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:

*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:

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

List of impacted funds