Sprott Strategic Fixed Income Fund
Investment Team
Scott Colbourne
Senior Portfolio ManagerScott Colbourne
Senior Portfolio Manager
Scott joined Sprott Asset Management LP in March 2010 and brings over 22 years of global fixed income and currency market experience to the firm. Previously, Scott was senior Vice President and portfolio manager at AGF Funds Inc. where he managed all of the fixed income mandates and co-managed balanced funds. Scott was also a managing director and partner at a Canadian hedge fund focusing on global fixed income and currency management. Prior to joining Sprott, Scott was a senior fixed income portfolio manager at TD Asset Management, where he was part of a team that managed all the firm's active fixed income institutional, retail and private client assets.
Scott began his career at the Bank of Canada where he worked in both research and trading which assisted in the execution of monetary policy. He is a four-time winner of the Best Foreign Bond Fund at the Morningstar Canadian Investment Awards. Scott is a CFA Charter holder and has an MBA from University of Toronto and an Honours BA from Queens University.
Michael Craig
Portfolio ManagerMichael Craig
Portfolio Manager
Michael Craig joined Sprott Asset Management LP in May 2010 and brings 10 years of experience developing fixed income analytics, tactical asset allocation and fixed income management. Michael previously worked at Phillips, Hager and North where he developed the analytics and research systems used by the fixed income team.
Prior to joining Sprott Michael was a Vice President at TD Asset Management where he was a portfolio manager for the Managed Asset Programs as well led the portfolio analytics group. Michael obtained his Masters in Financial Risk Management from Simon Fraser University (2006) and his Bachelor of Commerce from the University of British Columbia (1999). Michael is a CFA charterholder.
Ben Chim
Associate Portfolio ManagerBen Chim
Associate Portfolio Manager
Ben joined Sprott Asset Management LP in May 2011 as an Associate Portfolio Manager. He has over ten years of experience in bond and credit analysis. Ben began his career at DBRS as a credit analyst where he researched and analyzed bonds for various industries across the credit spectrum. Most recently, he was a Vice-President at TD Asset Management where he was part of a team that managed the firm's active high yield fixed income assets, including the TD High Yield Bond Fund. From 2006-2008, Ben was an Investment Analyst at CI Investments Inc. where he was part of a team that managed all of the active high yield fixed income assets in the Signature Funds group. Ben is a CFA charterholder and obtained his Bachelor's degree from the University of Western Ontario.
Fund Details
| Fund Status | Closed |
| Issue Price | $10.00 per unit |
| Distributions | Monthly Tax Advantaged |
| Redemptions | See Prospectus |
| Management Fee | 1.00% |
| Performance Fee | 15% over 3-month Canadian Bankers Acceptance Rate + 3.8% |
| Eligible for Registered Plans | No |
| Service Fee |
0.50% p.a., paid quarterly |
Sprott Strategic Fixed Income Fund Closes $210 Million Initial Public Offering
TORONTO, July 19, 2011 - Sprott Asset Management LP ("Sprott") is pleased to announce that Sprott Strategic Fixed Income Fund (the "Fund") has completed its initial public offering of 21,000,000 units (the "Units") at a price of $10.00 per Unit. The Units commence trading on the Toronto Stock Exchange on July 19, 2011 under the symbol SFI.UN.
"We are pleased with the positive response we have experienced with this fund offering, says James Fox, President of Sprott. We continue to broaden our product shelf with unique and compelling income and balanced solutions. In only 14 months, Sprott's AUM in fixed income and balanced funds has grown from zero to almost $500 million, highlighting our success in hiring and partnering with Best-in-Class investment teams."
The Fund has been created to provide exposure, on a tax advantaged basis, to an actively managed portfolio (the "Portfolio") comprised primarily of long and short positions in fixed income securities from across the globe. In addition, Sprott will actively manage the Portfolio's currency exposure to both mitigate risk and enhance Portfolio returns. The Fund will obtain economic exposure to the Portfolio through a forward agreement. The individuals who will have primary responsibility for the execution of the Fund's investment strategy are Scott Colbourne and Michael Craig, as lead portfolio managers, and Ben Chim, as credit strategist.
The Fund will seek to achieve the following investment objectives: (i) to maximize absolute total returns to holders of Units (the "Unitholders") with low volatility relative to traditional, long-only bond funds; and (ii) to provide Unitholders with monthly tax-advantaged distributions, initially targeted to be 6% per annum on the original issue price of $10.00 per Unit.
The Fund has granted the agents for the offering an over-allotment option to acquire up to an additional 3,150,000 Units at a price of $10.00 per Unit exercisable in whole or in part during the next thirty days.
The syndicate of agents for the offering was led by RBC Capital Markets and includes CIBC, TD Securities Inc., BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp., GMP Securities L.P., HSBC Securities (Canada) Inc., Wellington West Capital Markets Inc., Desjardins Securities Inc., Mackie Research Capital Corporation, Macquarie Private Wealth Inc., Manulife Securities Incorporated., Raymond James Ltd., and Rothenberg Capital Management Inc.