On October 8 at 4 p.m., Invesco Canada will close its Trimark Canadian Small Companies Fund to new investors.
In a statement issued on September 24 the company said that, with assets nearing the $700 million mark, it is in the best interest of current unitholders to close the fund.
The fund's focus is to find high-quality companies with a sustainable competitive advantage and strong future growth prospects. The portfolio is made up of investments in 25 to 40 businesses, and Invesco believes more diversified holdings could dilute the value added by the management team.
"We've recently had significant asset growth in the fund due to inflows and increases in the value of the fund's investments. The limited size of the Canadian small-cap market makes it difficult to deploy large amounts of capital in a timely fashion," explains Jason Whiting, the fund's lead portfolio manager. "We've decided to close the fund to new investors in order to maintain the integrity of its investment strategy."