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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.
Performance
As at September 30, 2024
| 3 Months | 6 Months | Year to Date | 1 Year | 3 Year* | 5 Year* | Since Inception* | |
|---|---|---|---|---|---|---|---|
| Portland Global Sustainable Evergreen Fund - Series A | 0.95% | 1.56% | 3.86% | 5.44% | 7.45% | 6.46% | 5.02% |
| Portland Global Sustainable Evergreen Fund - Series F | 1.24% | 2.15% | 4.76% | 6.66% | 8.64% | 7.68% | 6.14% |
Fund Information by Series
The NAV for the Portland Global Sustainable Evergreen Fund is expected to be released within five business days after the Valuation Date.
| Fund Information | Series | |
|---|---|---|
| A | F** | |
| Net asset value per unit (CAD$) | $33.5451 | $36.1181 |
| Min. initial investment, accredited investors | $5,000 | $5,000 |
| Min. initial investment, non-individuals | $150,000 | $150,000 |
| Min. subsequent investment | $500 | $500 |
| Management fee | 1.45% | 0.45% |
Fund Details
| Inception Date | February 28, 2018 |
| Fund Type | Private Equity |
| Risk Rating | Medium |
| Legal type | Mutual Fund Trust |
| Eligible for registered plans | Yes |
| Eligible for PAC Plans | Yes |
| Purchases | Quarterly Available for Canadian residents only |
| Notice period for redemptions | 60 days |
| Redemption fee | 0 - 24 months - 2.5% |
| Manager | Portland Investment Counsel Inc. |
| Specialty Investment Manager | European Investment Bank Bonnefield Financial Inc. |
| Administrator | CIBC Mellon Global Securities Services Company |
| Custodian | CIBC Mellon Trust Company |
How The Fund is Managed
The Fund will invest all, or substantially all, of its net asset into the Portland Global Sustainable Evergreen LP (the “Partnership”) which invests in;
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The Portland Global Energy Efficiency and Renewable Energy Fund LP (“PGEEREF”), which invests in the B units of the Global Energy Efficiency and Renewable Energy Fund (“GEEREF”), advised by the European Investment Fund (“EIF”) and sub-advised by the European Investment Bank (“EIB”).
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Bonnefield Canadian Farmland LP V, advised by Bonnefield Financial Inc. (“Bonnefield”).
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Complementary public securities, preferred shares and debt securities and investment funds, exchange-traded funds and mutual funds which may or may not be managed by the Manager.
The Partnership may borrow up to 20% of the total assets after giving effect to the borrowing.
Investment Objective
The investment objective of the Fund is to preserve capital and provide above average long-term returns.
The strategy intends to be focused on investments initially in the following:
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Private equities believed to be in sustainable systems including farmland.
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Private equities in renewable energy and energy efficiency.
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Other equity or debt securities, a portion of which may have provisions resulting in equity ownership of the issuer of the debt or the underlying asset if certain events occur.
Key Reasons To Invest
Doing Well, by Doing Good - this element forms part of the investment decisions that the Manager makes and will make in the Fund.
Selecting Specialty Investment Managers with track records and a focus on:
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Attractive risk adjusted returns and sustainable processes, in particular.
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Targeting ~10% returns per annum.
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Sustainable Development Goals recognized by domestic and international groups like the United Nations.
Sustainable investing comprises investment strategies that integrate environmental, social, and governance (“ESG”) practices into investment decisions when assessing risk and opportunities within a portfolio. Sustainable investing can help combat global challenges such as climate change, unfair business practices and social inequality by investing in businesses that promote ethical and responsible corporate practices.
The Offering
Units are being offered on a continuous basis to investors resident in the provinces and territories of Canada who (a) are accredited investors, (b) are not individuals, are not residents of Alberta and that invest a minimum of $150,000 in the Fund, and (c) to whom Units may otherwise be sold.
The Manager has designated three series of Units which are currently being offered:
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Series A Units are available to all investors who invest a minimum of $10,000 and who meet the minimum investment criteria.
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Series F Units will generally only be issued to investors who invest a minimum of $10,000, who purchase their Units through a fee-based account with their registered dealer and who meet the minimum investment criteria.
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Series O Units will be issued to certain institutional or other investors and who meet the minimum investment criteria.
Please see the Offering Memorandum for fees and specific details on the offering.
Offering Memorandum Subscription AgreementSustainable Development Goals1
The Sustainable Development Goals are the United Nations universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity. It consists of a set of 17 global goals spearheaded by the United Nations to tackle the root causes of poverty and unite its members together to make a positive change for both people and planet.
GEEREF is specifically working towards achieving five specific Sustainable Development Goals:
GEEREF
A private equity and infrastructure fund of funds, investing in regional funds, providing equity or quasi equity primarily for energy efficiency and renewable energy projects in developing countries and economies in transition.
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CO-INVEST with the EU with downside protected by public sector capital with a 10% per annum preferred return mechanism for B unitholders.
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Provides ACCESS to specialized infrastructure funds/geographies exposed to high growth.
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Provide access to renewable and affordable energy to underserved communities in emerging nations.
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Institutional quality oversight and governance by the EIB and EIF.
Bonnefield Canadian Farmland LP V
Investments in high-quality “core” farmland primarily through non-leveraged sale-leasebacks with progressive farmers.
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ACCESS to a diversified portfolio of high-quality crop-growing farmland across Canada’s farming regions with differing agricultural characteristics and crops via multiple tenants.
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Bonnefield received an “A” rating from the United Nations-supported Principles for Responsible Investment whose goal is to incorporating ESG issues and support those who incorporate these issues into their investment decision making and ownership practices.
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Targeting ~ 8% – 12% return per annum.
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Oversight through the Standards of Care program, a leading set of industry best practices in the Canadian agricultural sector.
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Similar attributes to a real return bond, by way of providing a hedge against inflation and global water shortage given Canada’s abundance of water.
Potential Risks
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While the Manager, EIF and EIB and Bonnefield exercise due diligence throughout the investing process, no guarantees can be given to offset a risk of loss and investors should consult with their Financial Advisor prior to investing in the Fund. The Manager believes that given the character of the private investments that are making up the majority of the Fund’s holdings, the Fund has less exposure to the market risk than a similar fund invested in publicly listed securities. The Manager believes the following risks are key to the Fund’s performance: failure to meet commitments, risks related to the private portfolio investments, agriculture industry risk, equity risk, general economic and market conditions, liquidity risk and marketability and transferability of units risk. Please read the “Risk Factors” section in the Offering Memorandum for a more detailed description of all the relevant risks.
Disclosure
* Annualized
** Generally only available through dealers who have entered into a Portland Series F Dealer Agreement
1. Source: United Nations, January 2018, http://www.un.org/sustainabledevelopment/sustainable-development-goals/
‘GHG’ is defined as greenhouse gas
2. Wealth Professional reached out to its network of advisors across Canada and asked that they name the fund providers who were delivering the best ESG Funds based on a combination of reflection of values, track record, security selection, fees and fund manager performance.
This fund is offered via an offering memorandum and is available under exemptions to investors who meet certain eligibility or minimum purchase requirements such as “accredited investors”. You will only be permitted to purchase Units if your purchase qualifies for one of these exemptions. A list of criteria to qualify as an accredited investor is set out in the subscription agreement delivered with the Offering Memorandum and generally includes individuals who have net assets of at least $5,000,000, or financial assets of at least $1,000,000, or personal income of at least $200,000, or combined spousal income of at least $300,000 in the previous two years with reasonable prospects of same in the current year, or an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a registered adviser or dealer. Information herein pertaining to the Fund is solely for the purpose of providing information and is not to be construed as a public offering in any jurisdiction of Canada. The offering of Units of the Fund is made pursuant to an Offering Memorandum and the information contained herein is a summary only and is qualified by the more detailed information in the Offering Memorandum.
The Fund is not designated as an ESG (Environmental, Social, and Governance) fund therefore the Fund does not assess, measure, or monitor the ESG performance or outcomes of its investments. The Fund is indirectly supportive of the United Nations’ Principles for Responsible Investment and Sustainable Development Goals principles which are adopted in part by some of the Fund’s investments.
Commissions, trailing commissions, management fees and expenses all may be associated with investments. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and does not take into account sales, redemptions, distributions or optional charges or income taxes payable by any securityholder in respect of a participating fund that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. 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. 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.
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