Portland Special Opportunities Fund
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.
As at July 31, 2020
|3 Months||6 Months||1 Year||3 Year1||Since Inception1|
|Portland Special Opportunities Fund - Series A*||(1.6%)||1.1%||-||-||(4.5%)|
|Portland Special Opportunities Fund - Series F*||(1.5%)||1.4%||-||-||(3.5%)|
|S&P Global 1200 Index*||3.2%||8.4%||-||-||7.2%|
Fund Information by Series
|Net asset value per unit (CAD$)||$44.3307||$45.5672|
|Min. initial investment, accredited investors4||$10,000||$10,000|
|Min. initial investment, non-individuals5||$150,000||$150,000|
|Min. subsequent investment||$500||$500|
|Fund Assets||$10.9 million|
|Inception Date||December 14, 2017|
|Fund Type||Alternative Strategies|
|Offer document||Offering Memorandum|
|Legal type||Unit Trust|
|Eligible for registered plans||Yes|
|Eligible for PAC Plans||Yes|
|Purchases and redemptions||Quarterly|
|Notice period for redemptions||60 days|
|Redemption fee||Within 60 months - 5%|
|Manager||Portland Investment Counsel Inc.|
|Specialty Investment Manager||EnTrust Global or its affiliates|
|External Portfolio Manager||EnTrust Partners LLC or its investment advisory affiliate|
|Administrator||CIBC Mellon Global Securities Services Company|
|Prime broker||RBC Dominion Securities Inc.|
|Custodian||CIBC Mellon Trust Company|
The investment objective of the Fund is to provide above average long-term returns by investing directly or indirectly, in strategies managed by EnTrust Global or its affiliates.
How The Fund is Managed
The Manager intends to invest in alternative strategies through pooled investment vehicles and/or separately managed accounts managed by EnTrust Global. The strategy intends to be focused on investments in the following:
Initially invest in EnTrustPermal Special Opportunities Fund IV Ltd. ("EPSO4").
Short-term marketable securities such as treasury bills, bankers acceptances and commercial paper or cash, particularly pending capital calls from EPSO4.
EnTrust Global Alternative Core Separately Managed Account based on EnTrust Global Alternative Core Fund subject to any regulatory or tax restrictions.
Subsequent offering and strategies of EnTrust Global on a direct or indirect basis.
Key Reasons To Invest
Through its investments in Special Opportunities mandates, EnTrust Global provides opportunity to:
CO-INVEST with some of the world’s largest alternative strategies managers.
ACCESS the expertise of EnTrust Global, one of the largest alternative strategies investors globally, in vetting and selecting investment opportunities from among the “best ideas” presented by over 100 managers in EnTrust Global’s global stable manager universe and beyond.
SELECT investments in less efficient and dislocated markets where a catalyst can be held or controlled to unlock substantial value.
BENEFIT from superior cost economics generated by EnTrust Global’s scale and operational expertise.
Units are being offered on a continuous basis to investors resident in the Provinces or Territories of Canada who (a) are accredited investors, (b) who invest a minimum of $150,000 in the Fund, or (c) to whom Units may otherwise be sold.
The Manager has designated three series of Units which are currently being offered:
Series A Units are available to all investors who invest a minimum of $10,000 and who meet the minimum investment criteria.
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 meet the minimum investment criteria.
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 Agreement
The Manager believes the following risks are key to the performance of the Fund: consequences of failure to satisfy capital calls, interest rate changes, credit risk, currency risk, market risk, liquidity risk and event driven risks. This activist investment strategy may require, among other things: (i) that the EnTrust Manager properly identify portfolio companies whose securities prices can be improved through corporate and/or strategic action; (ii) that EPSO4 or subsequent investment acquire sufficient securities of such portfolio companies at a sufficiently attractive price; (iii) that EPSO4 or subsequent investment avoid triggering anti-takeover and regulatory obstacles while aggregating its position; (iv) that management of portfolio companies and other security holders respond positively to the EnTrust Manager’s proposals; and (v) that the market price of a portfolio company’s securities increases in response to any actions taken by portfolio companies. There can be no assurance that any of the foregoing will succeed. Please read the “Risk Factors” sections in the Offering Memorandum for a more detailed description of all the relevant risks.
* As the most recent valuation date did not fall on the last day of the quarter, performance for the typical time periods is not readily available.
2 Generally only available through dealers who have entered into a Portland Series F Dealer Agreement.
3 Generally available to institutions or certain investors who invest a minimum of $500,000.
4 Accredited Investors as defined under National Instrument 45-106.
5 For investors who are not Accredited Investors, the additional investment must be in an amount that is not less than $500 if the investor initially acquired Units for an acquisition cost of not less than $150,000 and, at the time of the additional investment, the Units then held by the investor have an acquisition cost or a net asset value equal to at least $150,000, or another exemption is available.
Effective the end of business day on July 31, 2020, Portland Value Plus Fund was merged into Portland Special Opportunities Fund.
The PORTLAND SPECIAL OPPORTUNITIES FUND (the “Fund”) is not publicly offered. It is only available under Offering Memorandum and other 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.
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. 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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