Canoe EIT Income Fund
Canoe EIT Income Fund
421 - 7th Ave S.W. Suite 2750 Calgary, Alberta T2P 4K9
1-416-643-5601
Sector: Financial
Description
Canoe EIT Income Fund (TSX: EIT.UN) is an investment company that invests in private equity, real estate properties, and credit on behalf of investors, shareholders, and clients.
It is a closed-ended investment trust that invests in North American fixed income markets.
It invests in various sectors, including:
• consumer products
• utility
• financials
• consumer services
• telecommunication services
• energy
• technology
• healthcare
• industrial
It owns a diversified portfolio consisting of high-quality securities and claims to increase monthly distributions and capital appreciation for investors and stockholders.
Founded in 1997, the company was formerly known as EnerVest Diversified Income Trust. Later, it was renamed as Canoe EIT Income Fund, a publicly listed trust.
Canoe Financial LP, founded in 2008, acts as the fund and portfolio manager.
The company has increased its market presence with offices in different Canadian provinces, including Calgary, Toronto and Montreal.
Canoe Financial is an independent mutual fund company.
The company's total assets represent investments in equity products, institutional funds, and mutual funds.
Canoe Financial claims to provide mutual funds solutions suitable to different investment needs of clients. It provides the following under Series A and F:
• Fixed income: Canoe Global Income Fund, Canoe Credit Opportunities Portfolio Class, Canoe Credit Opportunities Fund, etc.
• Balanced funds: Canoe Enhanced Income Fund and Canoe Defensive Global Balanced Fund.
• Sector or Specialty funds: Canoe Energy Income Portfolio Class, Canoe Energy Portfolio Class, etc.
• Equity funds: Comprises Canoe Defensive Global Equity Fund, Canoe Global Equity Fund, Canoe Equity Portfolio Class and others.
Canoe claims to focus on investing, transferring, holding, and acquiring private equity and debt securities of corporations, partnerships, and other investments vehicles. It invests in corporate debt, convertible debentures, qualified limited partnerships, securities of publicly traded real estate investment firms and other issuers engaged in different businesses worldwide.
The TSX-listed income fund is co-managed by Haber Trilix Advisors, LP.
Canoe claims that its investment portfolio offers tax-efficient growth and tax-efficient income.
The company claims to distribute the return of capital due to deferred tax income as investors need not pay any tax on the income until money is fully consumed, reportedly.
In June 2020, the company acquired rights to manage Fiera Investments LP's retail mutual funds. With this acquisition, Canoe Financial became the manager, trustee and portfolio manager of the acquirer, which operates as an independent investment fund manager. The acquirer is a wholly-owned subsidiary of Fiera Capital Corporation.
Peers
AD.UN
Alaris Equity Partners Income Trust
WE
WeCommerce Holdings Ltd.
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Fiera Capital Corp
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Manulife Financial Corp
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goeasy Ltd
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Labrador Iron Ore Royalty Corporation
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Greenbriar Capital Corp.
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Great-West Lifeco
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