Portland Global Dividend Fund


portfolio manager
Chris Wain-Lowe, BA, MBA
Chief Investment Officer, Executive Vice-President and Portfolio Manager

Chris Wain-Lowe has 35 years of business management and global financial services experience – living and working in four continents: Europe, Asia, Africa, North America as well as the Caribbean, which also embraced corporate experience in the energy, natural resources and utility industries.

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KEY reasons to invest
  • Income generation and capital growth
  • The power of dividend investing combined with the benefits of global investing and sector diversification for reduced volatility
  • Monthly distributions targeting 5.0%*** per annum which are intended to be funded and characterized as mostly return of capital
  • Tax-efficient structure, currently housing tax losses of approximately $27 million


how the Fund is managed
  • Focused primarily on a portfolio of global dividend paying equities
  • Common shares of large global companies with attractive dividend-paying ratios and a strong pedigree of increasing dividends over the long term; selection includes from the members of the S&P Europe 350 Dividend Aristocrats, the S&P 500® Dividend Aristocrats, the S&P Pan Asia Dividend Aristocrats and the S&P /TSX Dividend Aristocrats
  • Selective use of options to generate additional returns towards distributions
  • Currency hedging some of the Fund’s non-Canadian dollar exposure

POTENTIAL RISKS

The Manager believes the following risks may impact the performance of the Fund: active management risk, concentration risk, currency risk, equity risk, derivatives risk and credit risk. Please read the “Risk Factors” section in the Simplified Prospectus for a more detailed description of all the relevant risks.



company profiles

fund details
Assets Under Management $5.9 million
CIFSC* Asset Class Global Equity
Risk Tolerance Medium


top holdings
As at August 31, 2017
Long Positions
Dufry AG 7.0%
BHP Billiton PLC 6.8%
Royal Dutch Shell PLC 6.5%
GEA Group AG 6.0%
Canfor Corporation 5.4%
Cash 5.0%
Total SA 4.4%
Barclays PLC 3.8%
Amcor Limited 3.8%
Nestlé SA 3.6%
AusNet Services 3.5%
Compass Group PLC 3.5%
Prudential PLC 3.5%
Mondelez International Inc. 3.4%
BP PLC 3.0%
Rentokil Initial PLC 2.9%
JPMorgan Chase & Co. 2.9%
LVMH Moet Hennessy Louis Vuitton SE 2.8%
Novartis AG 2.7%
Aryzta AG 2.7%
Roche Holding AG 2.6%
NN Group NV 2.6%
Johnson Matthey PLC 2.4%
Fifth Street Senior Floating Rate Corp. 2.3%
Wal-Mart Stores, Inc. 1.8%

Short Positions
Crescent Point Energy Corp., Put 13, 19/01/2018 -0.1%
ABB Ltd., Call 26, 15/09/2017 0.0%
JPMorgan Chase & Co., Call 100, 15/09/2017 0.0%
The Walt Disney Company, Put 95, 20/10/2017  0.0%
Walgreens Boots Alliance, Inc., Put 70, 20/10/2017 0.0%
Snap Inc., Put 11, 15/09/2017 0.0%
Fifth Street Senior Floating Rate Corp., Put 7.5., 15/09/2017 0.0%
Snap Inc., Put 10, 20/10/2017 0.0%
Wal-Mart Stores, Inc., Put 67.5, 15/09/2017 0.0%
WPP PLC, Put 85, 20/10/2017 0.0%
Barclays PLC, Put 10, 15/09/2017 0.0%
Technology Select Sector SPDR Fund ETF, Call 58, 15/09/2017 0.0%




geographic allocation
- August 31, 2017
United Kingdom 33.0%
Switzerland 20.3%
United States 11.9%
Australia 8.5%
France 7.2%
Germany 6.0%
Canada 5.7%
Other Net Assets (Liabilities)1 4.0%
Netherlands 2.6%
Currency Forwards 0.8%

Sector Mix
- As at August 31, 2017
Materials 19.6%
Financials 15.1%
Energy 14.3%
Consumer Discretionary 13.7%
Consumer Staples 12.1%
Industrials 10.6%
Health Care 5.3%
Other Net Assets (Liabilities)1 4.0%
Utilities 3.5%
Exchange Traded Funds 1.1%
Currency Forwards 0.8%
Short Positions - Derivatives -0.1%


a case for agriculture

A number of competing demand drivers have gained primacy recently, being often cited as causes for the increased volatility in food prices and the overall higher level of the cost of food (see figure 2) and they include, beside the population growth, an increase in the emerging markets middle class demanding more protein rich nutrition, an increase in the use of biofuels as well as speculation.
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fund codes
Fund Name Series Code - Initial Sales Charge Code - DSC Code - LL
Portland Global Dividend Fund
A
n/a 522 523
Portland Global Dividend Fund
A2
521 n/a n/a
Portland Global Dividend Fund
F3
009 n/a n/a
Portland Global Dividend Fund
O
058 n/a n/a

- Fundserv Management Company Code: “PTL”
company briefs of Possible Holdings

DISCLAIMER


* Canadian Investment Funds Standards Committee

***The portfolio is expected to generate income from dividends, interest and option writing income , which after deduction of expenses, will be distributed by the Fund to unitholders. The targeted monthly distribution amount is reset at the beginning of each calendar year to provide an approximate yield of 5% per annum based on the NAV per Series A Unit as at December 31 of the prior year. Assuming the expected level of income is received, the portfolio would not be required to appreciate. If the level of income is less than the amount necessary to meet the target distribution, the Manager may either pay out a lower distribution or supplement the amount needed through net realized capital gains from the portfolio or may return a portion of the capital of the Fund to unitholders in which case the distribution would not have been fully funded as the net asset value would be reduced. Distributions are reinvested automatically in additional units of the Fund. No commissions are payable upon automatic reinvestment of distributions.

1 Other Net Assets (Liabilities) refers to all other assets and liabilities in the Fund excluding portfolio investments.

2 Where the Fund holds less than 25 long and short holdings, all investments have been disclosed. There may be other assets and liabilities which are not included, and therefore the summary does not add up to 100%

3 Generally available through dealers who have entered into a Portland Series F Dealer Agreement

4 Annualized

RISK TOLERANCE

Risk tolerance measures the degree of uncertainty that an investor can handle regarding fluctuations in the value of their portfolio. The amount of risk associated with any particular investment depends largely on your own personal circumstances including your time horizon, liquidity needs, portfolio size, income, investment knowledge and attitude toward price fluctuations. Investors should consult their financial advisor before making a decision as to whether this Fund is a suitable investment for them.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. The indicated rates of return are the historical annual compounded total returns including changes in units [share] value and reinvestment of all distributions [dividends] and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. The rates of return are used only to illustrate the effects of the compound growth rate and are not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Information presented in this material should be considered for background information only and should not be construed as investment or financial advice. Please consult a Financial Advisor. Every effort has been made to ensure the utmost accuracy of the information provided. Information provided is believed to be reliable when posted. All information is subject to modification from time to time without notice. Consent is required for any reproduction, in whole or in part, of this piece and/or of its images and concepts. Please read the Prospectus before investing. PORTLAND INVESTMENT COUNSEL and the Clock Tower Design are registered trademarks of Portland Holdings Inc. used under licence by Portland Investment Counsel Inc.