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 Stefanescu, CFA, MBA
Portfolio Manager

Dragos brings a plethora of wealth management experience including 16 years with the Ontario Teachers’ Pension Plan.


fund details
Fund Net Assets $28.7 million
CIFSC* Asset Class Canadian Equity Balanced
Risk Tolerance Low to Medium

Investment Objective

The Fund's objective is to provide positive long-term total returns, consisting of both income and capital gains by investing primarily in a portfolio of fixed income and Canadian equity securities.

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 asset allocation between equities, fixed income and cash
  • Active management of equities to enhance returns
  • Focused number of equity holdings
  • Willingness to hold cash and hedge currency
  • Objectives (in Canadian Equity Balanced category):
    • Preservation of capital
    • Satisfactory long-term total returns


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 “What are the risks of investing in the Fund?” section in the Simplified Prospectus for a more detailed description of all the relevant risks.

Asset allocation
As at April 30, 2020
Canadian Equity 34.6%
Cash & Other Net Assets (Liabilities)1 28.2%
Foreign Equity 27.0%
Canadian Fixed Income 10.2%

sector allocation
As at April 30, 2020
Financials 35.2%
Cash & Other Net Assets (Liabilities)1 28.2%
Communication Services 15.5%
Exchange Traded Funds 10.2%
Consumer Discretionary 8.9%
Industrials 2.0%

Top Holdings²
As at April 30, 2020

Cash & Cash Equivalents 28.1%
Magna International Inc. 8.9%
SoftBank Group Corp. 8.7%
Citigroup Inc. 8.0%
The Toronto-Dominion Bank 7.1%
Canadian Imperial Bank of Commerce 6.9%
CenturyLink Inc. 6.8%
The Bank of Nova Scotia 6.8%
BMO Laddered Preferred Share Index ETF 5.1%
Bank of Montreal 4.9%
iShares S&P/TSX Canadian Preferred Share Index ETF 3.1%
Westinghouse Air Brake Technologies Corporation 2.0%
Horizons Active Preferred Share ETF 2.0%
Berkshire Hathaway Inc. 1.5%
fund codes
Fund Name
Code - Initial Sales Charge
Code - DSC
Code - LL
Portland Canadian Balanced Fund
Portland Canadian Balanced Fund

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.

On April 17, 2020, Portland Canadian Balanced Fund was merged with Portland Canadian Focused Fund such that unitholders of Portland Canadian Focused Fund became unitholders of Portland Canadian Balanced Fund.

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