Portland 15 of 15 Alternative Fund

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lee-chin

Portfolio Manager

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

Mr. Lee-Chin has over 40 years industry experience.

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lee-chin

Portfolio Manager

Dragos Berbecel, CFA, MBA
Portfolio Manager

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

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lee-chin

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.

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Performance
As at July 31, 2022

Series Year to Date 1 Month 3 Months 1 Year Since Inception4
Portland 15 of 15 Alternative Fund - Series A (9.14%) 16.39% 10.96% (2.71%) 10.25%
Portland 15 of 15 Alternative Fund - Series F (8.56%) 16.49% 11.27% (1.69%) 11.33%
MSCI USA Index CAD* (12.73%) 8.56% 0.19% (4.81%) 14.57%

Geographic Allocation

Australia 30.48%
United States 24.74%
Canada 22.77%
Cash & Other Net Assets (Liabilities)1 15.79%
Japan 2.82%
British Virgin Islands 1.66%
Guernsey 0.81%
South Korea 0.74%
India 0.19%

Sector Allocation

Health Care 33.37%
Exchange Traded Funds 21.26%
Cash & Other Net Assets (Liabilities)1 15.79%
Financials 15.20%
Communication Services 10.11%
Consumer Discretionary 1.68%
Consumer Staples 1.66%
Information Technology 0.74%
Energy 0.19%

Top Holdings2

Telix Pharmaceuticals Limited 30.48%
Cash & Cash Equivalents 15.92%
Horizons Cash Maximizer ETF 11.87%
Berkshire Hathaway Inc. Class B 11.79%
Purpose High Interest Savings ETF 9.39%
Altice USA, Inc. 4.90%
SoftBank Group Corp. - ADR 2.82%
Meta Platforms, Inc. 2.39%
Danaher Corporation 2.01%
D.R. Horton, Inc. 1.68%
Nomad Foods Limited 1.66%
Brookfield Asset Management Inc. Class A 1.51%
Ares Management Corporation 1.09%
Stryker Corporation 0.88%
Pershing Square Holdings, Ltd. 0.81%
Samsung Electronics Co., Ltd. 0.74%
Reliance Industries Limited 0.19%

Fund Info

Series Net Asset Value Per Unit Management Fee Performance Fee Series Start Date
Portland 15 of 15 Alternative Fund - Series A $8.1125 1.75% 10% above high water mark Apr. 20, 2020
Portland 15 of 15 Alternative Fund - Series F $8.8107 0.75% 10% above high water mark Apr. 20, 2020


Fund Brief Quarterly Brochure Quarterly Presentation Investors Manual

Fund Details

Fund Net Assets $21.3 million
CIFSC** Asset Class Alternative Equity Focused
Risk Tolerance Medium
MER5 Series A: 2.5%, Series F: 1.4%

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.

Disclosure

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

* Since the Fund does not necessarily invest in the same securities as the benchmark or in the same proportion, the performance of the Fund may not be directly comparable to the benchmark. In addition, the Fund’s performance returns may reflect the use of leverage. The use of a benchmark is for illustrative purposes only, and is not an indication of performance of the Fund.

** 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.

4. Annualized.

5. MER or management expense ratio is presented excluding performance fees and is after absorptions as at March 31, 2022. 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 2.9% and 1.9% for Series A and Series F, respectively, as at March 31, 2022.

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, tax 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.