Broker-dealer firm turns to mutual funds

From the marketing of highly speculative grass roots mine issues to mutual funds represents quite a switch. But that’s the direction now being taken by the broker-dealer firm of Gordon-Daly Grenadier Securtities. Indeed it has chalked up quite a record of late, selling some of the best performing mutual funds of the many now available in the marketplace.

And now it is sponsoring a new fund of its own — Canadian Natural Resource Fund.

An open-end mutual trust fund, it will maintain 90% of the book value of its investments in Canadian resource securities listed on the principal Canadian stock exchanges. “Our principal objective is to generate capital appreciation,” Stanley Mourin, one of the principals in both the securities firm and the fund management tells The Northern Miner.

Holdings in the new fund currently include such well-known mining issues as Teck, Battle Mountain, Kiena, Lac Minerals, Mascot Gold, etc. Its policy is to remain totally flexible and to diversify over a wide range of securities, Mr Mourin says.

Leon Frazer & Associates Ltd., a respected portfolio manager, is the fund’s investment adviser.