Portland Canadian Balanced Fund


Portfolio Manager

James Cole, CFA
Senior Vice President and Portfolio Manager

James has over 36 years of investment experience including over 27 years as a portfolio manager responsible for Canadian and U.S. equities.


Portfolio Manager

Dragos Stefanescu, CFA, MBA
Portfolio Manager

Dragos brings a plethora of wealth management experience including 16 years with the Ontario Teachers’ Pension Plan.


As at September 30, 2020

Series Start Date MER
(after absorptions
as at March 31, 2020)
Net Asset
Value Per Unit
(as at September 30, 2020)
Portland Canadian Balanced Fund - Series A Oct. 31, 2012 2.82% $14.2667
Portland Canadian Balanced Fund - Series F Oct. 31, 2012 1.68% $14.8081
1 Month 3 Months 1 Year 3 Year1 5 Year1 Since Inception1
Portland Canadian Balanced Fund - Series A (3.2%) 3.0% (5.0%) 1.9% 5.8% 6.8%
Portland Canadian Balanced Fund - Series F (3.1%) 3.3% (3.9%) 3.0% 7.0% 8.0%
Blended Benchmark (1.1%) 3.0% 2.8% 5.0% 6.0% 5.4%

Geographic Allocation
As at September 30, 2020

Canadian Equity 39.0%
Foreign Equity 29.6%
Cash & Other Net Assets (Liabilities)1 20.0%
Canadian Fixed Income 11.4%

Sector Allocation
As at September 30, 2020

Financials 36.7%
Cash & Other Net Assets (Liabilities)1 20.0%
Communication Services 17.7%
Exchange Traded Funds 11.4%
Real Estate 8.6%
Consumer Discretionary 3.6%
Industrials 2.0%

Top Holdings2
As at September 30, 2020

Cash & Cash Equivalents 20.2%
SoftBank Group Corp. 11.8%
RioCan Real Estate Investment Trust 8.6%
Citigroup Inc. 8.4%
Canadian Imperial Bank of Commerce 8.1%
The Toronto-Dominion Bank 7.2%
The Bank of Nova Scotia 6.4%
Lumen Technologies Inc. 5.9%
BMO Laddered Preferred Share Index ETF 5.7%
Bank of Montreal 5.1%
Magna International Inc. 3.6%
iShares S&P/TSX Canadian Preferred Share Index ETF 3.5%
Horizons Active Preferred Share ETF 2.2%
Westinghouse Air Brake Technologies Corporation 2.0%
Berkshire Hathaway Inc. 1.5%
Fund Brief

Fund Details

Fund Net Assets $29.9 million
CIFSC* Asset Class Canadian Equity Balanced
Risk Tolerance Low to Medium

Investment Objective

  • The Fund's objective is to provide positive long-term total returns, consisting of both income and capital gains by investing primarily in a portfolio of fixed income and Canadian equity securities.

Key Reasons To Invest

Close adherence to Framework:
Five Laws of Wealth Creation:

  • Own a few high quality businesses
  • Thoroughly understand these businesses
  • Ensure these businesses are domiciled in strong, long-term growth industries
  • Use other people’s money prudently
  • Hold these businesses for the long run

How The Fund is Managed

  • Active asset allocation between equities, fixed income and cash
  • Active management of equities to enhance returns
  • Focused number of equity holdings
  • Willingness to hold cash and hedge currency
  • Objectives (in Canadian Equity Balanced category):
    • Preservation of capital
    • Satisfactory long-term total returns

Potential Risks

  • The Manager believes the following risks may impact the performance of the Fund: concentration risk, currency risk, equity risk and debt securities risk. Please read the “What are the risks of investing in the Fund?” section in the Simplified Prospectus for a more detailed description of all the relevant risks.

Use of any third party quotations does not in any way suggest that person endorses Portland Investment Counsel Inc. and/or this product.

* Canadian Investment Funds Standards Committee

† Effective April 30, 2018, the Fund’s benchmark was changed from a broad-based benchmark, the S&P/TSX Composite Total Return Index to a blended benchmark of 60% S&P/TSX Composite Total Return Index and 40% iShares Core Canadian Universe Bond Index ETF TR. This change in benchmark is to align better our approach to rating the Fund’s risk and return with its underlying investments.

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 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.

On April 17, 2020, Portland Canadian Balanced Fund was merged with Portland Canadian Focused Fund such that unitholders of Portland Canadian Focused Fund became unitholders of Portland Canadian Balanced Fund.

Portland Canadian Balanced Fund won a FundGrade A+ Award in the Canadian Equity Balanced category for the period ending December 31, 2019, out of 308 funds considered. The FundGrade Start Date for Portland Canadian Balanced Fund is January 31, 2013. FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. FundGrade ratings are subject to change monthly. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.


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.

James Cole is the portfolio manager of Portland Focused Plus Fund LP, Portland Focused Plus Fund, Portland North American Alternative Fund and Portland Canadian Balanced Fund. The four funds generally hold some of the same securities and may make trades in such securities simultaneously.

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. BUY. HOLD. AND PROSPER. is a registered trademark of AIC Global Holdings Inc. used under license by Portland Investment Counsel Inc.