Purpose Investments, including President and CEO Som Seif, and Redwood Asset Management joined Jos Schmitt, President and CEO, NEO, to open the market in celebration of the December 2017 migration of all their closed end funds, and the launch of the new Redwood Behavioural Opportunities ETF, which commenced trading January 17, 2018.
Toronto – January 30, 2018 – The NEO Exchange (“NEO”) is proud to welcome Purpose Investments (“Purpose”) as a new issuer to NEO. Purpose and its wholly owned subsidiary, Redwood Asset Management (“Redwood”), opened NEO this morning to celebrate the migration and launch of select funds on NEO.
Purpose and Redwood became the first issuers to migrate all their closed end funds (CEFs) when the following products moved from the TSX to NEO on December 28, 2017:
|Purpose||U.S. Banks Income & Growth Fund||PUB.UN|
|Purpose||Limited Duration Investment Grade Preferred Securities Fund
– FX Hedged
|Purpose||Investment Grade Managed Duration Income Fund||PFU.UN|
|Purpose||Energy Credit Opportunities Income Fund
– Currency Hedged
|Redwood||Canadian Investment Grade Preferred Share Fund (P2L)||RIGP|
|Redwood||June 2021 Investment Grade Bond Pool||RBP.UN|
While these represent the first CEFs and first Purpose-branded products to trade on NEO, Redwood has continued to select NEO as its listing exchange of choice. Redwood recently launched the Redwood Behavioural Opportunities Fund, which commenced trading January 17, 2018 under the ticker BHAV.
The new actively managed fund is designed to profit from mispriced assets caused by emotionally driven decisions investors often make. BHAV uses multiple innovative investment strategies focusing on behavioural biases or market inefficiencies, selecting companies that move from unloved to less unloved, or that experience earnings overreactions, indexing bias, neglect, and crowded trading activity.
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NEO Exchange is a new Canadian stock exchange using a bold new blueprint that puts investors, businesses looking to raise capital and dealers first. Launched in March 2015, the NEO Exchange currently offers an innovative trading venue and a value added listing venue for capital raising companies and investment products.