Excel Latin America Bond Fund files final public offering prospectus

By Tali David

Minneapolis, May 31 - Excel Funds Management Inc. announced that Excel Latin America Bond Fund filed a final prospectus for a public offering of class A units and class F units, each at a price of C$10.00 per unit.

The class F units are designed for fee-based accounts and will be convertible into class A units on a monthly basis, according to a press release.

Excel said the fund's investment objectives are to (a) provide quarterly tax-advantaged distributions consisting primarily of returns of capital and (b) preserve and provide the opportunity to increase the net asset value of the fund, in each case through exposure to an actively managed, diversified portfolio consisting primarily of dollar-denominated fixed-income securities issued by companies located in Latin America, with an initial focus on Brazil.

The initial distribution target for the fund is expected to be C$0.19375 per unit per quarter, consisting primarily of returns of capital that are not immediately taxable but which reduce a unitholder's adjusted cost base of its units.

The offering is expected to close on or about June 19.

Excel Investment Counsel Inc. is the portfolio manager, and BTG Pactual will act as sub-adviser.

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