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The bad boys of the ETF world
rcarrick@globeandmail.comWelcome to the investing mainstream, ETFs. You've got buzz, you've got momentum and now you've got issues.Exchange-traded funds are the smaller but faster-growing rival to mutual funds. This week, they received a unique endorsement when one of the country's biggest fund companies, Invesco Trimark, introduced a lineup of eight funds that are basically a vehicle that investment advisers can use to put ETFs in client portfolios (read more here: tgam.ca/DnR).
OSC rejects fund dealers' request to kill bylaw
Closed-end funds with a twist
FUNDS REPORTERThe arcane world of closed-end funds is trying to open up.Harvest Banks and Buildings Income Fund, Canadian Shield Fund and O'Leary Founder's Series Income and Growth Fund are all poised to trade on the Toronto Stock Exchange.
ETFs pay dividends without the single-stock risk
INVESTMENT REPORTERjheinzl@globeandmail.comAfter last week's column that looked at ways to generate more income from your portfolio, several readers asked: Why no mention of dividend exchange-traded funds?
Rating the top Canadian ETFs
rcarrick@globeandmail.comHow you judge your investing results as a user of exchange-traded funds will depend in large part on what Canadian-market ETF you use. There are 10 that will give a broad exposure to the Canadian stock market and there's a huge gap of 20 percentage points between the best and worst performers for the year to date. Here's a close-up look at your choices.
Fund redemptions down sharply from year ago
Canadian investors yanked about $726-million from mutual funds in September, but all that came from money market investments yielding puny returns. It was the fourth consecutive month for net redemptions in the Canadian industry. But the outflows were down sharply from a year ago when Canadians pulled $4.2-billion from funds amid plunging stock markets, according to preliminary figures released yesterday by the Investment Funds Institute of Canada (IFIC). ''It's the reverse of last year when there was no long-term fund sales at all,'' said Dennis Yanchus, manager of statistics for IFIC. ''Long-term fund sales are going to be around $1.9-billion to $2-billion.'' Long-term fund refers to stock, bond and balanced funds that charge higher management fees compared with the low-fee, short-term money market investments.
U.S. hedge funds lose fight against MI Developments
A group of U.S. hedge funds has lost its fight to stop MI Developments Inc., the real estate arm of Frank Stronach's business empire, from conducting certain related-party transactions without shareholder votes. A panel of the Ontario Securities Commission released a ruling yesterday that dismissed the hedge funds' complaint, following a hearing that was held over two days last week. That means the OSC will allow MI to make loans to its horse-racing subsidiary Magna Entertainment Corp., or to buy assets from MEC, without the agreement of the hedge funds that own stock in MI. The commissioners will release their detailed reasons at a later date. MEC is currently under bankruptcy protection. MIM.A (TSX) rose 10 cents to close at $14.70.
Hedge funds Amaranth to pay $7.5-million settlement
Amaranth Advisors LLC will pay $7.5-million (U.S.) to settle allegations from U.S. regulators that the hedge fund tried to manipulate natural-gas futures in 2006. The agreement ends cases brought by the Commodity Futures Trading Commission and Federal Energy Regulatory Commission involving the hedge fund's trading on the New York Mercantile Exchange. FERC initially proposed a $291-million fine. The CFTC filed a complaint in federal district court in July, 2007, saying the fund and its trader, Brian Hunter, were trying to sway prices with large sell orders late in the trading session. The company controlled more than half the U.S. natural gas market before its 2006 collapse.
Judge orders Sextant into receivership
An Ontario Superior Court judge yesterday ordered that Sextant Capital Management Inc. and related entities, including its hedge fund invested in Icelandic glaciers, be put under receivership. PricewaterhouseCoopers will be receiver and manager of the property of Sextant Capital Management, Sextant Capital GP Inc. and Sextant Strategic Opportunities Hedge Fund, Mr. Justice Geoffrey Morawetz said in his ruling. ''A receiver is necessary for the Sextant Canadian fund to ensure that investors' assets in the fund are managed and potentially distributed in an orderly fashion,'' Judge Morawetz said. OSC staff said that nearly 250 Canadians invested just under $30-million in the Sextant Canadian fund since 2006. At a court hearing in April, OSC lawyer Susan Kushneryk said there was ample evidence of ''potential fraud, misappropriation of investors' money, misrepresentation, self-dealing and record manipulation.''
AGF reports 61% decrease in quarterly profits
