UTC
unveils new energy fund
By Driselle Ramjohn
South
Bureau
Trinidad Express
Port
Spain
Petroleumworldtt.com
06 24 07
The Unit Trust Corporation of Trinidad and Tobago
launched its much-anticipated Energy Fund on Monday.
The
company explained that its Energy Fund "provides
investors with an opportunity to invest and own
a share in the wealth of the energy sector".
The Fund's objectives, the UTC said, is to provide
investors with long-term capital growth by investing
primarily in equity and fixed income securities
issued by energy and energy related corporations,
such as oil and gas companies, mid-stream and down-stream
energy companies, alternative energy companies,
energy research companies and energy service companies.
At
UTC's recently held annual general meeting, the
company's literature distributed among unitholders
explained that persons who should be interested
in investing in this new fund are "investors
seeking long-term growth of capital with a long-term
investment horizon. Investors also should be willing
to accept significant fluctuations in share price".
The UTC, the investment manager and distributor
of the Fund has funds under management at more
than US$2.5 billion and is the Caribbean largest
mutual fund manager.
At the UTC's annual general meeting, UTC unitholders
expressed concern about the risk involved in investing
in the energy sector considering the questionable
amount of energy reserves in the country.
The
UTC, however stated in its literature, "The
UTC Energy Fund is a sector specific fund, which
involves greater risk to the investor since the
Fund's performance largely depends for better or
worse, on the overall state of the energy sector.
The Fund's investment objectives, risks, charges
and expenses should be considered carefully before
investing".
On
the issue of share price, the UTC said "the
price of the share is calculated on a daily basis
and is based on the value of the securities in
the fund on the particular day. The value of the
shares may receive the amount originally invested".
It
added that shares of the fund are purchased at
the "offer price". A five per cent
sales charge is included in the offer price and
will be deducted directly from an investment. Shares
are sold at the "bid price" or the Net
Asset Value.
The minimum initial investment is US$100 with
minimum subsequent investments of $20.
The
UTC added that the Energy Fund "is a
total return fund, as income generated by investments
will be reinvested into the fund. However, the
directors of the fund can declare and pay dividends
on the participating shares at their decision".
To track and monitor the fund, semi-annual statements
will be provided to unitholders in July for the
six-month period ending June 30 and January for
the six-month period ending December 31.
The statement summarises the share balance, the
number of shares bought and sold and other information
relevant to the period.
Trinidad
Express
Wednesday, June 20th 2007
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©2007 Trinidad Express. All Rights Reserved.
