As part of the country’s celebration of Patriotism Month, the trinidad+tobago film festival will host Feature T+T—a day-long celebration of T&T through the screening of local short and feature...
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UTC’s Calypso Fund to be listed on TTSE
The T&T Unit Trust Corporation UTC) is again set to create history when its newest fund, the Calypso Macro Index Fund, which provides investors with the unique opportunity to participate in the local and global stock markets will be listed on the T&T Stock Exchange (TTSE) on Monday. The Fund, valued at $500 million, offered 20,000,000 units for sale at $25 per unit. At the close of the offer period, the fund was fully subscribed.
Sekou Mark, vice president Investment Research and Portfolio Management at the UTC, said he is proud of the launch of this historic fund to the national community and was particularly pleased about the over 800 new brokerage accounts opened by individuals wanting to invest in the Fund.
He noted that “11.9 per cent or approximately $60 million of the allocation went to individual investors, who now have access to a cross-section of local stocks utilizing a passive investment strategy.”
He added: “Local investors will also have the opportunity to utilize TT dollars to access an equity stake in the energy sector, and do so on a widely diversified and global basis. For the local capital market, the Calypso Fund represents an opportunity to keep TT Dollars at home and invested in companies that drive our local economy.”
Registered pension and other trust funds, credit unions, co-operatives and registered mutual funds, the National Insurance Board, and registered companies in T&T also received allocations.
UTC’s executive director Ian Chinapoo said: “The Fund has reinforced our position as the leader in investment management and wealth creation in the region and allows every investor to purchase one security which mirrors the national economy of Trinidad and Tobago. For us, it is diversification at its core. This unique and innovative product will also result in increased stock market activity and the development of the local and regional capital markets.”
The Fund continues to inculcate a culture of investing in T&T and enables every citizen to participate in the “commanding heights of the economy”, which fulfils the original mandate of the Corporation, “to foster a culture of saving and investment through education and innovative solutions that allows everyone access to the capital.”