On The Shelf:

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(March 12, 2008) Mackenzie Investments has announced it is reopening the Mackenzie Cundill Recovery Fund, effective March 28, 2008, after leaving it closed for nearly two years.

“Mackenzie closed Cundill Recovery Fund in 2006, as finding appropriate investment opportunities to deploy a growing cash position had become increasingly difficult,” said David Feather, president of Mackenzie Financial Services. “Now, however, global stock markets, which started to correct in the summer of 2007, have created numerous deep value and recovery opportunities, so the fund’s ability to take in new money has increased substantially.”

The fund’s manager, James Morton, CIO of CIM Investment Management, says opportunities are cropping up in North American large caps and certain sectors in Europe. Mackenzie has warned that it may close the fund again, if deep-value investment options begin to dry up again.

The fund currently contains just under $1.4 billion in assets.

In a separate statement, Mackenzie also announced that it is changing the name of several “Series A” mutual funds, effective March 28. The “Series A” designation will be changed to “Series T5” to indicate the funds’ fixed 5% annualized distribution.

The affected funds include Mackenzie Cundill Global Dividend, Mackenzie Founders Income & Growth, Mackenzie Universal Global Infrastructure, Mackenzie Universal U.S. Dividend Income (both the hedged and unhedged classes) and Mackenzie Sentinel Diversified Income.

At the same time, Mackenzie will introduce a new Series A version of these funds, which will be identical except for the absence of the monthly fixed distribution.

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BetaPro hits the grain markets

(March 12, 2008) BetaPro Management has announced the launch of two new ETFs offering investors exposure to the soaring agricultural commodity markets. As usual, the company is offering a bull and a bear fund, providing positive and negative correlation to the underlying asset.

“The interest and demand for the agricultural grains asset class has been and continues to be a growing trend,” said Howard J. Atkinson, president of BetaPro. “Investors can exercise their views on raw materials in the food and ethanol fuel markets — whether those views are bullish or bearish.”

The Horizons BetaPro DJ-AIG Agricultural Grains ETFs began trading today on the TSX, and use leverage to double investors’ exposure to movements in the price of soybeans, corn and wheat. While these commodities are priced in U.S. dollars, currency risk has been hedged.

“This is the first time the Dow Jones–AIG Grains Sub-Index will serve as the basis for Canadian ETFs,” said Michael A. Petronella, president of Dow Jones Indexes. “This index tracks an important commodities sector whose growing significance is capturing the increased attention of investors worldwide.”

(03/12/08)