CIBC AM launches 6 funds

CIBC Asset Management Inc. is offering six new funds:

• Renaissance Floating Rate Income Fund
• Renaissance U.S. Equity Income Fund
• Renaissance U.S. Dollar Corporate Bond Fund

Read: TD, CIBC reach Aeroplan deal

• Renaissance U.S. Dollar Diversified Income Fund
• Renaissance Optimal Conservative Income Portfolio
• Renaissance Optimal Growth & Income Portfolio

The funds will be sub-advised by specialized investment managers including: CIBC Global Asset Management Inc.; American Century Investment Management, Inc.; Ares Management LLC and Logan Circle Partners, L.P.

Renaissance Floating Rate Income Fund aims to provide a high level of current income and mitigate the impact of rising interest rates, primarily through investment in U.S. senior floating rate bank loans, other floating rate debt instruments and lower-rated debt securities (including high-yield corporate bonds) of issuers around the world. Sub-advisor: Ares Management.

Renaissance U.S. Equity Income Fund seeks to provide current income and long-term capital growth by investing primarily in a diversified portfolio of U.S. equities. The Fund is based on a flagship equity income mandate from American Century Investments, with a proven track record of providing income and delivering superior results since 1994. Sub-advisor: American Century Investments.

Renaissance U.S. Dollar Corporate Bond Fund seeks to generate income by investing primarily in bonds, debentures, notes and other debt instruments of U.S. issuers. Sub-advisor: Logan Circle Partners.

Read: Can you crack corporate bonds?

Renaissance U.S. Dollar Diversified Income Fund aims to generate a high level of income and some potential for capital appreciation by investing primarily in units of mutual funds that invest in fixed income (80% of portfolio) and equity securities (20% of portfolio) of U.S. issuers. Sub-advisors of underlying funds: Logan Circle Partners; American Century Investments.

Renaissance Optimal Conservative Income Portfolio prioritizes steady income with an asset mix of 80% fixed income and 20% equities. Sub-advisors of underlying funds: CIBC Global Asset Management; Brandywine Global Investment Management, LLC; RARE Infrastructure Ltd; Ares Management.

Renaissance Optimal Growth & Income Portfolio offers additional long-term growth potential alongside income with an asset mix of 60% equities and 40% fixed income. Sub-advisors of underlying funds: CIBC Global Asset Management; American Century Investments; Brandywine Global Investment Management; RARE Infrastructure; Ares Management.

Premium Class and Class F-Premium options are available on many of the new offerings and will also be added to the following funds:

• Renaissance Global Bond Fund
• Renaissance High-Yield Bond Fund
• Renaissance Real Return Bond Fund

Read: Bloomberg names CIBC strongest North American bank