Investors International Equity Fund

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Investors International Equity Fund

  1. 1. Investors International Equity Fund Annual Management Report of Fund Performance FOR THE PERIOD ENDED MARCH 31, 2010 CAUTION REGARDING FORWARD-LOOKING STATEMENTS This annual Management Report of Fund Performance contains financial highlights, but does not This report may contain forward-looking statements about the Fund, including contain the complete financial statements of the investment fund. If the annual financial statements its strategy, expected performance and condition. Forward-looking statements of your investment fund did not accompany the mailing of this report, you may receive a copy of include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, them at your request, and at no cost, by calling 1-888-746-6344 (1-800-661-4578 if you live in Quebec) “anticipates”, “intends”, “plans”, “believes”, “estimates” or negative versions or by writing to us at 447 Portage Avenue, Winnipeg, Manitoba, R3C 3B6 (2001 University Street, thereof and similar expressions. Suite 2000, Montreal, Quebec, H3A 2A6 if you live in Quebec), or by visiting our website at In addition, any statement that may be made concerning future performance, www.investorsgroup.com or SEDAR at www.sedar.com. strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and Securityholders may also use one of these methods to request a copy of the investment fund’s proxy projections about future events and are inherently subject to, among other things, voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure. risks, uncertainties and assumptions about the Fund and economic factors. Forward-looking statements are not guarantees of future performance, and Every effort has been made to ensure that the information contained in this report is accurate as of actual events and results could differ materially from those expressed or implied March 31, 2010 (except when stated otherwise), however, the Fund cannot guarantee the accuracy or in any forward-looking statements made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general the completeness of this material. Please refer to the Fund’s Prospectus and audited annual financial economic, political and market factors in North America and internationally, statements for more information. interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected For current net asset values per unit for the Fund and for more recent information on general judicial or regulatory proceedings, and catastrophic events. market events, please visit our website at www.investorsgroup.com. We stress that the above mentioned list of important factors is not exhaustive. We encourage you to consider these and other factors carefully before making any investment decisions and we urge you to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance. CAUTION REGARDING FUTURE PERFORMANCE Sales commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions (except for fee rebates) and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any investor that would have reduced returns. Mutual funds are not guaranteed. Their values change frequently and past performance may not be repeated. © Copyright Investors Group Inc. 2010 ™ Trademarks owned by IGM Financial Inc. and licensed to its subsidiary corporations.
  2. 2. Investors International Equity Fund ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH 31, 2010 Management The Fund commenced operations on July 13, 2009. As a result, 12-month performance the AcSB announced it will propose amendments which will provide most investment funds with Discussion of data is not yet available. From the Fund’s inception date to the end of the the option to defer adoption of IFRS until fiscal years beginning on or after January 1, 2012. The Fund Performance period, equity markets around the world rose as Manager is currently assessing the impact of this announcement on the Fund and its plans improving economic conditions and diminished This management discussion of Fund concerns about the health of the global banking for adopting IFRS. Accordingly, the Fund will performance presents views of the portfolio system resulted in a return of investor confidence. adopt IFRS for either its fiscal period beginning management team about the significant April 1, 2011 or 2012 and will issue its initial The Fund was rewarded for superior stock financial statements in accordance with IFRS, factors and developments affecting the Fund’s selection in major global investment sectors. including comparative information, for either the performance and outlook since its inception. Equity market sectors with the highest credit interim period ending September 30, 2011 or 2012. The commentary in this section is general and economic sensitivity performed best. The information about the Fund’s recent performance. Fund benefited from significant holdings in The Manager has developed an IFRS changeover cyclical stocks and the financials sector. Within plan, which addresses key elements of the Please read the caution regarding forward- conversion to IFRS and includes a formal project looking statements located on the first page of international market sectors, companies with the highest perceived credit risk generally enjoyed the governance structure, and has identified the key this document. differences between IFRS and Canadian GAAP that best returns as market psychology turned positive. The Fund continues to maintain a significant are expected to affect the Portfolio Fund. Elements Investment Objective and Strategies of the plan include evaluating the impacts of the holding in early cyclical, energy and financials The Fund aims to provide long-term capital stocks. The Fund continues to favour Europe and changeover on all business activities, accounting growth by investing primarily in the equity Asia (except Japan). policies, information technology and data systems, securities of high-quality companies outside of internal controls over financial reporting, and Canada and the U.S. that offer above-average Recent Developments disclosure controls and procedures. As the Portfolio growth prospects. To determine which countries Fund’s changeover plans are implemented, (BASED ON INFORMATION AS OF APRIL 23, 2010) to invest in, the Fund looks at each country’s: requirements for financial reporting resources and An economic recovery continued to take hold in training are being modified appropriately. • economic growth Canada and globally throughout the period. This • inflation Based on the Manager’s current evaluation of had a positive influence on global equities and • interest rates the differences between Canadian GAAP and overall market returns. • currency strength IFRS, the adoption of IFRS is not expected to Despite their recent strong performance, global have a significant impact on the calculation of • corporate profits; and stock markets remain attractively valued. The NAV per security. IFRS is expected to affect • stock market valuations portfolio management team expects the cyclical the overall presentation of financial statements improvement in the global economy to continue. and result in additional disclosure in the Risk Global inflation will likely remain at moderate accompanying notes. The Manager continues to The overall level of risk of investing in the Fund levels, allowing central banks around the world monitor changes to IFRS proposed by the IASB remains as discussed in the Prospectus, and is to maintain low interest rates. This should be and relevant amendments by the AcSB, and the not expected to have significantly increased or supportive of corporate profits. current assessment and IFRS changeover plans decreased as a result of operations during the may change if new standards are issued or if The portfolio management team believes that over period. Accordingly, the Fund also remains interpretations of existing standards are revised. the short term, economic and corporate profit suitable for the same investors as discussed in recoveries are likely to continue to exceed market INDEPENDENT REVIEW COMMITTEE (“IRC”) the Prospectus. expectations. This should be positive for equities. During the period, the IRC expanded to Results of Operations Other Developments five members with the appointment of HARMONIZED SALES TAX (“HST”) Mr. E. Courtney Pratt. (BASED ON INFORMATION AS OF MARCH 31, 2010) The Governments of Ontario and British Columbia The Fund commenced operations on Related Party Transactions have taken steps to harmonize their provincial July 13, 2009. By March 31, 2010 net assets were sales taxes with the federal goods and services tax I.G. Investment Management, Ltd. is the Manager $14.9 million. This increase was comprised (“HST”). It is expected that the implementation of and Trustee and I.G. International Management primarily of gains of $0.7 million from investment the proposed changes will increase the amount of Limited is the Portfolio Advisor of the Fund. operations and an increase of $14.2 million due taxes paid by the Fund, and therefore increase the The Fund is offered through the Consultants to net proceeds from the issuance of the Fund’s management expense ratio when the legislation of Investors Group Financial Services Inc. and securities. Average net assets of the Fund for comes into force on July 1, 2010. Investors Group Securities Inc., together referred the period were $9.1 million. Average net assets to as the Distributors. The Manager, Portfolio influence revenue earned and expenses incurred INTERNATIONAL FINANCIAL REPORTING Advisor, Distributors and Trustee are, indirectly, by the Fund during the period. The Fund’s STANDARDS (“IFRS”) wholly owned subsidiaries of IGM Financial Inc. performance is discussed below. Performance will (BASED ON INFORMATION AS OF MAY 14, 2010) vary by series largely due to the extent that fees The Fund paid 2.00% (per annum) of its net The Canadian Accounting Standards Board and expenses may differ between series. See Series assets, except for net assets attributable to (“AcSB”) has confirmed its plan to adopt all IFRS, Information later in this report. Series F, to the Manager and Portfolio Advisor, in as published by the International Accounting aggregate, for management and portfolio advisory Standards Board, for most publicly accountable services (see Management Fees). entities on or by January 1, 2011. On May 14, 2010,
  3. 3. Investors International Equity Fund ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH 31, 2010 RELATED PARTY TRANSACTIONS (CONTINUED) The Fund paid the Manager an administration Management Fees fee equal to 0.20% annually of the net assets The Fund pays Investors Group a management attributable to Series A and B, and 0.18% annually fee. The management fee paid by each series is of the net assets attributable to Series C. In calculated as a percentage of the net asset value exchange for the administration fee, the Manager of the series, as of the close of business on each pays all of the operating costs and expenses of the business day (see Related Party Transactions Fund except for certain specified Fund costs. for rates payable by each series). Management The Fund paid the Distributors a service fee as fees were used in part to pay costs incurred in compensation for providing or arranging for providing investment advisory and management the provision of services to the Fund, including services, and distribution-related services the issue or allotment of units. The Fund paid including the cost of financial planning services, the Distributors 0.30% annually of the net assets consultant commissions and bonuses, marketing attributable to Series A, 0.45% annually of the net and other Fund promotional activities and assets attributable to Series B, and 0.50% annually educational conferences. of the net assets attributable to Series C. A portion For the 12-month period ended March 31, 2010, of the service fee for Series C is rebated by the on average approximately 53% of the total Distributors to the Fund quarterly as outlined in management fee revenues received from all the Prospectus. This rebate is paid as a return of Investors Group Funds was attributable to capital distribution to eligible unitholders and is investment advisory and management services. reinvested in additional Series C units. The balance of these fees was used to fund the The Trustee is responsible for the overall direction payment of distribution-related services. and management of the affairs of the Fund. The For this Fund, payment for distribution- Trustee is paid an annual fee of 0.05% of the related services exceeded 100% of the total average net assets of the Fund, except for net management fees paid for the 12-month period assets attributable to Series F, for its services. ended March 31, 2010. This may vary by series Total payments by the Fund (excluding GST) to depending upon the assets invested in each series. the Manager and parties related to the Manager Because this Fund is relatively new, distribution- for the period ended March 31, 2010 were: related services paid are expected to comprise a $000’s higher proportion of the Fund’s management fee Management fee (net of rebates) 58 than the average for all Investors Group Funds. To Administration fee 6 the extent that management fees did not fully cover Distributor service fee (net of rebates) 7 the costs of services provided to the Fund, the Trustee fee 1 difference was funded directly by Investors Group. 72 Certain other mutual funds distributed by Investors Group may invest in Series F of this Fund. All such transactions in the Fund are executed in accordance with standing instructions approved by the Independent Review Committee and based on the pricing NAV per unit determined in accordance with the stated policies of the Fund on each transaction day. No commissions or other transaction fees were paid by the Fund in relation to these transactions. As of March 31, 2010, these fund(s) held approximately 72.0% of the Fund’s net assets. Investors Group has an investment in the Fund valued at $1.5 million as of March 31, 2010.
  4. 4. Investors International Equity Fund ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH 31, 2010 Summary of Summary of Composition of the Portfolio Investment Portfolio % of net asset value AT MARCH 31, 2010 BY ASSET TYPE Equities 95.5 The largest holdings of the Fund (up to 25) at the Cash and cash equivalents 6.9 end of the period, and the major asset classes in Other net assets (liabilities) (2.4) which the Fund was invested, are indicated below. Total 100.0 The Fund held no short positions at the end of the period. This summary of investment portfolio BY REGION may change due to ongoing portfolio transactions. Europe ex U.K. 40.3 Pacific ex Japan 27.5 The Fund’s summary of investment portfolio United Kingdom 15.2 will be updated as at the end of the next quarter. Japan 6.5 Please see the front page for information about Latin America 3.0 United States 3.0 how it can be obtained. 95.5 Summary of Top 25 Holdings BY SECTOR % of net asset value Financials 21.1 Consumer Discretionary 14.2 Cash and cash equivalents 6.9 Materials 11.8 Man Group PLC 2.7 Energy 9.6 Petroleo Brasileiro SA - Petrobras ADR 2.5 Information Technology 8.7 Rio Tinto PLC 2.4 Industrials 7.9 LG Electronics Inc. 2.3 Consumer Staples 7.0 Nokia OYJ 2.0 Telecommunication Services 6.0 BHP Billiton PLC 2.0 Utilities 4.9 MAP Group 1.9 Health Care 4.3 Samsung Electronics Co. Ltd. GDR 1.9 Lenovo Group Ltd. 1.8 95.5 Nintendo Co. Ltd. 1.8 UBS AG Reg. 1.8 Esprit Holdings Ltd. 1.8 NII Holdings Inc. Class B 1.7 Dragon Oil PLC Sonic Healthcare Ltd. 1.6 1.6 Past Performance Societe Generale 1.6 Bank of China Ltd. H 1.5 Past Performance has not been provided because Roche Holding AG Genusscheine 1.4 the Fund is less than one year old. Yamaha Motor Co. Ltd. 1.4 OTP Bank RT 1.4 Greek Organisation of Football Prognostics SA 1.4 Carlsberg AS B 1.4 BNP Paribas SA 1.3 PT Telekomunikasi Indonesia TBK ADR 1.3 49.4 Series Information Purchase Options Management Service Administration Trustee Series Available1 Fee Fee Fee Fee Series A DSC 2.00% 0.30% 0.20% 0.05% Series B NL 2.00% 0.45% 0.20% 0.05% Series C DSC/NL 2.00% up to 0.50%2 0.18% 0.05% Series F3 n/a -% -% -% -% 1 Deferred Sales Charge (DSC) investments have a redemption fee when sold of up to 5.50% that declines to 0% after 7 years. No Load (NL) investments do not have a DSC when sold. Other fees may apply. See the Fund’s Prospectus for additional information. 2 Eligible clients are entitled to a rebate of the service fee based on their asset levels held in the Fund and in other Investors Group mutual funds as outlined in the Fund’s Prospectus. 3 For details on Series F see Related Party Transactions.
  5. 5. Investors International Equity Fund ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH 31, 2010 Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial performance for up to the past five financial years. Footnotes are presented after Ratios and Supplemental Data. Net Assets per Unit1 12 mo 6 mo 12 mo 12 mo 12 mo 12 mo 6 mo 12 mo 12 mo 12 mo SERIES A Mar. 31 Mar. 31 Sep. 30 Sep. 30 Sep. 30 SERIES C Mar. 31 Mar. 31 Sep. 30 Sep. 30 Sep. 30 (in $) 2010 2009 2008 2007 2006 (in $) 2010 2009 2008 2007 2006 Net assets, Net assets, beginning of period2 10.00 n/a n/a n/a n/a beginning of period2 10.00 n/a n/a n/a n/a Increase (decrease) Increase (decrease) from operations: from operations: Total revenue 0.17 n/a n/a n/a n/a Total revenue 0.17 n/a n/a n/a n/a Total expenses (0.22) n/a n/a n/a n/a Total expenses (0.19) n/a n/a n/a n/a Realized gains (losses) Realized gains (losses) for the period 0.23 n/a n/a n/a n/a for the period 0.23 n/a n/a n/a n/a Unrealized gains (losses) Unrealized gains (losses) for the period 1.30 n/a n/a n/a n/a for the period 1.30 n/a n/a n/a n/a Total increase Total increase (decrease) from (decrease) from operations3 1.48 n/a n/a n/a n/a operations3 1.51 n/a n/a n/a n/a Distributions: Distributions: From income From income (excluding dividends) - n/a n/a n/a n/a (excluding dividends) - n/a n/a n/a n/a From dividends - n/a n/a n/a n/a From dividends - n/a n/a n/a n/a From capital gains - n/a n/a n/a n/a From capital gains - n/a n/a n/a n/a Return of capital - n/a n/a n/a n/a Return of capital - n/a n/a n/a n/a Total annual Total annual distributions4 - n/a n/a n/a n/a distributions4 - n/a n/a n/a n/a Net assets Net assets at period end 11.50 n/a n/a n/a n/a at period end 11.49 n/a n/a n/a n/a 12 mo 6 mo 12 mo 12 mo 12 mo 12 mo 6 mo 12 mo 12 mo 12 mo SERIES B Mar. 31 Mar. 31 Sep. 30 Sep. 30 Sep. 30 SERIES F Mar. 31 Mar. 31 Sep. 30 Sep. 30 Sep. 30 (in $) 2010 2009 2008 2007 2006 (in $) 2010 2009 2008 2007 2006 Net assets, Net assets, beginning of period2 10.00 n/a n/a n/a n/a beginning of period2 10.00 n/a n/a n/a n/a Increase (decrease) Increase (decrease) from operations: from operations: Total revenue 0.17 n/a n/a n/a n/a Total revenue 0.16 n/a n/a n/a n/a Total expenses (0.23) n/a n/a n/a n/a Total expenses - n/a n/a n/a n/a Realized gains (losses) Realized gains (losses) for the period 0.23 n/a n/a n/a n/a for the period 0.22 n/a n/a n/a n/a Unrealized gains (losses) Unrealized gains (losses) for the period 1.30 n/a n/a n/a n/a for the period 1.31 n/a n/a n/a n/a Total increase Total increase (decrease) from (decrease) from operations3 1.47 n/a n/a n/a n/a operations3 1.69 n/a n/a n/a n/a Distributions: Distributions: From income From income (excluding dividends) - n/a n/a n/a n/a (excluding dividends) - n/a n/a n/a n/a From dividends - n/a n/a n/a n/a From dividends - n/a n/a n/a n/a From capital gains - n/a n/a n/a n/a From capital gains - n/a n/a n/a n/a Return of capital - n/a n/a n/a n/a Return of capital - n/a n/a n/a n/a Total annual Total annual distributions4 - n/a n/a n/a n/a distributions4 - n/a n/a n/a n/a Net assets Net assets at period end 11.49 n/a n/a n/a n/a at period end 11.72 n/a n/a n/a n/a
  6. 6. Investors International Equity Fund ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH 31, 2010 Ratios and Supplemental Data Ratios and Supplemental Data (CONTINUED) 12 mo 6 mo 12 mo 12 mo 12 mo 12 mo 6 mo 12 mo 12 mo 12 mo Mar. 31 Mar. 31 Sep. 30 Sep. 30 Sep. 30 Mar. 31 Mar. 31 Sep. 30 Sep. 30 Sep. 30 SERIES A 2010 2009 2008 2007 2006 SERIES F 2010 2009 2008 2007 2006 Total net asset value Total net asset value (pricing NAV)2 ($000’s) 3,054 n/a n/a n/a n/a (pricing NAV)2 ($000’s) 10,734 n/a n/a n/a n/a Number of units Number of units outstanding (000’s) 265 n/a n/a n/a n/a outstanding (000’s) 914 n/a n/a n/a n/a Management Management expense ratio5 (%) 2.66 n/a n/a n/a n/a expense ratio5 (%) - n/a n/a n/a n/a Management expense Management expense ratio before waivers ratio before waivers or absorptions (%) 2.66 n/a n/a n/a n/a or absorptions (%) - n/a n/a n/a n/a Trading expense Trading expense ratio6 (%) 0.84 n/a n/a n/a n/a ratio6 (%) 0.84 n/a n/a n/a n/a Portfolio turnover Portfolio turnover rate7 (%) 9.25 n/a n/a n/a n/a rate7 (%) 9.25 n/a n/a n/a n/a Net asset value per Net asset value per unit (pricing NAV)2 ($) 11.52 n/a n/a n/a n/a unit (pricing NAV)2 ($) 11.74 n/a n/a n/a n/a 1 These calculations are prescribed by securities regulations and are not intended to be a reconciliation between opening and closing net assets per unit. This information is derived from the Fund’s audited annual financial statements. 12 mo 6 mo 12 mo 12 mo 12 mo 2 The net assets per security presented in the financial statements may differ from the net asset value calculated Mar. 31 Mar. 31 Sep. 30 Sep. 30 Sep. 30 for Fund pricing purposes. This difference is due to the requirements of generally accepted accounting principles SERIES B 2010 2009 2008 2007 2006 (“GAAP”), including CICA Handbook Section 3855, and may result in a different valuation of securities held by the Fund Total net asset value in accordance with GAAP than the market value used to determine net asset value of the Fund for the purchase and (pricing NAV)2 ($000’s) 288 n/a n/a n/a n/a redemption of the Fund’s units (“pricing NAV”). The pricing NAV per unit at the end of the period is disclosed in Ratios and Supplemental Data. Number of units 3 Net asset value and distributions are based on the actual number of units outstanding at the relevant time. The outstanding (000’s) 25 n/a n/a n/a n/a increase/decrease from operations is based on the weighted average number of units outstanding over the financial Management period. In the period a series is established, the financial information is provided from the date of inception to the expense ratio5 (%) 2.81 n/a n/a n/a n/a end of the period. Management expense 4 Distributions were paid in cash, reinvested in additional units of the Fund, or both. ratio before waivers 5 Management expense ratio (MER) is based on total expenses, excluding commissions and other portfolio transaction or absorptions (%) 2.81 n/a n/a n/a n/a costs, for the stated period and is expressed as an annualized percentage of daily average net assets during the Trading expense period, except as noted. In the period a series is established, the MER is annualized from the date of inception to the ratio6 (%) 0.84 n/a n/a n/a n/a end of the period. Portfolio turnover For Series C, the service fees are divided by the assets attributable to Series C on the days on which the fee is charged. rate7 (%) 9.25 n/a n/a n/a n/a The MERs presented for Series C represent the maximum MER applicable to any account because service fee rebates have not been offset against service fees. Eligible clients in Series C are entitled to a rebate of service fees based on Net asset value per their asset levels held in the Fund and in other Investors Group mutual funds as outlined in the Fund’s Prospectus. unit (pricing NAV)2 ($) 11.51 n/a n/a n/a n/a The rebate is distributed as a return of capital distribution to eligible unitholders and is required to be reinvested in additional Series C units at the net asset value per unit on the distribution date. Clients may receive a rebate in an amount of up to all of the service fees paid in Series C based on their asset levels held in their Fund(s). For 2010: 12 mo 6 mo 12 mo 12 mo 12 mo Min. MER: 2.34%; Weighted Average MER: 2.35%; Max. MER: 2.84%. Mar. 31 Mar. 31 Sep. 30 Sep. 30 Sep. 30 Certain expenses that are non-recurring and/or otherwise uncertain as to their future timing and amount have not SERIES C 2010 2009 2008 2007 2006 been annualized. Total net asset value 6 The trading expense ratio represents total commissions and other portfolio transaction costs incurred as an annualized (pricing NAV)2 ($000’s) 842 n/a n/a n/a n/a percentage of daily average net assets during the period. Number of units 7 The Fund’s portfolio turnover rate indicates how actively the Fund’s Portfolio Advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in outstanding (000’s) 73 n/a n/a n/a n/a the course of the period. The higher a Fund’s portfolio turnover rate in a period, the greater the trading costs payable by Management the Fund in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is expense ratio5 (%) 2.84 n/a n/a n/a n/a not necessarily a relationship between a high turnover rate and the performance of a Fund. Costs incurred to realign the Management expense Fund’s portfolio after a fund merger, if any, are excluded from the portfolio turnover rate. ratio before waivers or absorptions (%) 2.84 n/a n/a n/a n/a Trading expense ratio6 (%) 0.84 n/a n/a n/a n/a Portfolio turnover rate7 (%) 9.25 n/a n/a n/a n/a Net asset value per unit (pricing NAV)2 ($) 11.51 n/a n/a n/a n/a

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