Heritage Asset Management has changed the investment objective of the Heritage Income-Growth Fund and has appointed Thornburg Investment Management as the funds sub-advisor after shareholders voted for both proposals, the company announced.
Effective today, the funds objective is more aggressive in nature, moving from an equal position of growth and income strategies to a primary focus on long-term capital appreciation, according to Heritage. To reflect this change, the name of the fund has been changed to the Heritage Growth and Income Trust.
Heritage replaced the funds former sub-advisor, Eagle Asset Management, with Thornburg because of Thornburgs experience and track record in the funds new category, according to Stephanie Brown, a spokesperson for Heritage. The funds year-to-date return is 2.99%, according to Morningstar.
Since the inception of Heritage Income-Growth Trust in the mid-1980s, significant changes have taken place in the marketplace that have made it more difficult for the fund to achieve an equal emphasis on current income and capital appreciation, said Robert Brady, president of Heritage, in a statement. Consequently, we believe it is in the best interest of shareholders to increase the funds investment flexibility and, to do this, we must revise the funds investment objective.