identified as having the potential for strong earnings growth, positive business momentum and sustainable profitability
A robust team-based process using a deep analysis of stock, sector and country contribution to help strengthen TD International Stock Fund’s overall risk exposure relative to its benchmark
Exposure to a concentrated portfolio of companies with measurable high impact growth characteristics
Risk Rating Changes
TDAM announced that the risk rating for TD North American Dividend Fund, TD U.S. Dividend Growth Fund, TD North American Small-Cap Equity Fund and TD Global Entertainment & Communications Fund will be lowered as indicated below:
TD Mutual Fund
Previous Risk Rating
New Risk Rating
TD North American Dividend Fund
Medium
Low to Medium
TD U.S. Dividend Growth Fund
Medium
Low to Medium
TD North American Small-Cap Equity Fund
Medium to High
Medium
TD Global Entertainment & Communications Fund
Medium to High
Medium
These risk rating changes will be reflected in the TD Mutual Funds Simplified Prospectus and Fund Facts that will be filed with the Canadian securities regulators on or about July 29, 2020.
These risk rating changes are in accordance with the methodology mandated by the Canadian Securities Administrators (the “CSA”) and the related annual review by TDAM to determine the risk level of publicly-offered investment funds. There are no changes to the investment objectives, strategies or management of these funds. A summary of the CSA’s risk classification methodology, and each of the funds’ investment objectives and strategies can be found in the TD Mutual Funds Simplified Prospectus available on TDAM’s website, as noted below, or on SEDAR at www.sedar.com.
Additional information about TD Mutual Funds, including the Simplified Prospectus and Fund Facts, can be found at TDAssetManagement.com
Commissions, management fees and expenses all may be associated with investments in mutual funds. Please read the Simplified Prospectus and Fund Facts before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
TD Mutual Funds are managed by TD Asset Management Inc., a wholly-owned subsidiary of The Toronto-Dominion Bank.
®The TD logo and other trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.
About TDAM TD Asset Management (TDAM), a member of TD Bank Group, is a North American investment management firm. Operating through TD Asset Management Inc. in Canada and TDAM USA Inc. in the U.S., TDAM brings new thinking to investors’ most important challenges. TDAM offers investment solutions to corporations, pension funds, endowments, foundations and individual investors. Additionally, TDAM manages assets on behalf of almost 2 million retail investors and offers a broadly diversified suite of investment solutions including mutual funds, professionally managed portfolios and corporate class funds. Asset management businesses at TD manage $359 billion in assets as at June 30, 2020. Assets under management include TD Asset Management Inc., TDAM USA Inc. and Epoch Investment Partners Inc. (Epoch). All entities are wholly-owned subsidiaries of The Toronto-Dominion Bank.
SOURCE TD Asset Management Inc.
For further information: Sarah Sartaj, TD Bank Group, [email protected]
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.
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.
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.
