Portland Value Plus 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.


As at July 31, 2020

Series Series Start Date Net Asset
Value Per Unit
(as at July 31, 2020)
Portland Value Plus Fund - Series A (CAD) Jan. 30, 2015 $5.0738
Portland Value Plus Fund - Series F (CAD) Jan. 30, 2015 $4.8247
Series 1 Month 3 Months 6 Months 1 Year 3 Years1 5 Years1 Since Inception1
Portland Value Plus Fund - Series A 1.4 (1.1%) (39.9%) (40.1%) (23.1%) (21.9%) (24.8%)
Portland Value Plus Fund - Series F 1.5% (0.8%) (39.5%) (39.4%) (22.3%) (21.0%) (24.0%)
S&P Global 1200 Index2 3.2% 8.4% 0.7% 10.0% 10.5% 8.9% 9.7%

Geographic Allocation3
As at July 31, 2020

Cayman Islands 100.0%

Sector Allocation3
As at July 31, 2020

Private/Alternative Funds 100.0%

Top Holdings4
As at July 31, 2020

EnTrustPermal Special Opportunities Fund IV Ltd. 98.0%
Cash & Cash Equivalents 2.0%

Fund Information by Series

Fund Information Series
A F5 N
Min. initial investment, accredited investors6 $2,500 $2,500 $2,500
Min. initial investment, non-individuals7 $150,000 $150,000 $150,000
Min. subsequent investment $500 $500 $500
Management fee 2.00% 1.00% 2.00%
Merger Update Fund Brief

Fund Details

Introduction Date January 30, 2015
Fund Type Alternative Strategies
Offer document Offering Memorandum
Legal type Unit Trust
Eligible for registered plans Yes
Eligible for PAC Plans Yes, monthly minimum of $500
Purchases and redemptions Monthly
Valuation Frequency Monthly
Minimum investment term None
Notice period for redemptions None
Redemption fee None
Transaction processing Fundserv
Administrator CIBC Mellon Global Securities Services Company
Prime broker RBC Dominion Securities Inc.
Auditor PricewaterhouseCoopers LLP

Investment Objective

The investment objective of the Portland Value Plus Fund is to achieve and above average rate of return over the long term.

How The Fund is Managed

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

  • focused portfolio (generally no more than 15 names).
  • Emphasis on companies which resemble private businesses.
  • Investments selected from liquid, large cap stocks, domiciled in long-term growth industries.
  • Buying companies which we believe are undervalued.
  • Holdings may also have the potential of increased returns due to activist investor campaigns.
  • Using leverage to enhance long-term capital appreciation and dividends.

Activist Investing

The Fund is expected to leverage activist investing select ideas.

Activist investors:

  • Are value investors with a push; looking for opportunities to demand a change in a company’s strategy in order to unlock shareholder value.
  • Achieve their goals by cooperating with other institutional investors, acquiring board representation and/or changing the management of the target company.
  • Instead of speculating about future performance, activists are pushing for change to drive future performance.

Access to low cost borrowing

Benefiting from the Portland family office’s financial strength and reputation, the Portland Value Plus Fund has access to attractive low cost of borrowing.

The Portland Value Plus Fund will utilize this low cost of borrowing to potentially enhance capital gains and income.

The Offering

  • Please see the Offering Memorandum for fees and specific details on the offering.
Offering Memorandum Subscription Agreement

Potential Risks

  • The Manager believes the following risks are key to the Fund’s performance: leverage, interest rate changes, dividend yields, highly volatile markets and equity risk. Please read the “Risk Factors” section in the Offering Memorandum for a more detailed description of all the relevant risks.


Effective the end of business day on July 31, 2020, Portland Value Plus Fund (formerly known as Portland Advantage Plus - Value Fund) merged into Portland Special Opportunities Fund. The conversion rate was 0.114453 for Series A and 0.105881 for Series F.

1. Annualized.

2. 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 returns 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.

3. Values are shown as a percentage of total assets (portfolio investments) and does not take into account other net assets (liabilities).

4. Values are shown as a percentage of net asset value and does not take into account other net assets (liabilities).

5. Generally available through dealers who have entered into a Portland Series F Dealer Agreement.

6. Accredited Investors as defined under National Instrument 45-106.

7. For investors who are not Accredited Investors, the additional investment must be in an amount that is not less than $500 if the investor initially acquired Units for an acquisition cost of not less than $150,000 and, at the time of the additional investment, the Units then held by the investor have an acquisition cost or a net asset value equal to at least $150,000, or another exemption is available.

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. Please read the “Risk Factors” section in the Offering Memorandum for a more detailed description of all the relevant risks.

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 Portland Value Plus Fund (the “Fund”) 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 Fund 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 Fund 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.

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