Purpose Investments Announces New Fund Name and New Investment Objective for Purpose Global Flexible Credit Fund (formerly Purpose Floating Rate Income Fund)

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The new fund strategy aims to help investors maximize total return and return while minimizing duration risk through a global, diversified, credit-oriented portfolio

TORONTO, December 10, 2021 (GLOBE NEWSWIRE) – Purpose Investments Inc. (“Purpose”) has received shareholder approval to change the investment objective of the aforementioned Purpose Floating Rate Income Fund (TSX: FLOT) (the “Fund”). In connection with the change in investment objective, the name of the Fund was also changed to Purpose Global Flexible Credit Fund.

In accordance with the applicable legal requirements, the necessary consent of the shareholders for the change of target was obtained and obtained at a special meeting on December 10, 2021 for shareholders of the Fund of Records on October 27, 2021.

The change in investment objective is as follows:


Previous investment objective


New investment objective

The investment objectives of the Fund are to generate ongoing income and preserve capital by investing primarily in floating rate debt, short term debt, high yield debt, asset backed and mortgage backed securities.

The investment objective of the Fund is to maximize the total return from current income and long term capital appreciation by investing in a diversified mix of global fixed and floating rate debt securities, including high yield securities.

The fund has been renamed to better reflect its new investment strategy. Subject to final approval by the Toronto Stock Exchange, the ticker symbols on the Fund’s listed shares will also be changed as follows:

ETF shares

FLOT

FLX

Non-currency hedged ETF shares
CAD units

FLOT.B

FLX.B

ETF not currency hedged USD
units

FLOT.U

FLX.U

“We are pleased to officially convert this fund to an expanded, global credit strategy,” said Vlad Tasevski, Chief Operating Officer and Head of Product at Purpose Investments. “Given the extremely challenging interest rate environment and higher-than-expected inflation, we wanted to give investors a better way of navigating this market environment, benefiting from an institutional-grade credit strategy, and generating attractive risk-adjusted returns.”

The type of fund has also changed from a “Floating-Rate Bond Fund” to “Global Fixed Income”.

Purpose is the trustee, manager and portfolio advisor of the fund. Neuberger Berman Investment Advisers LLC (“Neuberger”) will remain sub-advisor to the Fund.

“At Neuberger Berman, we have experience managing global fixed income portfolios across multiple market cycles and believe that our new strategy has the potential to help investors benefit from higher returns with limited duration risk,” said Norman Milner, Managing Director at Neuberger Bermann.

Purpose believes the new active strategy will maximize the total return from current income and long-term capital appreciation by investing in a diversified mix of global fixed and floating rate debt securities. The change maintains the same low to medium risk profile by using a relatively high-value, credit-oriented active strategy.

Further information on the Purpose Global Flexible Credit Fund can be found at: https://www.purposeinvest.com/funds/purpose-floating-rate-income-fund.

About purpose investments

Purpose Investments is an asset management company with more than $ 14 billion in assets under management. Purpose has a relentless focus on customer-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent technology-driven financial services company.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a privately owned, independent, employee-owned investment manager. The company manages a range of strategies – including stocks, fixed income, quantitative and multi-asset classes, private equity, real estate and hedge funds – on behalf of institutions, advisors and retail investors worldwide. With branches in 25 countries, Neuberger Berman’s diverse team includes over 2,400 professionals. For seven years in a row, the company was named first or second (among those with 1,000 or more employees) in the Pensions & Investments survey for the best money management employer. In 2020, Neuberger Berman was named a Leader by the Principles for Responsible Investment (PRI), an award given to less than 1% of investment firms for excellence in environmental, social and governance (ESG) areas. The PRI also awarded Neuberger Berman an A + in each appropriate category for its approach to ESG integration across all asset classes. The company had $ 437 billion in client assets under management as of September 30, 2021. Further information is available on the website www.nb.com.

For more information please contact:
Keera Hart
[email protected]
905-580-1257

Commissions, follow-up commissions, management fees and expenses may be associated with mutual fund investments. Please read the prospectus and other disclosure documents before investing. There can be no guarantee that you will be refunded the full amount of your investment in any Fund. If the securities are bought or sold on a stock exchange, you may pay more or receive less than the current net asset value. Mutual funds are not guaranteed, their values ​​change frequently, and past performance cannot be repeated.

This press release is for informational purposes only and is not an offer to sell or an invitation to buy any of the securities referred to herein. This press release is not for distribution in the United States or for distribution to the US intelligence community.

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