Portland 15 of 15 Fund

portfolio manager
Michael Lee-Chin, B.Eng., LLD (Honorary)
Executive Chairman, Chief Executive Officer and Portfolio Manager

Mr. Lee-Chin has over 35 years industry experience.


portfolio manager
Dragos Berbecel, CFA, MBA
Portfolio Manager

Dragos Berbecel has 20 years of experience, both as an investment professional and a business operator.


fund details
Fund Net Assets $1.5 million
CIFSC* Asset Class Global Equity
Risk Tolerance Low to Medium

FUND UPDATE Portland Investment Counsel Inc. Leads Investment in Telix Pharmaceuticals Limited via Private Placement

KEY reasons to invest
  • Close adherence to a set of 15 investment criteria, including 5 laws of wealth creation and 10 attributes of successful businesses.
  • Founder-led companies and companies with a high degree of ownership engagement tend to outperform over the long run.
  • Experienced management team has studied wealth creation and practiced focused investing since 1986.

how the fund is managed
  • The investable universe, primarily North American listed equity securities, are screened for adherence to the 15 investment criteria.
  • Investment decisions incorporate fundamental analysis and valuation considerations.
  • Investments are managed with a long term focus.

The 15 criteria for
Wealth Creation

portfolio composition
  • Concentrated portfolio that invests primarily in North American equity securities.
  • Quality companies which are growing, profitable, stable and shareholder friendly.
  • Businesses which are owner operated, that have concentrated ownership, that employ autocratic and/or entrepreneurial management, that have low management turnover, that have long term business goals and whose value is driven by fundamentals.
  • Seeking reasonable diversification in the context of a focused strategy (generally 10 to 20 investments), which should limit variability of returns.


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

geographic allocation
As at February 29, 2020

sector allocation
As at February 29, 2020

Top Holdings
As at February 29, 2020

Cash & Cash Equivalents 45.8%
Telix Pharmaceuticals Limited 8.8%
Berkshire Hathaway Inc. 7.5%
Brookfield Asset Management Inc. 6.2%
Linamar Corporation 5.5%
Danaher Corporation 5.2%
Alphabet Inc. 4.8%
Fortis, Inc. 4.7%
Facebook, Inc. 4.3%
Fortive Corporation 3.8%
Oracle Corporation 3.5%
fund codes
Fund Name Series Code - Initial Sales Charge Code - DSC Code - LL
Portland 15 of 15 Fund
215 315 415
Portland 15 of 15 Fund
115 n/a n/a

- Fundserv Management Company Code: “PTL”


* 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. Effective April 30, 2018, the Fund’s benchmark was changed from MSCI Total Return World Index to S&P 500 Total Return Index. This change in benchmark is to align better our approach to rating the Fund’s risk and return with its underlying investments.


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, PORTLAND INVESTMENT COUNSEL and the Clock Tower Design are registered trademarks of Portland Holdings Inc. Used under licence by Portland Investment Counsel Inc.