CIBC Asset Management Inc. announces its intention to introduce a fixed administration fee

CIBC Asset Management Inc. (CAM), as manager, today announced its intention to introduce a fixed administration fee for the Renaissance Investments funds, Axiom Portfolios and Renaissance Private Pools (each, a “fund” and collectively, the “funds”) listed at the end of this release, replacing the variable operating expenses currently being charged to these funds (the “Administration Fee Proposal”).

Pending the required unitholder approval, and if CAM proceeds with the change, the Administration Fee Proposal shall be implemented effective September 1, 2021. CAM would then be responsible for the operating expenses of each fund, other than certain expenses, in exchange for the payment by the fund of a fixed administration fee. The fixed administration fee will apply to all classes of each fund, with the exception of Class O and Class OH, as applicable.

The benefits to unitholders of fixed administration fees include greater predictability and transparency of the management expense ratio (“MER”) of each class of the funds, which will consist of the management fee, the fixed administration fee, certain expenses and applicable taxes. The MER of each class of each fund under the Administration Fee Proposal is also expected to be less than or equal to the class’ most recently published MER. Unitholders will also gain a protection from potential increases in future operating expenses. The Independent Review Committee of the funds has reviewed the Administration Fee Proposal with respect to the potential conflict of interest matters and provided its positive recommendation, having determined that the Administration Fee Proposal achieve a fair and reasonable result for each fund.

Special meetings to obtain unitholder approval on the Administration Fee Proposal will be held on or about July 30, 2021. Each fund will vote separately on the Administration Fee Proposal, with the exception of certain classes, which are not entitled to vote and will only receive notice of the Administration Fee Proposal. Proxy related materials for voting unitholders and the notice to non-voting unitholders are expected to be sent on or about June 24, 2021.

Affected classes

Holders of record on June 8, 2021 for the following classes of units of the funds, will be entitled to vote on the Administration Fee Proposal:

Funds
Voting Classes
Renaissance Investment family of funds
Class A, Class T4, Class T6, Class T8*, Class H, Class HT4, Class HT6, Premium Class, H-Premium Class*, Select Class*, Select T4 Class*, Select T6 Class*, Select T8 Class*, Elite Class*, Elite T4 Class*, Elite T6 Class* and Elite T8 Class units*
Axiom Portfolios
Class A, Class T4, and Class T6, Class T8*, Select Class*, Select T4 Class*, Select T6 Class*, Elite Class*, Elite T4 Class* and Elite T6 Class* units
Renaissance Private Pools
Premium Class, Premium T4 Class, Premium T6 Class, Class H-Premium, Class H-Premium T4, and Class H-Premium T6 units of the Renaissance Private Pools

*Classes of units closed to purchases as of September 1, 2017

Unitholders in the following classes of the funds do not need to approve the Administration Fee Proposal and therefore will not vote on it. They will be provided with at least 60 days’ notice before the implementation of the change, in accordance with applicable securities law:

Funds
Non-Voting Classes
Renaissance Investment family of funds
Class F, Class FT4, Class FT6, Class FH, Class FHT4, Class FHT6, Class F-Premium*, and Class FH-Premium units*.
Axiom Portfolios
Class F, Class FT4, and Class FT6 units
Renaissance Private Pools
Class A, Class C, Class I, Class F-Premium, Class F-Premium T4, Class F- Premium T6, Class FH-Premium, Class FH-Premium T4, Class FH-Premium T6,
Class N-Premium, Class N-Premium T4, Class N-Premium T6, Class NH-Premium, Class NH-Premium T4, Class NH-Premium T6, and Class S units.

*Classes of units closed to purchases as of September 1, 2017

List of impacted funds

Axiom Portfolios
Axiom All Equity Portfolio
Axiom Balanced Growth Portfolio
Axiom Balanced Income Portfolio
Axiom Canadian Growth Portfolio
Axiom Diversified Monthly Income Portfolio
Axiom Foreign Growth Portfolio
Axiom Global Growth Portfolio
Axiom Long-Term Growth Portfolio

Renaissance Investments family of funds
Renaissance Canadian All-Cap Equity Fund
Renaissance Canadian Balanced Fund
Renaissance Canadian Bond Fund
Renaissance Canadian Core Value Fund
Renaissance Canadian Dividend Fund
Renaissance Canadian Growth Fund
Renaissance Canadian Monthly Income Fund
Renaissance Canadian Small Cap Fund
Renaissance Canadian T-Bill Fund
Renaissance China Plus Fund
Renaissance Corporate Bond Fund
Renaissance Diversified Income Fund
Renaissance Emerging Markets Fund
Renaissance Flexible Yield Fund 
Renaissance Floating Rate Income Fund
Renaissance Global Bond Fund
Renaissance Global Focus Currency Neutral Fund
Renaissance Global Focus Fund
Renaissance Global Growth Currency Neutral Fund
Renaissance Global Growth Fund
Renaissance Global Health Care Fund
Renaissance Global Infrastructure Currency Neutral Fund
Renaissance Global Infrastructure Fund
Renaissance Global Markets Fund
Renaissance Global Real Estate Currency Neutral Fund
Renaissance Global Real Estate Fund
Renaissance Global Science and Technology Fund
Renaissance Global Small-Cap Fund
Renaissance Global Value Fund
Renaissance High Yield Bond Fund
Renaissance International Dividend Fund
Renaissance International Equity Currency Neutral Fund
Renaissance International Equity Fund
Renaissance High Income Fund
Renaissance Money Market Fund
Renaissance Optimal Conservative Income Portfolio
Renaissance Optimal Global Equity Currency Neutral Portfolio
Renaissance Optimal Global Equity Portfolio
Renaissance Optimal Growth & Income Portfolio
Renaissance Optimal Income Portfolio
Renaissance Optimal Inflation Opportunities Portfolio
Renaissance Real Return Bond Fund
Renaissance Short Term Income Fund
Renaissance U.S. Dollar Corporate Bond Fund
Renaissance U.S. Dollar Diversified Income Fund
Renaissance U.S. Equity Fund
Renaissance U.S. Equity Growth Currency Neutral Fund
Renaissance U.S. Equity Growth Fund
Renaissance U.S. Equity Income Fund
Renaissance U.S. Equity Value Fund
Renaissance U.S. Money Market Fund

Renaissance Private Pools
Renaissance Canadian Equity Private Pool
Renaissance Canadian Fixed Income Private Pool
Renaissance U.S. Equity Private Pool ,
Renaissance International Equity Private Pool
Renaissance Emerging Markets Equity Private Pool
Renaissance Global Bond Private Pool
Renaissance Ultra Short-Term Income Private Pool
Renaissance Equity Income Private Pool
Renaissance Multi-Sector Fixed Income Private Pool
Renaissance Multi-Asset Global Balanced Income Private Pool
Renaissance Multi-Asset Global Balanced Private Pool
Renaissance Global Equity Private Pool
Renaissance Real Assets Private Pool