Portland North American Alternative Fund


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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.

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Performance
As at August 31, 2021

Series 1 Month 3 Months 1 Year Since Inception4
Portland North American Alternative Fund - Series A 1.1% (1.3%) 22.0% 16.1%
Portland North American Alternative Fund - Series F 1.2% (1.0%) 23.4% 17.4%
MSCI Canada Index 1.4% 4.6% 26.8% 31.8%

Geographic Allocation

Canada 25.8%
Cash & Other Net Assets (Liabilities)1 22.3%
United States 20.5%
Japan 16.5%
United Kingdom 14.9%

Sector Allocation

Communication Services 39.6%
Cash & Other Net Assets (Liabilities)1 22.3%
Industrials 13.1%
Energy 12.6%
Financials 12.4%

Top Holdings2

Cash & Cash Equivalents 22.9%
Vodafone Group PLC 13.5%
Shaw Communications, Inc. 13.2%
TC Energy Corp 12.6%
SoftBank Group Corp. 11.5%
Citigroup Inc. 9.9%
General Electric Company 8.1%
Mitsubishi Corporation 5.0%
The Bank of New York Mellon Corporation 2.5%
Liberty Global PLC 1.4%

Fund Info

Series Net Asset Value Per Unit Management Fee Performance Fee Series Start Date
Portland North American Alternative Fund - Series A $12.1958 1.75% 10% above high water mark Apr. 17, 2020
Portland North American Alternative Fund - Series F $12.3806 0.75% 10% above high water mark Apr. 17, 2020
Fund Brief

Fund Details

Fund Net Assets $3.2 million
CIFSC* Asset Class Alternative Equity Focused
Risk Tolerance Medium
MER5 Series A: 2.8%, Series F: 1.6%

Investment Objective

  • The Fund’s objective is to achieve, over the long-term, preservation of capital and a satisfactory return through focused investing in long security positions.
  • 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

Active management of equities to potentially enhance returns

  • Active management of leverage – up to 50% of net assets
  • Focused number of equity holdings
  • Willingness to hold cash and hedge currency
  • Objectives:
    • Preservation of capital
    • Satisfactory long-term total returns

Potential Risks

  • The Manager believes the following risks may impact the performance of the Fund: equity risk, leverage risk, concentration risk and currency 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.

4. Annualized.

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 8.1% and 7.2% for Series A and Series F, respectively, as at March 31, 2021.

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.

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 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.