The Mackenzie Shariah Global Equity Fund is a mutual fund that aims to provide Muslim Canadian investors with exposure to global equity markets.
The objective of the fund is to achieve US$30 million to U$50 million in assets under management by the end of 2024 by investing in a diversified portfolio of stocks.
The starting investment strategy of the Mackenzie Shariah Global Equity Fund revolves around selecting stocks from the Dow Jones Islamic Market World Index. This fund management focus follows a quantitative approach to stock selection, aiming to identify companies from within the index which the team believes are undervalued, of high quality and have good growth prospects.
Ratings Intelligence Partners is the Shariah advisor and will conduct semi-annual audits.
The minimum initial investment required for the Mackenzie Shariah Global Equity Fund is CA$500 (US$365.67) for non-registered accounts and CA$50 (US$36.57) for pre-authorized contributions. With no upper limit, the fund is also offered to high-net-worth individuals managed by IGM Wealth Management, Mackenzie’s sister firm.
The fund has a moderate risk tolerance and applies strategies like diversification, fundamental analysis, experienced leadership, adherence to Shariah principles, ongoing monitoring and compliance oversight to manage risks and achieve its investment goals.
To prepare for bad market conditions or liquidity needs, the fund may keep cash without earning interest or other Shariah compliant money market instruments. As the fund invests outside of Canada, it is subject to foreign investment risk and foreign currency risk.
*Disclaimer: The opinions and viewpoints expressed in the Fund Profile do not constitute as a recommendation for any funds highlighted. The information presented is not investment advice and should not be treated as such.
| Mackenzie Shariah Global Equity Fund | |
| Fund manager | Mackenzie Investments |
| Launch date | 22nd February 2024 |
| Investment objective | The fund seeks to provide long-term capital growth by investing primarily in Shariah compliant equity securities of companies located anywhere in the world. *Any proposed change in the fundamental investment objectives of the fund must be approved by a majority of the votes cast at a meeting of the fund’s investors called for that purpose. |
| Base currency | Canadian dollar (CA$) |
| Asset class | Global equity |
| Minimum investment | CA$500 |
| Dividend policy | Distributions of any net income and net realized capital gains occur annually, usually in December of each year. |
