Asset management firm Purpose Investments Inc. recently launched two new alternative investment funds—the Purpose Multi-Strategy Market Neutral Fund and the Purpose Enhanced U.S. Equity Fund.
Purpose has completed the initial public offering of the exchange-traded (ETF) units of the multi-strategy market neutral fund and the currency hedged and non-currency hedged ETF shares of the enhanced U.S. equity fund.
The multi-strategy market neutral fund is the first market-neutral ETF in Canada that uses a multi-strategy approach to deliver positive absolute returns that are not correlated to the broader equity or bond markets, says Som Seif, president and CEO of Purpose Investments. The fund will allocate its assets to various asset classes, including equities, currencies and commodities.
The enhanced U.S. equity fund is the first ETF in Canada to use a 130/30 strategy with U.S. equities, Seif adds. It aims to provide returns in excess of the broad U.S. equity markets.
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