Merrill Lynch Investment Managers Canada has proposed changes to the investment objectives of its Internet and Canadian Income Trust funds, the company announced today.
The company has proposed to expand the mandate of its Internet Strategies Fund to include a broader range of technology stocks. The proposal is a response to the downsizing of the Internet sector over the last year, according to the company. If the proposal is approved by shareholders, the fund will be renamed the Merrill Lynch Global Technology Fund. The Internet fund is down over 55% already this year, according to Morningstar.