Stone Asset Management Limited Announces Termination of Two Stone Funds
TORONTO — November 1, 2019 — Stone Asset Management Limited (“SAM”), the Trustee and Manager of the Funds, recently announced plans to terminate operations of two retail mutual funds. The terminations will occur on or about January 10, 2020 (the “Termination Date”) for the following Funds:
Stone Select Growth Class
Stone Small Companies Fund
(collectively, the “Funds”)
The decision to terminate was made in consideration of each Fund’s small asset size, limited demand from new investors and high fund operating expenses borne by investors making it uneconomic to fulfill the Fund’s objective.
“Our investment management philosophy at SAM is rooted in integrity and always doing the right thing for investors,” said Founder and Chief Investment Officer, Richard Stone. “Terminating these funds streamlines our fund lineup and saves on operating costs, which ultimately benefits our investors.”
Effective immediately, securities of the Funds will no longer be available for purchase.
A notice will be sent to investors regarding the termination in the first week of November 2019. Prior to the Termination Date, investors have the option to switch their securities to another Stone Fund, transfer in cash to another institution, or redeem their securities. Redemption fees and short-term trading fees will be waived or reimbursed on all redemption or switch transactions.
Investors in these Funds are encouraged to speak to their Financial Advisor regarding their investment options and to determine any tax implications associated with redeeming securities of the Funds.
Stone Investment Group Limited is an independent, Canadian-owned wealth management company and the parent company to its wholly owned subsidiary, Stone Asset Management Limited (“SAM”). SAM is an active asset manager, providing investment management services via distinctive investment mandates, overseen daily by the disciplined execution of a proprietary investment process and investment philosophy. Access to SAM investment mandates can be achieved via a family of open-ended mutual funds, a pooled fund, and Private Wealth Management services. SAM’s expertise ranges from servicing Canada’s retail investors and working with their financial advisors to the complexities of working directly with Family Offices, endowments and foundations.
At Stone, we want our investors to sleep well, knowing they’ll have the financial resources to live well.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Jason Stone, Vice President National Accounts
1 800 336 9528 x4429