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Winnipeg, MB R3C 3R8
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Terms & Conditions

Disclaimer

Information about specific issuers of securities has been made available by Value Partners Investments Inc. for the sole purpose of providing additional background information on the holdings in the Value Partners Pool(s) and is not intended to be investment advice about the merits of investing directly in these issuers. This information is based on information that is publicly available or that has been provided to Value Partners Investments Inc. by the portfolio managers of the Pools.

The complete holdings of a Pool are disclosed in its Statement of Investment Portfolio semi-annually. On a quarterly basis, each Pool discloses its top 25 holdings in its Summary of Investment Portfolio. Both these documents are available on our website. Value Partners Investments Inc. is a registered investment fund manager and has engaged registered portfolio managers to make decisions about the investments made by each Pool – these investment decisions are not made by Value Partners Investments Inc.

The information provided does not constitute individual, legal, investment or tax advice about any of the Pools or the issuers discussed therein. Please consult your own legal, investment and/or tax advisor prior to making a decision to invest in the Pools. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund facts documents and the prospectus of the Pools before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

VPI Income Pool Sustainable Income, Opportunity for Growth

Resources:

Investment Objectives


Capital Preservation

At VPI, we believe the best way to preserve capital is by purchasing quality assets at attractive prices. Temporary losses of asset values are anticipated and are an unavoidable consequence of fluctuating equity and bond markets. We strive instead to avoid permanent losses of capital, which are largely the result of buying inferior assets and/or paying too high a price for assets.


Sustainable Income

We define sustainable income as a return on your capital and not a return of your capital. In other words, the income stream of the VPI Income Pool will be a function of the true yield of the portfolio less applicable expenses, and not a return that erodes your invested capital to meet a predetermined payout. Essentially, the Pool will only pay out what it has truly earned.


Growth of Capital

Long-term growth of capital is achieved by purchasing quality assets at a discount and by employing a disciplined and repeatable investment process that supports this type of purchasing behaviour.

The purchase decision is key. It is easy to buy a popular investment at a steep price or a poor investment cheaply. It is central to our investing success to buy securities when they are out of favour and priced cheaply compared to their ongoing cash flows.

- Canso Investment Counsel Ltd.

Asset Allocation Strategy

The Classic Approach

At all times, the VPI Income Pool (the pool) requires an asset allocation with a minimum of 25% Fixed Income and a minimum of 25% Equities.

25% Bonds / Cash
Flexible Based on Quality of Opportunities
25% Businesses

The Mechanics

As the principal portfolio manager, if Patient Capital identifies high quality businesses at attractive prices, the asset weighting of the Pool will shift towards the ownership of more equities, to a maximum of 75%.

25% Bonds / Cash
75% Businesses

On the other hand, if Patient Capital cannot identify investments that meet its rigorous standards for value and quality, greater responsibility transfers to Canso and the asset weighting of the Pool will shift towards more fixed income, to a maximum of 75%.

75% Bonds / Cash
25% Businesses
VPI Income Pool Bond Credit Ratings

VPI Income Pool Bond Credit Ratings
Bond Credit RatingsAllocation
AA & Higher31.9%
BB & Lower27.5%
A26.3%
BBB10.7%
No Rating3.6%
VPI Income Pool Asset Class Weighting

VPI Income Pool Asset Class Weighting
Asset ClassAllocation
Bonds59.1%
Equities26.8%
Mortgages8.2%
Cash & Equivalents5.7%

Businesses

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Information about specific issuers of securities has been made available by Value Partners Investments Inc. (Value Partners) for the sole purpose of providing additional background information on the holdings in the VPI Income Pool (the Pool) as of September 30, 2017, and is not intended to be investment advice about the merits of investing directly in these issuers. This brochure has been prepared based on information that is publicly available or that has been provided to Value Partners by the portfolio managers of the Pool.

The complete holdings of the Pool are disclosed in its Statement of Investment Portfolio semi-annually. On a quarterly basis, the Pool discloses its top 25 holdings in its Summary of Investment Portfolio. Both these documents are available on our website at www.valuepartnersinvestments.ca. Value Partners is a registered investment fund manager and has engaged Patient Capital Management Inc. and Canso Investment Counsel Ltd., registered portfolio managers, to make decisions about the investments made by the Pool–these investment decisions are not made by Value Partners.

The information provided does not constitute individual, legal, investment, or tax advice about the Pool or the issuers discussed therein. Please consult your own legal, investment, and/or tax advisor prior to making a decision to invest in the Pools. Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the fund facts document and the prospectus before investing. The indicated returns represent historical monthly compounded total returns, including changes in share or unit value and reinvestment of all 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. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.