TORONTO, Nov. 16, 2022 (GLOBE NEWSWIRE) — Bridgehouse Asset Managers (Bridgehouse), the retail trade name for Brandes Investment Partners & Co., today announced a proposal to merge the following funds effective on or about January 27, 2023, subject to obtaining all necessary securityholder and regulatory approvals:
|Terminating Funds||Continuing Funds|
|Morningstar Strategic Canadian Equity Fund||Sionna Canadian Equity Fund|
|Morningstar Conservative Portfolio||Morningstar Balanced Portfolio|
|Morningstar Moderate Portfolio|
|Morningstar Growth Portfolio|
Bridgehouse is also proposing a new investment objective for the Morningstar Balanced Portfolio and changing the Fund’s portfolio sub-advisor to T. Rowe Price (Canada), Inc. (T. Rowe Price). In connection with this change, the investment strategies of Morningstar Balanced Portfolio will be modified to better reflect the approach utilized by T. Rowe Price in managing multi-asset portfolios and the name of the Fund will be changed to T. Rowe Price Global Allocation Fund. Each change will be effective on or about January 27, 2023.
Proposed Fund Mergers
Bridgehouse has decided to implement the proposed mergers of the Terminating Funds into the Continuing Funds due to the benefits of scale that are expected to be achieved for investors by merging the Terminating Funds with the Continuing Funds.
Approval from securityholders of the Terminating Funds and Morningstar Balanced Portfolio will be sought at special meetings to be held on or about January 24, 2023. In advance of the meetings, full details of the proposed mergers will be set out in a notice of meetings and management information circular that will be sent or made available to securityholders of record as at December 12, 2022. The notice of meetings and management information circular will also be available on SEDAR at sedar.com.
If the proposed mergers are approved, the mergers are expected to be implemented on or about January 27, 2023. Securityholders of each series of the Terminating Funds will receive securities of the equivalent series of the Continuing Funds. The Terminating Funds will be wound up as soon as possible following the mergers. The Independent Review Committee of the funds listed above has reviewed the potential conflict of interest matters related to the proposed mergers and has provided Bridgehouse, the manager of the funds, with a positive recommendation for the mergers after determining that the mergers, if implemented, achieve a fair and reasonable result for the funds.
In anticipation of the proposed mergers, the Terminating Funds will be closed to new purchases, excluding pre-authorized debit plan purchases, effective as of close of business on November 25, 2022.
Proposed Investment Objective Change
Bridgehouse is proposing a new investment objective for the Morningstar Balanced Portfolio to be voted upon at a special meeting of investors to be held on or about January 24, 2023. Subject to securityholder approval, the investment objective will be changed to achieve a combination of long-term capital appreciation and income by investing in a broadly diversified global portfolio that includes global stocks, bonds and short-term securities, and alternative investments. If approved, the change in investment objective is expected to take place on or about January 27, 2023.
Changes to Morningstar Balanced Portfolio
Effective January 27, 2023, the Morningstar Balanced Portfolio will be renamed T. Rowe Price Global Allocation Fund, the portfolio sub-advisor will be changed to T. Rowe Price and the Fund’s investment strategies will be modified to reflect the approach utilized by T. Rowe Price in managing multi-asset portfolios.
About Bridgehouse Asset Managers:
Bridgehouse Asset Managers is an independent platform for products from investment managers with deep institutional roots including: Allspring Global Investments, LLC, Brandes Investment Partners, L.P., GQG Partners, LLC, Lazard Asset Management (Canada), Inc. and Sionna Investment Managers Inc. Through financial advisors, we aim to help Canadians build their long-term wealth by following sound investing principles. Bridgehouse develops product and value-added tools and CE-accredited training to help advisors build stronger ties with clients and maximize the benefits of the financial advice relationship. Our end-goal is to help investors make informed decisions and achieve their long-term financial goals.
Brandes Investment Partners & Co., operating as Bridgehouse Asset Managers (Bridgehouse), is the manager of the Bridgehouse Funds. Securities of the Bridgehouse Funds are available through registered dealers only and not available through Bridgehouse. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Returns on mutual funds are not guaranteed, values change frequently and past performance may not be repeated.
News release for information purposes only.
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