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Performance linked to flagship Saxon Stock Fund
TORONTO, Sept. 6 /CNW/ - Saxon Financial announced the launch of principal-protected deposit notes linked to Saxon Stock Fund, a 1st quartile performer for 10-, 15- and 20-year periods in the Canadian Equity Mutual Fund category.(x) BMO Saxon Canadian Equity Protected Deposit Notes, Total Return Class, offer up to 200% exposure to returns from Saxon Stock Fund and 100% principal protection at maturity.
Saxon Stock Fund has delivered superior risk-adjusted returns and excellent downside protection for over 20 years.(xx) The Fund's strong performance record maximizes the benefits of the deposit note structure which can use leverage to increase the exposure to the underlying Fund Portfolio. The terms of the deposit notes are 7 years, with multiple series available for 2007 and 2008.
Saxon's Canadian equity deposit notes build on the success of earlier offerings linked to the performance of the award-winning Saxon Balanced Fund. Saxon also announced the launch of subsequent series of BMO Saxon Balanced Protected Deposit Notes, with closing dates extending until April, 2008. The Balanced deposit notes have a 5.5 year term-to-maturity, provide 100% principal protection at maturity and up to 200% exposure to returns from a Fund Portfolio intended to replicate Saxon Balanced Fund.
About Saxon Financial Inc. www.saxonfinancial.ca
Saxon Financial Inc. is one of Canada's most respected value-style investment management firms. The Company has three principal lines of business: Saxon Funds Management Limited, which manages a family of high-performing, low-fee mutual funds; Howson Tattersall Investment Counsel Limited, an institutional asset investment management business; and Howson Tattersall Private Asset Management Inc., which provides private client asset management and counselling services. Saxon Financial is listed on the TSX under the symbol "SFI".
About Saxon Funds Management Limited www.saxonfunds.com
Established in 1985, Saxon Funds Management Limited offers a highly respected suite of nine mutual funds: Saxon Money Market Fund, Saxon Bond Fund, Saxon Balanced Fund, Saxon High Income Fund, Saxon Stock Fund, Saxon Small Cap, Saxon U.S. Equity Fund, Saxon International Equity Fund and Saxon World Growth. Managed by Howson Tattersall Investment Counsel Ltd., one of Canada's premier value-oriented investment firms, Saxon Mutual Funds have more than $2.4 billion in assets as of July 31, 2007. Its parent company, Saxon Financial Inc., trades on the TSX under the symbol "SFI".
(x)Source: Morningstar PALTrak as of July 31, 2007.
The annualized compounded rates of return for Class "A" units of Saxon Stock Fund (1 year, 3 years, 5 years, 10 years, 15 years) as of July 31, 2007 are 20.4%, 15.9%, 14.1%, 12.1% and 14.9% respectively and are not intended to be, nor should they be construed to be, an indication as to the future returns or volatility of Saxon Stock Fund or the potential return, if any, on the Deposit Notes. These figures assume that all distributions on Class "A" units of Saxon Stock Fund were reinvested in additional units of Saxon Stock Fund and do not include any sales, redemption, distribution, optional charges or taxes which would have reduced returns. Returns are shown after the payment of expenses and fees of Saxon Stock Fund. The performance figures reflect the payment of the management expense ratio of Saxon Stock Fund for the indicated periods. In contrast, the Fund Portfolio is subject to annual fund portfolio fees which may differ from the management expense ratio of Saxon Stock Fund. As a result of the potential for differing fees, the performance of the Fund Portfolio could have been lower than the past performance figures reflected above.
(xx) Risk-adjusted returns are measured by Sharpe Ratio, an annualized calculation using standard deviation and excess return to determine the reward per unit of risk. The 15-year Sharpe Ratio for Saxon Stock Fund is 0.91, the No.1-ranked fund in the Canadian Equity Mutual Fund category for this period. For more detail see www.morningstar.ca
The Deposit Notes are issued by and constitute direct, unconditional obligations of Bank of Montreal. Details of certain risks of investing in the Deposit Notes, as well as complete disclosure of how variable return (if any) on the Deposit Notes is calculated, are contained in the related Information Statement dated August 27, 2007, which can be obtained through your financial advisor or by calling Saxon Client Services at 1 888 287-2966. This summary is issued for information purposes only to provide an overview of the Bank of Montreal Saxon Canadian Equity Protected Deposit Notes Total Return Class and the Bank of Montreal Saxon Balanced Protected Deposit Notes Total Return Class and does not constitute investment advice or an offer to sell or a solicitation to purchase. An investment in BMO Saxon Canadian Equity Protected Deposit Notes Total Return Class and the Bank of Montreal Saxon Balanced Protected Deposit Notes Total Return Class is subject to certain risks, which investors should consider. Investors should read the Information Statement carefully before investing and discuss their suitability with their investment advisor. The Deposit Notes may not be suitable for all types of investors; the prices and value of the Deposit Notes may fluctuate and/or be adversely affected by a number of factors. The fluctuation of the value of the Fund Portfolio will directly impact the return, if any, on the Deposit Notes at maturity. It is possible that no return will be paid on the Deposit Notes. Sales prior to maturity may be subject to an early sales charge. "BMO Capital Markets" is a trademark of Bank of Montreal used under license.
Bank of Montreal makes no assurances, representations or warranties with respect to the accuracy, reliability or completeness of information contained herein. Furthermore, Bank of Montreal makes no recommendations concerning Saxon Stock Fund, mutual funds or the suitability of investing in securities generally or Deposit Notes in particular. No person has been authorized to give any information or to make any representation not contained in the Information Statement relating to the Deposit Notes and Bank of Montreal does not accept any responsibility for any information not contained in the Information Statement.