ScotiaFunds has unveiled a new Scotia Conservative Income Fund to invest in a diversified blend of conservative fixed income funds.
The new fund intends to generate income and manage interest rate risk by investing primarily in funds that invest in fixed income securities.
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The Scotia Conservative Income Fund, which provides alternative to short-term bonds, will be run by 1832 Asset Management.
The fixed income securities include bonds issued by Canadian and US federal, provincial and municipal governments, bonds and preferred shares issued US and Canadian investment grade corporations and non-investment grade corporations; and residential mortgages.
Neil Macdonald, managing director of ScotiaFunds, said; "Scotia Conservative Income Fund rounds out ScotiaFunds’ fixed income lineup by providing conservative investors with an alternative to more traditional short-term bond funds. When compared to traditional bond funds, the Fund aims to provide investors with lower volatility, modest income and the potential for greater capital preservation."
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