The Bahamas International Securities Exchange (BISX) has approved the Royal Fidelity Capital Markets application to list three series of the Royal Fidelity Bahamas Opportunities Fund Limited mutual fund, using the Exchange’s mutual fund listing facility. The Royal Fidelity Bahamas Opportunities Fund (the umbrella fund) is an umbrella fund created to market separate mutual fund sub-funds to different types of investors through the use of different series.
The umbrella fund offers three sub-funds, each sub-fund has three series, and each sub-fund will list the series that serves retail investors. The three retail series to be listed will have their Net Asset Value and other information disseminated by BISX.
The three series are:
* Royal Fidelity Targeted Equity Fund (Class A, Series 1 Shares) seeks a high total return on investment through investments in Bahamian Dollar equity securities, money market instruments or investment funds. This series takes the place of the Royal Fidelity Growth and Income Fund a standalone mutual fund previously listed on BISX.
* Royal Fidelity Secure Balanced Fund (Class B, Series 1 Shares) seeks to provide investors with the long-term growth potential of local equities coupled with a steady rate of fixed return and preservation of capital through allocation to local fixed income securities. The Fund will attempt to achieve this objective primarily through a balanced allocation to the equity portfolio of Targeted Equity Trading Company Limited and the fixed income portfolio of Prime Income Trading Company Limited.
* Royal Fidelity Prime Income Fund (Class C, Series 1 Shares) seeks a high and stable rate of return in excess of the Benchmark, together with long-term preservation of capital. The Investment Manger will be responsible for managing the assets of the portfolio on a daily basis. This series takes the place of the Royal Fidelity Prime Income Fund a stand-alone mutual fund previously listed on BISX.
Commenting of the addition of the three mutual fund series to the Exchange, BISX says, *”We are pleased with the addition of these three mutual fund series from Royal Fidelity. Offering investors variety and choice in investments is a goal of the Exchange and this is achieved with these new listings.”*
The Investment Manager of these mutual funds is Royal Fidelity Merchant Bank & Trust Limited, which also serves as administrator for the funds.