| Fund Company | Invesco Canada Ltd. |
| Fund Type | Canadian Focused Equity |
| Rating | D |
| Style | Value |
| Risk Level | Medium |
| Load Status | Optional |
| RRSP/RRIF Suitability | Fair |
| TFSA Suitability | Fair |
| Manager | Ian Hardacre since December 2013
Rachel Volynsky since August 2010 |
| MER | 2.61% |
| Code | AIM 1583 – Front End Units
AIM 1581 – DSC Units |
| Minimum Investment | $500 |
Analysis: This Canadian focused equity fund follows the same investment process that is used on all the Trimark branded funds: business people buying businesses. The fund itself invests in a concentrated portfolio of high-quality, well managed businesses that are trading below their estimate of its true worth. The managers take a long-term, patient approach, and look for financially sound companies that are industry leaders, have the ability to provide long term growth, and have a strong management team at the helm.
Heather Hunter managed this fund from 1999 to the end of last year, when she retired. She was replaced by the team of Ian Hardacre, Jason Whiting, and Alan Mannik. While there is not likely to be any change in the investment philosophy or process, there will likely be some turnover within the portfolio. This is to be expected anytime there is a change in management.
Of late, performance under the previous management team had been improving, and had been outpacing both the index and the peer group. Under the new management team, I expect that this trend will continue.
Still, given the change, I’d be a bit hesitant to recommend the fund. I would like to see at least a couple of quarters with the new team at the helm to get a better sense of how the team operates with this specific mandate.
I will be monitoring the situation closely.