Kevin O'Leary runs a number of mutual finds and hosts several programs on the CBC, inclusing the Lang/O'Leary Report.
The Globe and Mail says that last week it was reported that annual redemptions from these funds hit $500-million. O’Leary is now disputing this total, citing a redemption value of $253-million instead.The $500-million total was initially calculated by Mark McQueen at Wellington Financial , and was later verified by The Globe and Mail using each of the O’Leary funds’ annual reports found online. O’Leary says these public documents are misleading.
Five of his funds, typically those with the phrase “Yield Advantaged” in their name, employ a nifty swap strategy that lowers the tax burden for investors. To do this, each is actually made up of two separate funds, meaning there are 10 funds in total. The two funds in each strategy are referred to as “top” and “bottom” funds in industry lingo, and although both have financial statements, Mr. O’Leary explained that only the redemptions from the top fund matter.
One of the programs O'Leary hosts in Redemption, a series that gives 10 ex-convicts a chance to set up their own business with his money.
Full Globe story