Portland Canadian Balanced Fund    

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.


portfolio manager
Dragos Berbecel, CFA, MBA
Portfolio Manager

Dragos has 18 years of experience, both as an investment professional and a business executive.


fund details
Fund Net Assets $12.0 million
CIFSC* Asset Class Canadian Equity Balanced
Risk Tolerance Low to Medium

KEY reasons to invest
  • Fund objectives are:
    • Preservation of capital
    • Positive long-term total returns
    • Income generation

how the fund is managed
  • Active asset allocation
  • Active management of equities to enhance returns
  • Focused number of equity holdings
  • Passive management of fixed income for diversification
  • Willingness to hold cash and hedge currency
  • Objectives (in Canadian Equity Balanced category):
    • Preservation of capital
    • Positive long-term total returns
    • Income generation


The Manager believes the following risks may impact the performance of the Fund: concentration risk, currency risk, equity risk and debt securities risk. Please read the “Risk Factor” section in the Simplified Prospectus for a more detailed description of all the relevant risks.

ASSET allocation
As at February 29, 2020

sector allocation
As at February 29, 2020

Top Holdings²
As at February 29, 2020

Cash & Cash Equivalents 27.1%
Magna International Inc. 9.3%
Citigroup Inc. 9.2%
Royal Bank of Canada 7.9%
The Bank of Nova Scotia 7.7%
The Toronto-Dominion Bank 7.7%
Canadian Imperial Bank of Commerce 7.6%
Walgreens Boots Alliance, Inc. 7.0%
The Goldman Sachs Group, Inc. 6.5%
SoftBank Group Corp. 3.6%
Horizons Active Preferred Share ETF 3.5%
iShares S&P/TSX Canadian Preferred Share Index ETF 3.5%
BMO Laddered Preferred Share Index ETF 3.5%
Bank of Montreal 2.3%
Berkshire Hathaway Inc. 1.4%
fund codes
Fund Name Series Code - Initial Sales Charge Code - DSC Code - LL
Portland Canadian Balanced Fund
300 305 310
Portland Canadian Balanced Fund
002 n/a n/a

- Fundserv Management Company Code: “PTL”


* Canadian Investment Funds Standards Committee

** Investment grade means BBB- or higher

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 Effective April 30, 2018, the Fund’s benchmark was changed from a broad-based benchmark, the S&P/TSX Composite Total Return Index to a blended benchmark of 60% S&P/TSX Composite Total Return Index and 40% iShares Core Canadian Universe Bond Index ETF TR. This change in benchmark is to align better our approach to rating the Fund’s risk and return with its underlying investments.

6 Portland Canadian Balanced Fund won a FundGrade A+ Award in the Canadian Equity Balanced category for the period ending December 31, 2019, out of 308 funds considered. The FundGrade Start Date for Portland Canadian Balanced Fund is January 31, 2013. FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. FundGrade ratings are subject to change monthly. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.


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. 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 and the Clock Tower Design are registered trademarks of Portland Holdings Inc. used under licence by Portland Investment Counsel Inc.