Michael Lee-Chin, B.Eng., LLD (Honorary)
Executive Chairman, Chief Executive Officer and Portfolio Manager
Mr. Lee-Chin has over 35 years industry experience.
Dragos Berbecel, CFA, MBA
Dragos Berbecel has 20 years of experience, both as an investment professional and a business operator.
As at June 30, 2021
|1 Month||3 Months||1 Year||Since Inception4|
|Portland 15 of 15 Alternative Fund - Series A||6.5%||8.7%||28.6%||25.8%|
|Portland 15 of 15 Alternative Fund - Series F||6.6%||8.9%||29.7%||26.9%|
|MSCI USA Index CAD||5.3%||7.2%||29.0%||31.5%|
|Cash & Other Net Assets (Liabilities)1||41.2%|
|British Virgin Islands||0.9%|
|Cash & Other Net Assets (Liabilities)1||41.2%|
|Cash & Cash Equivalents||41.8%|
|Telix Pharmaceuticals Limited||27.3%|
|Berkshire Hathaway Inc.||12.2%|
|SoftBank Group Corp.||4.8%|
|Brookfield Asset Management Inc.||1.7%|
|Samsung Electronics Co., Ltd.||1.3%|
|Industria de Diseno Textil, S.A.||1.1%|
|Ares Management Corporation||1.1%|
|Pershing Square Holdings Ltd.||1.0%|
|Altice USA, Inc.||1.0%|
|Nomad Foods Ltd.||0.9%|
|Reliance Industries Ltd.||0.2%|
|D.R. Horton Inc.||0.2%|
|Net Asset Value Per Unit||Management Fee||Performance Fee||Series Start Date|
|Portland 15 of 15 Alternative Fund - Series A||$8.5467||1.75%||10% above high water mark||Apr. 20, 2020|
|Portland 15 of 15 Alternative Fund - Series F||$9.1778||0.75%||10% above high water mark||Apr. 20, 2020|
Reliance Industries Limited – Reliance Strategic Business Ventures Limited, a wholly owned subsidiary of Reliance Industries Limited, announced that it has acquired additional equity stake in its investee company skyTran Inc. for a consideration of US$26.76 million increasing its shareholding to 54.46% on a fully diluted basis.
On November 5, 2020, Reliance Industries and Reliance Retail Ventures Limited (“RRVL”) announced that The Public Investment Fund (“PIF”) of Saudi Arabia will invest approximately US$1.3 billion for an equity stake of 2.04% into RRVL, a subsidiary of Reliance Industries. This investment values RRVL at a pre-money equity value of approximately US$62.4 billion.
On October 6, Reliance Industries Limited announced that a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), will invest US$750 million into Reliance Retail Ventures Limited (RRVL), a subsidiary of India’s Reliance Industries. ADIA’s investment will translate into a 1.20% equity stake in Reliance Retail Ventures on a fully diluted basis.
Brookfield Asset Management Inc. – On August 26, 2020, Brookfield Asset Management, a leading global alternative asset manager, announced the appointment of Mark Carney, former head of the Bank of Canada and the Bank of England, in an executive capacity with focus on ESG (environmental, social and governance) investing and impact fund investing.
Fund Brief Quarterly Brochure Quarterly Presentation Investors Manual
|Fund Net Assets||$18.4 million|
|CIFSC* Asset Class||Alternative Equity Focused|
|MER5||Series A: 2.5%, Series F: 1.4%|
The Fund’s objective is to provide positive long-term total returns by investing primarily in a portfolio of global equities and debt-like securities. In selecting its investment, the Fund considers 15 principles/attributes which the Manager believes will result in successful wealth creation.
The Fund may also engage in borrowing for investment purposes.
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
The investable universe, primarily U.S. listed equity securities, is reviewed for the 15 investment criteria.
Investment decisions incorporate fundamental analysis and adhere to a value discipline.
Investments are managed with a long term focus.
The result is a low turnover, concentrated portfolio.
The Fund’s holdings are what we believe to be quality companies which are growing, profitable, stable and shareholder friendly.
The Fund’s investments are concentrated in, but not limited to, the financial services, healthcare and technology sectors.
The Manager believes the following risks may impact the performance of the Fund: concentration risk, currency risk, equity risk and leverage 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
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.
5. MER or management expense ratio is presented excluding performance fees and is after absorptions as at March 31, 2021. MER is updated on a semi-annual basis and the Manager may absorb operating expenses of the Fund at its discretion but is under no obligation to do so. The MER including performance fees and absorptions was 5.1% and 3.8% for Series A and Series F, respectively, as at March 31, 2021.
On April 17, 2020, Portland Advantage Fund, Portland Value Fund and Portland 15 of 15 Fund merged into Portland Global Dividend Fund which was then converted into an alternative mutual fund and renamed Portland 15 of 15 Alternative Fund.
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. Any reference to a company is for illustrative purposes only; it is not a recommendation to buy or sell a security. 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 is a registered trademark of Portland Holdings Inc. The Unicorn Design is a trademark of Portland Holdings Inc. Used under license 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.