Overview
The investment objective of the Excel Latin America Fund is to seek long-term capital appreciation by investing primarily in equity securities of companies located in or otherwise benefiting primarily from the emerging markets of Latin America. The Fund may also from time to time invest in debt securities in the Latin America region. The Fund may invest in other emerging markets for diversification purposes.
Fund Details
| Inception Date |
Dec. 18, 2008 |
| Min. Initial Investment |
$500 |
| •Deferred Sales Charge |
$500 |
| •Low Load Sales Charge |
$2,500 |
| •F Series |
$2,500 |
| Min. Sub. Investment |
$50 |
| •F Series |
$1,000 |
| Fund Category |
Emerging Markets Equity |
| Asset Class |
Equity |
| Management Fee |
2.50% |
| •F Series |
1.50% |
| 100% RRSP and TFSA eligible |
Yes |
Portfolio Advisors
Banco Itaú S.A. ("Itaú") has been retained to act as a sub-adviser and will be responsible for the Fund's Latin American-based investments. Itaú is based in São Paulo, Brazil. Itaú uses a team approach and investment decisions are taken in committees. The Itaú Equity Research and Equity Portfolio Management teams are comprised of 10 portfolio advisors, 12 equity research analysts, 4 dedicated traders, one global product specialist and one head of department. Even though decisions are taken in committees, the Excel Latin America Fund will be Co-Managed by Ricardo Araujo and Nicholas Baines. The decisions are subject to oversight and approval of the Head of Department, Walter Mendes. The decisions are discussed in monthly committees.
Walter Mendes de Oliveira Filho is the Head of Equity Research and Portfolio Management.Mr. Mendes joined the Itaú Group in 2003 and is responsible for the buy-side of research, equity funds and portfolio management.
Additional Information
Banco Itaú Unibanco is the largest financial institution in Latin America by market capitalization, with more than 56 million clients spread across 4,800 branches and total assets of US$208.7 billion. The company has been awarded the title of "Best Brazilian Bank" numerous times this decade by Euromoney, Latin Finance, The Banker, and Global Finance. Banco Itaú is on Fortune magazine's top 500 list of corporations.
Itaú Securities (Brokerage House) has the largest research coverage in Brazil with 66 analysts covering over 150 companies. Itaú Asset Management was voted the "Best Equity Fund Manager" in Brazil by ValorInveste/S&P from 2004 to 2008. |
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Fund Codes
| Load Type |
CAD$ |
US$ |
| Front End Sales Charge |
EXL 106 |
EXL 816 |
| Deferred Sales Charge |
EXL 206 |
EXL 826 |
| Low Load Sales Charge |
EXL 306 |
EXL 836 |
| "F Series" |
EXL 606 |
n/a |
View detailed listing of Fund Codes (PDF)
Investment Strategy
To achieve its investment objective, the Excel Latin America Fund will invest primarily in equity securities of companies located in or otherwise benefiting from the emerging markets of Latin America. Such markets could include, but are not limited to, Brazil, Mexico, Argentina, Chile, Colombia and Peru. To a lesser extent, the Fund may also from time to time invest in debt securities of companies located in or otherwise benefiting from the emerging markets of Latin America.
While the Fund intends to maintain a diversified portfolio of holdings across a number of different Latin American markets, Excel Latin America Fund may from time to time be concentrated in a small or select number of geographic regions depending upon available investment opportunities and prevailing market conditions.
The Fund may invest in securities of other mutual funds (including the Funds managed by Excel), American Depository Receipts (ADRs), Global Depository Receipts (GDRs) and/or exchange-traded funds rather than investing directly in individual securities. The Fund may also use derivatives like options, futures and forward contracts for hedging purposes, to gain exposure to individual securities and markets (instead of buying the securities directly) to generate income.
The Fund may engage in securities lending, repurchase and reverse repurchasing transactions as permitted by the Canadian securities regulatory authorities. Such transactions, if made, will only be made with counterparties Excel Funds and the portfolio advisor deem creditworthy.
Under adverse market, economic or political conditions or for other considerations, Excel Latin America Fund may invest its assets in cash and cash equivalents (in any currency) or short-term fixed income securities for defensive or other purposes. |