Portland 15 of 15 Alternative Fund

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lee-chin

Portfolio Manager

Michael Lee-Chin, B.Eng., LLD (Honorary)
Executive Chairman, Chief Executive Officer and Portfolio Manager
Mr. Lee-Chin has over 40 years industry experience.

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lee-chin

Portfolio Manager

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

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lee-chin

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.

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Performance
As at November 30, 2024

Series Year to Date 1 Month 3 Months 1 Year 3 Years4 Since Inception4
Portland 15 of 15 Alternative Fund - Series A 51.88% 7.87% 18.16% 58.46% 19.83% 19.19%
Portland 15 of 15 Alternative Fund - Series F 53.29% 7.95% 18.43% 59.98% 21.00% 20.35%
MSCI USA Index CAD* 35.79% 6.69% 11.82% 38.22% 13.72% 19.15%

Geographic Allocation

Australia 43.67%
United States 33.26%
Canada 10.24%
Panama 5.86%
France 5.25%
India 2.07%
Cash & Cash Equivalents 0.69%
Other Net Assets (Liabilities)1 (1.04%)

Sector Allocation

Health Care 48.05%
Financials 31.32%
Consumer Discretionary 9.66%
Utilities 7.80%
Industrials 3.52%
Cash & Cash Equivalents 0.69%
Other Net Assets (Liabilities)1 (1.04%)

Top Holdings2

Telix Pharmaceuticals Limited 35.20%
Berkshire Hathaway Inc., Class B 15.33%
Clarity Pharmaceuticals Limited 8.47%
Oklo Inc. 7.80%
Brookfield Corporation 6.24%
Carnival Corporation 5.86%
Danaher Corporation 4.38%
Brookfield Asset Management Ltd. 4.00%
LVMH Moet Hennessy Louis Vuitton SE, ADR 3.80%
BGC Group, Inc. 3.05%
Ares Management Corporation 2.70%
Reliance Industries Ltd. 2.07%
Assystem 1.45%
Cash & Cash Equivalents 0.69%

Fund Info

Series Net Asset Value Per Unit Management Fee Performance Fee Series Start Date
Portland 15 of 15 Alternative Fund - Series A $14.6025 1.75% 10% above high water mark Apr. 20, 2020
Portland 15 of 15 Alternative Fund - Series F $16.2185 0.75% 10% above high water mark Apr. 20, 2020

Oklo and Switch Form Landmark Strategic Relationship to Deploy 12 Gigawatts of Advanced Nuclear Power, One of the Largest Corporate Clean Power Agreements Ever Signed

Clarity Pharmaceuticals Expands Pipeline with a Novel FAP-Targeted Radiopharmaceutical

Telix Pharmaceuticals Limited (Telix) announced that the U.S. Food and Drug Administration (FDA) has accepted Telix’s New Drug Application (NDA) for TLX101-CDx (Pixclara®), a brain cancer imaging agent for glioma, granting it priority review.

Telix Pharmaceutical Limited (Telix) has filed a Form 20-F registration statement with the U.S. Securities and Exchange Commission (SEC) to list American Depository Shares (ADS) on the Nasdaq Stock Market under the ticker symbol “TLX.”

Clarity Receives FDA Fast Track Designation For 64Cu-SAR-bisPSMA

Telix Provides Updates on BLA Filing for Renal Cancer Imaging Agent TLX250-CDx

Telix Pharmaceuticals Limited (“Telix”) has announced its acquisition of ARTMS Inc. (“ARTMS”), a radioisotope production technology firm based in Burnaby, British Columbia, Canada. The acquisition includes ARTMS’ advanced isotope production platform and manufacturing plant.

First Patient Dosed in European Early Access Program for Telix’s Imaging Agent for Kidney Cancer

Telix announced the initiation of the Phase III ProstACT GLOBAL study, marking a significant milestone as the first patient received dosing for the investigational prostate-specific membrane antigen (PSMA) targeting therapy – TLX591.

On August 28, 2023, Danaher announced a definitive agreement to acquire Abcam plc (“Abcam”), a leading global supplier of protein consumables.

On June 21, 2023, Telix announced entering into an agreement to acquire Lightpoint Medical (Lightpoint) along with its SENSEI® radio-guided surgery business.

On June 8, 2023, Telix has officially opened Telix Manufacturing Solutions, the Company’s new, state-of-art, radiopharmaceutical production facility.

Telix Pharmaceuticals Limited (“Telix”) – On April 16th 2023, Telix issued its Appendix 4C quarterly cash flow statement and accompanying Activities Report for the quarter ended March 31st, 2023 with total revenue for the quarter reaching AU$100.1 million.

Brookfield Asset Management Inc. (“Brookfield”) – On October 11, 2022, Brookfield Renewable Partners (“BEP”) and Cameco Corporation (“Cameco”) announced their plans to acquire Westinghouse Electric Company (“Westinghouse”) from Brookfield Business Partners (“BBU”). BEP and Brookfield affiliates will own a 51% interest in Westinghouse, and Cameco will own 49%.

Telix Pharmaceuticals Limited (“Telix”) – reported an encouraging start in the rollout of Illuccix® (kit for the preparation of gallium-68 gozetotide (also known as PSMA-11) injection), a prostate-specific membrane antigen based imaging modality.

On May 12, 2022, as part of its first quarter of 2022 financial report, Brookfield Asset Management Inc. confirmed its plans to publicly list its asset management business.

Telix announced that the U.S. Food and Drug Administration (FDA) has approved Illuccix® which is a kit for the preparation of gallium-68 (68Ga) gozetotide (also known as PSMA-11) injection.

Telix announced that the Australian Therapeutic Goods Administration (TGA) has approved Illuccix® (Kit for the preparation of 68Ga PSMA-11 Injection) a positron emission tomography (PET) agent for the diagnostic imaging of men with prostate cancer.

Danaher Corporation, a leading provider of medical equipment and a holding of Portland 15 of 15 Alternative Fund, announced the acquisition of Aldevron for US$9.6 billion.

Ares Management Corporation, a leading alternative asset manager and a holding of Portland 15 of 15 Alternative Fund, announced the acquisition of Black Creek Group, a leading real estate investment management firm, with approximately US$11.6 billion of assets under management.

On Monday March 1, Altice USA announced it has entered into a definitive agreement to acquire the assets of Morris Broadband, LLC.

Reliance Industries Limited – Reliance Strategic Business Ventures Limited, a wholly owned subsidiary of Reliance Industries Limited, announced that it has acquired additional equity stake in its investee company skyTran Inc. for a consideration of US$26.76 million increasing its shareholding to 54.46% on a fully diluted basis.

On December 18, 2020: Telix Pharmaceutical’s Gallium-PSMA imaging modality for prostate cancer is used in the Food and Drug Administration (FDA) approved research at the University of California, Los Angeles (UCLA) and the University of California, San Francisco (UCSF).

November 30, 2020: Telix Pharmaceuticals announced the acquisition of TheraPharm GmbH, a Swiss-German biotechnology company developing innovative diagnostic and therapeutic solutions in the field of hematology.

On November 5, 2020, Reliance Industries and Reliance Retail Ventures Limited (“RRVL”) announced that The Public Investment Fund (“PIF”) of Saudi Arabia will invest approximately US$1.3 billion for an equity stake of 2.04% into RRVL, a subsidiary of Reliance Industries. This investment values RRVL at a pre-money equity value of approximately US$62.4 billion.

On October 6, Reliance Industries Limited announced that a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), will invest US$750 million into Reliance Retail Ventures Limited (RRVL), a subsidiary of India’s Reliance Industries. ADIA’s investment will translate into a 1.20% equity stake in Reliance Retail Ventures on a fully diluted basis.

On October 6, 2020, Telix announced the granting of Orphan Drug Designation (ODD) by the U.S. FDA (Food and Drug Administration) for its PET (positron emission tomography) imaging agent 18F-FET (O-(2-[18F]fluoroethyl)-L-tyrosine) for glioma.

On September 9, Reliance Industries Ltd. and Reliance Retail Ventures Ltd. announced that Silver Lake Partners has agreed to invest INR75 billion (US$1.02 billion) in the retail arm of Reliance Industries Ltd.

Altice USA, Inc. - Altice USA announced today that it has presented an offer to Cogeco Inc. and Cogeco Communications Inc. to acquire 100% of the issued and outstanding shares of Cogeco.

Brookfield Asset Management Inc. – On August 26, 2020, Brookfield Asset Management, a leading global alternative asset manager, announced the appointment of Mark Carney, former head of the Bank of Canada and the Bank of England, in an executive capacity with focus on ESG (environmental, social and governance) investing and impact fund investing.

Altice USA, Inc. announced that it has agreed to sell 49.99% of its Lightpath fiber enterprise business to Morgan Stanley Infrastructure Partners (MSIP) for an implied enterprise value of $3.2 billion.

BP plc and Reliance Industries Limited announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility Limited.

Reliance Industries Limited announced that it has raised over US $22.2 billion in just 58 days.

Reliance Industries Limited and Jio Platforms Limited announced that KKR will invest approximately $1.5 million into Jio Platforms for a 2.32% equity stake on a fully diluted basis.

Facebook, Inc. announced its biggest move into e-commerce to date, branded Facebook Shops

Reliance Industries Limited, Jio Platforms Limited and Facebook Inc. announced the signing of a binding agreement for an investment by Facebook in Jio Platforms.

Reliance Industries Ltd. and Jio Platforms Ltd. announced an investment of $873 million by General Atlantic, a leading global growth equity firm.

True to its contrarian investing reputation, on May 7, 2020, Brookfield Asset Management Inc. (“Brookfield”) announced the launch of a $5 billion retail revitalization program.

n May 7, 2020, Reliance Industries Limited and Jio Platforms Limited announced that Vista Equity Partners (“Vista”) will invest approximately USD$1.5 billion into Jio Platforms.

Reliance Industries Limited and Jio Platforms Limited announced that Silver Lake will invest approximately USD753 million into Jio Platforms.


Fund Brief Presentation Investors Manual Principles Matter

Fund Details

Fund Net Assets $55.1 million
CIFSC** Asset Class Alternative Equity Focused
Risk Tolerance Medium
MER5 Series A: 2.53%, Series F: 1.42%

Investment Objective

  • The Fund’s objective is to provide positive long-term total returns by investing primarily in a portfolio of global equities and debt-like securities. In selecting its investment, the Fund considers 15 principles/attributes which the Manager believes will result in successful wealth creation.
  • The Fund may also engage in borrowing for investment purposes.

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

  • The investable universe, primarily U.S. listed equity securities, is reviewed for the 15 investment criteria.
  • Investment decisions incorporate fundamental analysis and adhere to a value discipline.
  • Investments are managed with a long term focus.
  • The result is a low turnover, concentrated portfolio.
  • The Fund’s holdings are what we believe to be quality companies which are growing, profitable, stable and shareholder friendly.
  • The Fund’s investments are concentrated in, but not limited to, the financial services, healthcare and technology sectors.

Potential Risks

  • The Manager believes the following risks may impact the performance of the Fund: concentration risk, currency risk, equity risk and leverage 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.

More Resources

Fund Name Series A Series F3
Code - Initial
Sales Charge 		Code - DSC Code - LL
Portland 15 of 15 Alternative Fund PTL524 PTL522 PTL523 PTL009

Disclosure

* Since the Fund does not necessarily invest in the same securities as the benchmark or in the same proportion, the performance of the Fund may not be directly comparable to the benchmark. In addition, the Fund’s performance returns may reflect the use of leverage. The use of a benchmark is for illustrative purposes only, and is not an indication of performance of the Fund.

** 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. MER or management expense ratio is presented excluding performance fees and is after absorptions as at March 31, 2024. MER is updated on a semi-annual basis and the Manager may absorb operating expenses of the Fund at its discretion but is under no obligation to do so. The MER including performance fees and absorptions was 5.72% and 4.61% for Series A and Series F, respectively, as at March 31, 2024.

RISK TOLERANCE

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.

Use of any third party quotations or images does not in any way suggest that the person and or company endorses Portland Investment Counsel Inc. (“Portland”) and/or its products.

Use of any third party material may not reflect the views and opinions of Portland. Portland makes no representation or warranty, express or implied, in respect thereof, takes no responsibilities for errors and omissions contained herein and accepts no liability whatsoever for any loss arising from any use of, or reliance on, this material or its content.

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, tax or financial advice. Any reference to a company is for illustrative purposes only; it is not a recommendation to buy or sell a security. 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 is a registered trademark of Portland Holdings Inc. The Unicorn Design is a trademark of Portland Holdings Inc. Used under license by Portland Investment Counsel Inc. Buy. Hold. And Prosper. is a registered trademark of AIC Global Holdings Inc. used under license by Portland Investment Counsel Inc.