CI Global Asset Management Announces Confirmed Annual Reinvested Capital Gains Distributions for CI ETFs

CI Global Asset Management Announces Confirmed Annual Reinvested Capital Gains Distributions for CI ETFs

CI Global Asset Management Announces Confirmed Annual Reinvested Capital Gains Distributions for CI ETFs With hindsight of 2020, plan with foresight for 2021 Balance in investment account December 31 20X1 514800 b Equity Method Entries from ACC 205 accounting at Ashford University Let 2021 be the year you start your journey to financial independence. The efficient allocation of household assets is important for household wealth and entrepreneurial activities. However, there is scarce evidence on ho… Provided by
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CI Global Asset Management (“CI GAM”) announces the confirmed annual reinvested capital gains distributions (the “ Reinvested Distributions ”) for the 2020 tax year for the CI ETFs listed below.

Each of the CI ETFs is required to distribute net income and capital gains earned during the year. The Reinvested Distributions will generally consist of capital gains and/or any excess net income at year end. Other than in respect of CI First Asset High Interest Savings ETF, the Reinvested Distributions will not be paid in cash, but will be reinvested and the resulting units immediately consolidated so that the number of units held by each investor will not change. Investors holding units outside registered plans will have taxable amounts to report and will have an increase in the adjusted cost base of their investment. In all cases, other than CI First Asset High Interest Savings ETF, these distributions will be reinvested on or about December 31, 2020 to unitholders of record on December 30, 2020. With respect to CI First Asset High Interest Savings ETF, the Reinvested Distribution will distribute interest accrued between December 23, 2020 and December 31, 2020 and will be paid in cash on or about January 7, 2021 to unitholders of record on December 31, 2020. The ex-dividend date in each case is December 29, 2020, with the exception of CI First Asset High Interest Savings ETF which has an ex-dividend date of December 31, 2020.

These confirmed amounts are for the Reinvested Distributions only and replace the previous estimates announced on December 7, 2020. The actual taxable amounts of all distributions for 2020, including the tax characteristics of the distributions, will be reported to brokers (through CDS Clearing and Depository Services Inc. or “ CDS ”) and will be posted on in early 2021.

Fund Name

Trading Symbol


CI First Asset Morningstar Canada Momentum Index ETF



CI First Asset Morningstar National Bank Québec Index ETF



CI First Asset Morningstar International Momentum Index ETF





CI First Asset Morningstar US Dividend Target 50 Index ETF





CI First Asset MSCI Europe Low Risk Weighted ETF





CI First Asset MSCI USA Low Risk Weighted ETF





CI First Asset MSCI World Low Risk Weighted ETF





CI First Asset European Bank ETF



CI First Asset Preferred Share ETF



CI First Asset MSCI International Low Risk Weighted ETF





CI First Asset Morningstar US Momentum Index ETF





CI First Asset Enhanced Government Bond ETF




$0.000 (US$)

CI First Asset U.S. Buyback Index ETF



CI First Asset Global Financial Sector ETF



CI Global Asset Allocation Private Pool (ETF Series)



CI First Asset Morningstar Canada Dividend Target 30 Index ETF



CI First Asset Long Duration Fixed Income ETF



CI First Asset High Interest Savings ETF



CI First Asset Morningstar Canada Value Index ETF



CI First Asset MSCI Canada Low Risk Weighted ETF



CI First Asset U.S. TrendLeaders Index ETF



CI First Asset Energy Giants Covered Call ETF





CI First Asset Health Care Giants Covered Call ETF





CI First Asset Tech Giants Covered Call ETF





CI First Asset 1-5 Year Laddered Government Strip Bond Index ETF



CI First Asset Active Canadian Dividend ETF



CI First Asset Canadian Convertible Bond ETF



CI First Asset U.S. & Canada Lifeco Income ETF



CI First Asset Active Utility & Infrastructure ETF



CI First Asset Active Credit ETF




$0.000 (US$)

CI First Asset Canadian Buyback Index ETF



CI First Asset Investment Grade Bond ETF




$0.000 (US$)

CI First Asset Enhanced Short Duration Bond Fund (ETF Series)




$0.031 (US$)

CI First Asset Gold+ Giants Covered Call ETF



CI First Asset Canadian REIT ETF



CI First Asset Morningstar International Value Index ETF





CI First Asset Morningstar US Value Index ETF





CI First Asset MSCI World ESG Impact ETF





CI Lawrence Park Alternative Investment Grade Credit ETF




$0.000 (US$)

CI Marret Alternative Absolute Return Bond ETF




$0.000 (US$)

CI Munro Alternative Global Growth ETF



CI Marret Alternative Enhanced Yield Fund (ETF Series)




$0.000 (US$)

CI Global REIT Private Pool (ETF Series)



CI Global Infrastructure Private Pool (ETF Series)



CI Global Real Asset Private Pool (ETF Series)



CI DoubleLine Core Plus Fixed Income US$ Fund (ETF Series)






$0.000 (US$)

CI DoubleLine Income US$ Fund (ETF Series)






$0.342 (US$)

CI DoubleLine Total Return Bond US$ Fund (ETF Series)






$0.161 (US$)

CI Global Longevity Economy Fund (ETF Series)




CI First Asset CanBanc Income Class ETF



CI First Asset Core Canadian Equity Income Class ETF



CI First Asset Short Term Government Bond Index Class ETF



CI First Asset MSCI Canada Quality Index Class ETF



About CI Global Asset Management

CI Global Asset Management is one of Canada’s largest investment management companies. It offers a wide range of investment products and services and is on the web at . CI GAM is a subsidiary of CI Financial Corp. (TSX: CIX, NYSE: CIXX), an independent company offering global asset management and wealth management advisory services with $215.6 billion in total assets as of November 30, 2020.

This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase exchange-traded funds (ETFs) managed by CI Global Asset Management and is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies. These investments may not be suitable to the circumstances of an investor. Some conditions apply.

Commissions, management fees and expenses all may be associated with an investment in ETFs. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them. Please read the prospectus before investing. Important information about an exchange-traded fund (ETF) is contained in its prospectus. ETFs are not guaranteed; their values change frequently and past performance may not be repeated.

CI Global Asset Management is a registered business name of CI Investments Inc.

©CI Investments Inc. 2020. All rights reserved.



New Year resolutions for your finances

New Year resolutions for your finances

A surreal year has passed and a new one has arrived. 2020 was tough for most folks, but tough times teach valuable lessons. Use these to good effect in 2021 to get a better handle on your financial life. Here are some key money resolutions that you must make and not break in the New Year.

Covid-19 brought home to many the importance of both health insurance and life insurance. Hospitalisation burnt a big hole in many a pocket. Also, many unfortunately passed away – leaving the near and dear ones in the financial lurch.

The wise don’t harbour illusions of immortality or invincibility. So, if you haven’t done it already, insurance should be top on your list. Get sufficient life and health insurance. If your family depends on you, your absence could leave it in deep financial trouble. Also, illness can strike anyone, anytime and medical cost can be quite high .

Get your life covered for at least 10 times your annual income. If you have loans outstanding, especially home loans, make sure the sum assured is large enough to cover these liabilities, too. Buy life cover through online, term insurance plans that offer significant cover at relatively low premiums. For an average family of four, buy health cover of at least ₹5 lakh with a family floater policy to start with, and increase the cover through cheaper top-ups and super top-ups.

Covid-19 saw many taking pay-cuts and many also losing their jobs. It was a tough situation, but one which highlighted the significance of contingency funds or emergency reserves. Emergencies — job loss, calamities, sudden major expense, etc — can strike without warning and drain your finances. To prepare for such days, build up a contingency fund that’s about 12 months’ expenses including loan repayments. Keep this money secure in safe bank FDs or in post office deposits that you can easily access. Use the money only when there is an emergency.

The lockdowns and work-from-home saw many cut down on their non-essential lifestyle spends such as compulsive eating out, wardrobe changes and other retail bingeing. This helped some manage pay cuts, while others could save more and invest more. The lesson is crucial – it’s not just how much you earn but also how much you spend and save that determines your finances.

So, spend smartly and within limits. Budget your monthly expenses and keep track so that they don’t spin out of control. Various online money management tools can help you with this. Refrain from borrowing to spend on stuff that you don’t really need. Cut down on non-essential expenses. Keeping a tab on your spending can help you invest more.

Those who panicked and sold stocks in the market crash of March might have regretted it by December when the bourses hit new highs. So would those waiting out the rally for an attractive entry point. Staying invested and continuing to invest regularly would have helped investors navigate the volatility well.

For most folks, it is better and safer to invest through equity mutual funds than in stocks directly. Invest with a long-term perspective of at least five to seven years. Deploy money through the SIP (systematic investment plan) route rather than lump-sum. SIPs inculcate a disciplined, regular investing habit.

Importantly, don’t stop the SIP when the market is going through a rough patch. A weak market, in fact, works to the advantage of the long-term investor; you get more units of the mutual fund in a falling market. Keep increasing your SIP investments as and when you can. This will help you build a sizeable corpus for future goals, including retirement.

Also, don’t let your savings idle away in your savings bank account for just 3- 4 per cent annual return. Use the ‘sweep’ facility to transfer the idle money (over a minimum threshold) to fixed deposit accounts that offer better rates.

Don’t put all your eggs in one basket. Have investments across asset classes such as equity, debt and gold. Some assets do well in some years when others may not – this reduces the portfolio risk and optimises returns. For instance, gold outperformed in 2020, thanks to its safe haven reputation.

Decide on your asset allocation — your mix of investments across asset classes — based on your age, risk profile and circumstances. Don’t get greedy when an asset class rallies sharply. Rebalance the portfolio — buy and sell asset classes — as needed, to suit your desired asset allocation.

In the event of your passing away, your family must be able to access your assets without having to run from pillar to post. Keep your family informed about all your assets, liabilities, investments and insurance policies. Have nominations for your investments. Make a Will laying out how assets will be divided among family members; this key piece will help keep the peace.


Balance in investment account X1 514800 b Equity Method Entries | Course Hero

Balance in investment account X1 514800 b Equity Method Entries | Course Hero

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5 Reasons Why More Dividend Income Should Be on Your 2021 Resolution List

5 Reasons Why More Dividend Income Should Be on Your 2021 Resolution List

Another New Year’s Day is upon us, and with it the prospect of a better and more prosperous year. If you’re feeling like most, it won’t be hard to top 2020.

While you’re carefully considering your resolutions for the new year, more dividend income should be near the top of your list. Here are five reasons you need more dividend income in 2021.

Person on cliff with 2021 showing while pushing off a 0 to denote the change of years.

Image Source: Getty Images

One of the more consequential changes in tax policy occurred not in 2017, but in 2003 when President George W. Bush signed the Jobs and Growth Tax Relief Reconciliation Act into law. The bill created a separate category for qualified dividend income and lowered the maximum rate to 15% versus previous treatment as ordinary income. This maximum rate was later increased to 20% for those earning in excess of $440,000 for single filers (higher for married taxpayers).

What does this mean for you? Simply put, you’ll keep more dividend income in your pocket! Assuming the median household income of $68,700 and single-filer status, this is a breakdown of $1,000 of dividend income versus wage income at the 22% marginal rate.








Earned income*




*Includes FICA taxes of 7.65%

While it’s important to note tax situations are highly individualized and subject to many factors, the 15% tax is among one of the lower rates charged by Uncle Sam.

The pandemic has led to significant job loss and economic devastation, but if you’re lucky enough to remain employed as a member of the “reluctant remote workforce,” you might have noticed more money in your bank account.

That’s not simply a pleasant coincidence; there were significant costs required in having a job. Some of these costs can be reduced or eliminated (excessive office lunches and premium coffee), while others like commuting costs and professional clothing cannot.

But except for paying the initial share price, buying high-quality dividend stocks gives you a stream of income with no additional costs! In fact, brokers continue to cut the costs associated with their accounts and most now have commission-free trading.

Earned income is great, but not all the costs of getting it are easily observed. In fact, sometimes it’s the indirect costs that are the most punitive. That’s often the case in Corporate America, where the process to earn more income (aside from your annual salary increase, covered below) often requires you to work 60-hour weeks and take on more responsibility at your primary job, or embrace the “hustle culture” and take on a second job the minute you leave the office.

While ambition and drive should be applauded, there’s a cost associated with working long hours. Studies have shown this can increase your stress level and lead to high blood pressure, back pain, and depression. This de facto “health tax” can eventually lead to more medical spending and worse life outcomes if not responsibly managed.

On the other hand, creating a stream of dividend income only requires you to buy high-quality stocks and hold them for the long term.

There’s been significant discussion about stagnant wages while the stock market continues to power higher. In the battle between capital and labor, capital is winning. Over the last decade, inflation-adjusted dividends from S&P 500 companies have increased by greater than 8% per year while payouts to annual wage income growth hasn’t exceeded 4% in the same period.

Even among companies that are struggling, dividends remain a priority. For an example, look no further than oil giant ExxonMobil. Due to the pandemic’s effects on travel, the demand and price for oil cratered and potentially put ExxonMobil’s dividend at risk. Under this scenario, it was understandable if management paused dividend payouts until demand returned. It was a once-in-a-century global pandemic.

Instead, management did everything it could to reduce costs, cutting its workforce by nearly 15%, including nearly 2,000 U.S.-based employees. At the same time, it is maintaining its dividend (although it did not raise it for the first time in nearly two decades) and not ruling out taking on debt to pay the 8%-plus yield.

Dividend income grows faster than you might think when you reinvest it, due to the powerful double-compounding effect. The first source of compound growth is that by reinvesting dividends back into the company, you will own more shares with every dividend payout and thus will be entitled to more dividends in the future. The second compounding source is that many companies are committed to growing their dividend payout every year.

On the second point, look for companies that are considered Dividend Aristocrats (denoting a company that has raised its dividend annually for at least 25 consecutive years), as they are committed to raising payouts for years to come.

If you’re a new investor, remember that diversification is key. Even the best-run companies can suffer from external events, like a pandemic, that can impact their ability to pay investors. Luckily for you, there are a host of diversified exchange-traded funds that cater to dividend-loving investors.

Two ETFs to begin your research are the Vanguard Dividend Appreciation ETF (NYSEMKT:VIG). This ETF seeks to invest in companies that have a history of growing their dividends, like Microsoft, Walmart, and Walt Disney. The downside is that the current yield of 1.6% is nothing to get excited about, but this is a pick for long-term holders looking to reinvest their dividends for the double-compounding effect.

If you’re looking for a diversified portfolio of high-yielding stocks now, check out the Vanguard High Dividend Yield ETF (NYSEMKT:VYM), which invests in large-cap stocks that pay above-average dividend yields. Large holdings in this ETF include stocks like Johnson & Johnson, JPMorgan Chase, and Verizon Communications, which allow the ETF to pay a yield of 3.25%.

Let 2021 be the year you start your journey to financial independence with the help of dividends.


Author: Jamal Carnette, CFA

Entrepreneurship and household portfolio choice: Evidence from the China Household Finance Survey

Entrepreneurship and household portfolio choice: Evidence from the China Household Finance Survey


Journal of Empirical Finance

Modeling the relationship between entrepreneurship and household portfolio choice.

The diversification and risk substitution effects are in opposite directions.

We empirically examine the impact of undertaking entrepreneurship.

Entrepreneurial households participate less in risky markets.

Entrepreneurial households hold fewer risky asset shares.

The efficient allocation of household assets is important for household wealth and entrepreneurial activities. However, there is scarce evidence on how entrepreneurial activities influence household financial decisions. We use a simple model to characterize the impact of entrepreneurship on household portfolio choice and the two underlying channels—the diversification effect and the risk substitution effect. We also empirically examine the impact of entrepreneurship using data from the 2013, 2015, and 2017 waves of the China Household Finance Survey (CHFS). The empirical results show that entrepreneurship significantly decreases both household risky market participation and risky asset holding. These findings are robust to alternative measurements of key variables, different model specifications, and Lewbel’s two-stage estimators. This study also verifies the co-existence of both the diversification and risk substitution effects. In particular, the net effect of entrepreneurship on household portfolio choice varies between urban and rural areas due to the different offsetting results between the two effects.





Household portfolio choice

Risky market participation

Risky asset share

Diversification effect

Risk substitution effect

© 2020 Elsevier B.V. All rights reserved.


Stone Harbor Emerging Markets Total Income Fund

Stone Harbor Emerging Markets Total Income Fund

PR Newswire

DENVER, Dec. 31, 2020

DENVER, Dec. 31, 2020 /PRNewswire/ — On December 31, 2020, the Stone Harbor Emerging Markets Total Income Fund (NYSE: EDI) (the “Fund”), a closed-end fund, will pay a monthly distribution on its common stock of $0.08 per share to shareholders of record at the close of business on December 18, 2020.  The Fund, acting in accordance with an exemptive order received from the Securities and Exchange Commission and with approval of its Board of Trustees, adopted a managed distribution policy under which the Fund may utilize capital gains, where applicable, as part of regular monthly cash distributions to its shareholders. This policy gives the Fund greater flexibility to realize capital gains and to distribute those gains to shareholders.

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated in the table.  In addition, the table shows the percentages of the total distribution amount per share attributable to (i) net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source.  These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

Current Distribution from:

Per Share ($)


Net Investment Income



Net Realized Short-Term Capital Gains



Net Realized Long-Term Capital Gains



Return of Capital or other Capital Source



Total (per common share)



Fiscal Year-to-Date Cumulative

Distributions from[1]:

Per Share ($)


Net Investment Income



Net Realized Short-Term Capital Gains



Net Realized Long-Term Capital Gains



Return of Capital or other Capital Source



Total (per common share)



Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy.

The Fund estimates that it has distributed more than its net income and net realized capital gains, therefore, a portion of your distribution may be a return of capital.  A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you.  A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’. When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share.

The amounts and sources of distributions reported in this 19(a) Notice are only estimates, may change over time and are not being provided for tax reporting purposes.  The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Presented below are return figures, based on the change in the Fund’s Net Asset Value per share (“NAV”), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution declaration date.

Fund Performance & Distribution Information

Annualized Distribution Rate as a Percentage of NAV^


Cumulative Distribution Rate as a Percentage of NAV*


Cumulative Total Return as a Percentage of NAV**


Average Annual Total Return***


^ Based on the Fund’s NAV as of November 30, 2020 and the December 31, 2020 distribution.

*Based on the Fund’s NAV as of November 30, 2020 and includes distributions through December 31, 2020.

** Cumulative Total Return is the percentage change in the Fund’s NAV including distributions paid and assuming reinvestment of these distributions at NAV for the period December 1, 2019 through November 30, 2020.

***Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five year period ending November 30, 2020.  Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of these distributions at NAV.

While the NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund.  The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

The Fund’s Board of Trustees reviews the amount of any distributions made pursuant to the Fund’s distribution policy and considers the income earned and capital gain realized by the Fund, as well as the Fund’s available capital.  The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration, among other things, the Fund’s net asset value and market conditions.  The Fund’s distribution policy is subject to modification, suspension or termination by the Board of Trustees at any time, which could have an adverse effect on the market price of the Fund’s shares.  The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

1The Fund’s fiscal year is December 1 to November 30.  Information shown is for the period beginning December 1, 2020.

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SOURCE Stone Harbor Emerging Markets Total Income Fund


CI Global Asset Management Announces Confirmed Annual Reinvested Capital Gains Distributions for CI ETFs

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