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Portland Focused Plus Fund LP


portfolio manager
James Cole, BA, CFA
Senior Vice President and Portfolio Manager

James has 33 years of investment experience including 24 years as a portfolio manager responsible for Canadian and U.S. equities.

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how the fund is managed

To achieve this investment objective, the Manager will employ the following core techniques:

  • Focused investing in a limited number of long securities positions; and
  • Leverage by purchasing securities on margin.

To a lesser extent, the following techniques may also be used on an opportunistic basis in order to meet the LP’s investment objective:

  • Derivatives may be used to limit or hedge potential losses associated with currencies, specific securities, stock markets and interest rates or to generate income.
  • Short sale positions may be used to profit from the expected decline in valuations of overvalued securities or to hedge the LP’s long positions.
  • The LP may also invest in preferred shares and debt securities including convertibles, corporate and sovereign debt.
  • In addition, the LP may obtain exposure to securities through investing in underlying investment funds. Including mutual funds, investment funds and exchange-traded funds.
  • The LP may hold cash in short-term debt instruments, money market funds or similar temporary instruments pending full investment of the LP’s capital and at any time deemed appropriate by the Manager.
  • The LP has no geographic, industry sector, asset class or market capitalization restrictions.
  • There is no restriction on the percentage of the Net Asset Value of the LP which may be invested in the securities of a single issuer.

POTENTIAL RISKS

The Manager believes that the following risks may impact performance of the Fund: concentration, leverage, currency and exchange rate risk and equity risk. Please read the “Risk Factors” section in the Offering Memorandum for a more detailed discussion of the relevant risks.


fund details
- As at April 30, 2017
Fund net assets $28.9 million
Introduction Date October 31, 2012
Fund type Alternative Strategies
Offer document Offering Memorandum
Legal type Limited Partnership
Eligible for registered plans No
Purchases and redemptions Monthly
Minimum investment term None
Notice period for redemptions None
Redemption fee None
Performance fee 10% of the amount above the high water mark
Transaction processing Fundserv

investment objective
  • Preservation of capital
  • Satisfactory return


THE OFFERING

Units are being offered on a continuous basis to investors resident in in the Provinces or Territories of Canada who (a) are accredited investors, (b) non-individuals who invest a minimum of $150,000 in the LP, or (c) to whom Units may otherwise be sold.

The Manager has designated four series of Units, which are currently being offered:

  • Series A Units are available to all investors who invest a minimum of $2,500 and who meet the minimum investment criteria .
  • Series F Units will generally only be issued to investors who invest a minimum of $2,500, who purchase their Units through a fee-based account with their registered dealer and meet the minimum investment criteria.
  • Series M Units will be issued to investors who make an initial investment of $1,000,000 or more.
  • Series P Units will be issued to investors who make an initial investment of $1,000,000 or more.
  • Please see the Offering Memorandum for fees and specific details.
OFFERING MEMORANDUM
PARTNERSHIP AGREEMENT
fund facts by series
- As at April 30, 2017
Series A F M P
Net asset value per unit $122.0779 $127.4712 $140.0075 $131.2789
High water mark $122.2493 $127.5383 N/A $131.3200
Min. initial investment, accredited investors $2,500 $2,500 $1,000,000 $1,000,000
Min. initial investment, others $150,000 $150,000 N/A N/A
Min. subsequent investment $500 $500 $500 $500
Management fee 2.00% 1.00% 1.00% N/A
Performance fee 10% 10% N/A 10%
financial reports

Annual Letter 2016PDF

Annual Letter 2015PDF

Annual Letter 2014PDF

Annual Letter 2013PDF

Financial Statements 2016PDF

Financial Statements 2015PDF

Financial Statements 2014PDF

Financial Statements 2013PDF

Financial Statements 2012PDF

fund codes
Fund Name Series A Series F Series M Series P
Portland Focused Plus Fund LP
PTL600
PTL005 PTL055 PTL054

DISCLAIMER

* Annualized, Series F units

** The S&P 500 Index is shown in U.S. dollars rather than in Canadian dollars since the Fund generally hedges its exposure to the U.S. dollar.

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 LP 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 LP 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 LP 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. Portland Investment Counsel Inc. has not independently verified all the information and opinions given in this material. Accordingly, no representative or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this material.

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