CI Funds offers Canadian investors a U.S. junk bond portfolio

New York, Aug. 20 - CI Mutual Funds Inc. announced a new closed-end fund designed to give Canadian investors access to the U.S. high-yield bond market.

The portfolio, called DDJ U.S. High Yield Fund, will use DDJ Capital Management, LLC as the portfolio adviser and CI as the manager.

DDJ Capital, based in Wellesley, Mass., manages US$1.7 billion of assets including the closed-end DDJ Canadian High Yield Fund launched in 1997, which is also administered by Toronto-based CI. The portfolio manager for the fund is David Breazzano, founding principal of DDJ.

"This new fund provides an excellent opportunity for Canadian investors to diversify their portfolios beyond traditional equity and fixed-income offerings," said CI president Peter W. Anderson, in a news release. "Moreover, it gives Canadian investors select access to the flourishing U.S. high-yield market through DDJ Capital, a company with a proven track record of success."

The fund is being offered to the public as a closed-end fund with a 10-year term to maturity at a price per unit of $10. Lead managers are by RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc.

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