Portland 15 of 15 Alternative Fund

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Portfolio Manager

Michael Lee-Chin, B.Eng., LLD (Honorary)
Executive Chairman, Chief Executive Officer and Portfolio Manager

Mr. Lee-Chin has over 35 years industry experience.


Portfolio Manager

Dragos Berbecel, CFA, MBA
Portfolio Manager

Dragos Berbecel has 20 years of experience, both as an investment professional and a business operator.


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.


Fund Brief Quarterly Brochure Quarterly Presentation Investors Manual

Fund Details

Fund Net Assets $7.7 million
CIFSC* Asset Class Alternative Equity Focused
Risk Tolerance Medium

Investment Objective

  • 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.

Potential Risks

  • 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.

Geographic Allocation
As at September 30, 2020

Cash & Other Net Assets (Liabilities)1 47.9%
United States 31.1%
Australia 6.2%
Japan 3.5%
Canada 2.9%
Spain 2.3%
British Virgin Islands 2.2%
Guernsey 2.0%
India 1.9%

Sector Allocation
As at September 30, 2020

Cash & Other Net Assets (Liabilities)1 47.9%
Financials 20.6%
Health Care 12.9%
Communication Services 7.6%
Consumer Discretionary 3.8%
Information Technology 3.1%
Consumer Staples 2.2%
Industrials 1.9%

Top Holdings2
As at September 30, 2020

Cash & Cash Equivalents 47.7%
Berkshire Hathaway Inc. 13.9%
Telix Pharmaceuticals Limited 6.2%
Danaher Corporation 4.3%
SoftBank Group Corp. 3.5%
Oracle Corporation 3.1%
Brookfield Asset Management Inc. 2.9%
Stryker Corporation 2.4%
Industria de Diseno Textil, S.A. 2.3%
Nomad Foods Ltd. 2.2%
Facebook, Inc. 2.1%
Altice USA, Inc. 2.0%
Pershing Square Holdings Ltd. 2.0%
Reliance Industries Ltd. 1.9%
Ares Management Corporation 1.8%
D.R. Horton, Inc. 1.5%

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.

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, 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.