Portfolio Reports

  • CCS LP - Series F
  • CCS RRSP Fund - Series F
Cortland Credit
MANAGER
Cortland Credit Group Inc.
FUND INVESTMENT OBJECTIVE
To preserve capital and generate uncorrelated returns that meet or exceed performance targets through cross class, short duration debt investments. The Fund aims to provide a superior fixed income investment vehicle with a distinct debt capital strategy for retail and institutional investors.
FUND DETAILS (As of November 30, 2018)
Date of inception September 9, 2013
AUM $242.28MM
NAV Per Unit $11.7427
Management Fee 0.45%
Operating/Underwriting Expense 1.70%
Latest Distribution $0.0393
Distribution Frequency Monthly
Distributions Since Inception $2.2488
EXPOSURE BY INDUSTRY SECTOR
graph 1
EXPOSURE BY SECURITY TYPE
graph 2
Fundserv CODES
CCSLP - F: CCG100
CCSLP - A: CCG102

Cortland Credit Strategies LP - Series F

Short-Term Private Debt
Performance as of November 30, 2018
Also available in RRSP version
FUND STRATEGY
  • Provide a stable income investment opportunity by acquiring a portfolio of diversified short term private debt, with peripheral exposures to short term Mortgages and public High Yield and Corporate/Government securities
  • Focus on short duration debt instruments to reduce interest rate sensitivity and achieve the Fund’s liquidity objectives
  • Execute origination strategies within robust Portfolio Management Guidelines, Investment Controls and Restrictions to provide prudent diversification while delivering superior risk-adjusted returns
  • Apply stringent investment review platform employing fundamental bottom-up analysis to select only companies with lower risk of default and to maximize protection through the capital structure
CORTLAND CREDIT STRATEGIES LP MONTHLY RETURNS SINCE INCEPTION (%)
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2013 0.24 0.24 0.40 0.33 1.21%
2014 0.48 0.43 0.44 0.42 0.43 0.43 0.47 0.43 0.43 0.44 0.44 0.43 5.40%
2015 0.62 0.36 0.49 0.53 0.43 0.41 0.41 0.41 0.49 0.48 0.46 0.44 5.68%
2016 0.45 0.44 0.54 0.61 0.41 0.49 0.54 0.50 0.48 0.56 0.47 0.52 6.18%
2017 0.50 0.46 0.55 0.51 0.46 0.45 0.42 0.35 0.40 0.62 0.56 0.48 5.92%
2018 0.49 0.45 0.48 0.43 0.43 0.41 0.67 0.52 0.60 0.49 0.49 5.58%
CORTLAND CREDIT STRATEGIES LP PERIODIC AND ANNUALIZED RETURNS
Period 1 mo 3 mo 6 mo 9 mo 1 yr 3 yr 5 yr Inception
Fund Performance 0.5% 1.6% 3.2% 4.6% 6.1% 6.1% 5.8% 5.7%
*All performance shown is the F-Series of the Cortland Credit Strategies LP, net of fees. Returns include changes in the unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution, or optional charges or incomes taxes payable by any unitholder that would have reduced returns.
TOP 10 INVESTMENTS (As of November 30, 2018)
# Type Industry Description # of Obligors Weight
1 Senior Secured Revolver Manufacturing Purchase order and accounts receivable financing for a solar panel manufacturer 62 13%
2 Senior Secured Revolver Information Technology AR financing for Value Added Reseller of sales and related services 243 11%
3 Senior Secured Revolver Wholesale Trade AR factoring for a security equipment distributor 952 6%
4 Senior Secured Revolver Information Technology AR financing of IT products & services 160 5%
5 Senior Secured Term/Demand Real Estate Asset-based lending for the development of real estate 1 5%
6 Senior Secured Revolver Information Technology AR financing for Value Added Reseller of IT products and services 61 5%
7 Senior Secured Bridge Loan Financial Bridge loan on consumer proposal financing 1 4%
8 Warehouse/Fintech Financial Small business loan securitization 226 4%
9 Senior Secured Revolver Financial Receivable financing for transportation factor 1081 4%
10 Senior Secured Bridge Loan Real Estate Mortgage financing 160 2%
Total: 2947 60%
EXPLANATORY INFORMATION
Performance Information
The indicated rates of return reflect changes to the net asset value of the Fund (the “Fund NAV”) since inception, include the effects of distributions and are reported net of management and operations/underwriting fees. The rates of return are not intended to reflect future values or returns on investment in an investment fund. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
DISCLAIMER
Important information about the Cortland Credit Strategies LP Fund (“the Fund”) is set out in the Fund’s Offering Memorandum which should be reviewed carefully and discussed with your financial advisor prior to investment. This document has been provided for general information purposes only and does not constitute and offer to purchase or sell securities. The Fund is managed and administered by Cortland Credit Group Inc. (“Cortland Group”). Cortland Group is an Exempt Market Dealer (“EMD”), Portfolio Manager (“PM”) and Investment Fund Manager (“IFM”) registered in the province of Ontario, an EMD and IFM in the province of Quebec, an EMD in the province of Manitoba, and an EMD in the province of Saskatchewan. For more information please contact James Kelly at jkelly@cortlandcredit.ca or (416) 356-2743.