This website is for information purposes only. The site does not constitute an Offering Memorandum or an offer or solicitation in any jurisdiction in which an offer or solicitation is not authorized. Such offer or solicitation may only be made by delivery of offering documents containing a description of the material terms of any investment, including risk factors. Any such offering will be made on a private placement basis to a limited number of eligible (accredited) investors.

The documents on this website may not be reproduced for any purpose or provided to others in whole or in part without the prior written permission of Vantage Asset Management Inc. (“Vantage”). All information and opinions, as well as any figures indicated herein, are subject to change without notice. Investing in Vantage’s fund(s) may involve significant risks due to, among other factors, the nature of the fund’s underlying investments. Prospective investors should rely solely on the Offering Memorandum which outlines the risk factors in making a decision to invest. No representations or warranties of any kind are intended or should be inferred with respect to the economic return or the tax consequences from an investment in the fund. The fund is intended for sophisticated investors who can accept the risks associated with such an investment including a substantial or complete loss of their investment.

The returns of the fund are not guaranteed and past performance may not be repeated. There can be no assurance that the Fund will achieve comparable results in the future. Investment losses do and may occur, and investors could lose some or all of their investment. The content on this website does not consider the specific investment objectives, financial situation or particular needs of any website visitor. No assurance can be given that the fund’s investment objective will be achieved or that investors will meet their investment goals. Accordingly, prospective investors should consult tax, legal or other advisors, as necessary, prior to investing. Please refer to the Offering Memorandum of the fund for a description of the relevant risk factors pertaining to an investment.

Benchmark

All Cap Canadian Equities or Index is an equal weighted index (50%/50%) of the S&P/TSX Composite Index (CAD) and S&P/TSX Small Cap Index (CAD). In combination, the S&P/TSX indices represent the all cap Canadian equity market – the target market of the investment strategy. All index data is total return and all comparisons reflect comparable investment periods (April 1st 2005 to Sept 30th 2009 and March 1st 2010 onward). The S&P 500, S&P/TSX Composite, and S&P/TSX Small Cap indices measure market performance based on the weighted performance of stocks within the respective indices. All of Vantage’s performance data reflects the net returns (after fees) of the investment strategy – ensuring the information provided reflects the investor’s net return.

Important Disclosures

Net returns reflect the reinvestment of all dividends, income, interest and prior performance returns. In addition, net returns include the deduction of all performance and management fees and expenses.

The annualized returns, volatility, correlation and Sharpe ratio (2.0% RFR) reflect the net returns of the investment strategy for a defined period – specifically, April 1st of 2005 to September 30th of 2009 at Royal Capital Management and March 1st of 2010 onward at Vantage Asset Management Inc. The lead Portfolio Manager and the investment strategy have remained unchanged since inception of the strategy in April of 2005. The investment strategy was not managed between October 1st of 2009 and February 28th of 2010 during the period in which Vantage Asset Management Inc. was founded and the firm’s infrastructure was established.

Registration

Vantage is registered as a Portfolio Manager, Investment Fund Manager and Exempt Market Dealer with the Ontario Securities Commission.

Accredited Investor

The fund is only available to qualified accredited investors.

Pursuant to National Instrument 45-106 Prospectus and Registration Exemptions, “accredited investor” means:

  1. a Canadian financial institution or a Schedule III bank,
  2. the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada),
  3. a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary,
  4. a person registered under the securities legislation of a province or territory of Canada as an adviser or dealer, other than a person registered solely as a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador),
  5. an individual registered or formerly registered under the securities legislation of a province or territory of Canada as a representative of a person referred to in paragraph (d),
  6.  the Government of Canada or a province or territory of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a province or territory of Canada,
  7. a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l’ile de Montréal or an intermunicipal management board in Québec,
  8. a national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government,
  9. a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a province or territory of Canada,
  10. an individual who, either alone or with a spouse, beneficially owns, directly or indirectly, financial assets, having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000,
  11. an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year,
  12. an individual who, either alone or with a spouse, has net assets of at least $5,000,000,
  13. a person, other than an individual or investment fund, that has net assets of at least $5,000,000, as shown on its most recently prepared financial statements, and that was not formed for the sole purpose of making a representation to this effect in order to qualify as an accredited investor,
  14. an investment fund that distributes or has distributed its securities only to:
    1. a person that is or was an accredited investor at the time of the distribution,
    2. a person that acquires or acquired securities in the circumstances referred to in sections 2.10 [Minimum amount investment] or 2.19 [Additional investment in investment funds] of NI 45-106 or equivalent exemptions under applicable securities legislation as specified in Section 8.2 of NI 45-106, or
    3. a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 [Investment fund reinvestment] of NI 45-106,
  15. an investment fund that distributes or has distributed securities under a prospectus in a province or territory of Canada of which the regulator or, in Quebec, the securities regulatory authority, has issued a receipt,
  16. a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a province or territory of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be,
  17. a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a province or territory of Canada or a foreign jurisdiction, and neither that person nor the legal or beneficial owner of the fully managed account is resident in Ontario,
  18. a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the province or territory of the registered charity to give advice on the securities being traded,
  19. an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function,
  20. a person in respect of which all of the owners of interest, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors,
  21. an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser, or
  22. a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor.

Defined Terms:

Certain terms used above are specifically defined by applicable securities legislation, regulation or rules, as follows:

“Canadian financial institution” means:

i.  an association governed by the Cooperative Credit Associations Act (Canada) or a central cooperative credit society for which an order has been made under section 473(1) of that Act, or

ii. a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a province or territory of Canada to carry on business in Canada or a province or territory of Canada;

“company” means any corporation, incorporated association, incorporated syndicate or other incorporated organization;

“director” means:

i.  a member of the board of directors of a company or an individual who performs similar functions for a company, and

ii. with respect to a person that is not a company, an individual who performs functions similar to those of a director of a company;

“eligibility adviser” means:

i. a person that is registered as an investment dealer and is authorized to give advice with respect to the type of security being distributed, and

ii. in Saskatchewan or Manitoba, also means a lawyer who is a practicing member in good standing with a law society of a province or territory of Canada or a public accountant who is a member in good standing of an institute or association of chartered accountants, certified general accountants or certified management accountants in a province or territory of Canada provided that the lawyer or public accountant must not:

  1. have a professional, business or personal relationship with the issuer, or any of its directors, executive officers, founders, or control persons, and
  2. have acted for or been retained personally or otherwise as an employee, executive officer, director, associate or partner of a person that has acted for or been retained by the issuer or any of its directors, executive officers, founders or control persons within the previous 12 months;

“financial assets” means cash, securities or contracts of insurance or deposits or evidences of deposit that are not securities for purposes of securities legislation. A personal residence or other real property is not a financial asset;

“foreign jurisdiction” means a country other than Canada or a political subdivision of a country other than Canada;

“fully managed account” means an account of a client for which a person makes the investment decisions if that person has full discretion to trade in securities for the account without requiring the client’s express consent to a transaction;

“individual” means a natural person, but does not include a Fund, unincorporated association, unincorporated organization, trust or a natural person in his or her capacity as trustee, executor, administrator or other legal personal representative;

“officer” means the chair, any vice chair of the board of directors, the president, any vice president, the secretary, the assistant secretary, the treasurer, the assistant treasurer, and the Investment Manager of a company, and any other person designated an officer or a company by law or similar authority, or any individual acting in a similar capacity on behalf of the issuer;

“person” includes:

i. an individual,

ii. a corporation,

iii. a Fund, trust, fund and an association, syndicate, organization or other organized group of persons, whether incorporated or not, and

iv. an individual or other person in that person’s capacity as a trustee, executor, administrator or personal or other legal representative;

“related liabilities” means:

i. liabilities incurred or assumed for the purpose of financing the acquisition or ownership of financial assets, or

ii. liabilities that are secured by financial assets;

“Schedule III bank” means an authorized foreign bank named in Schedule III of the Bank Act (Canada);

“spouse” means, an individual who,

i. is married to another individual and is not living separate and apart within the meaning of the Divorce Act (Canada), from the other individual,

ii. is living with another individual in a marriage-like relationship, including a marriage-like relationship between individuals of the same gender, or

iii. in Alberta, is an individual referred to in paragraph (i) or (ii), or is an adult interdependent partner within the meaning of the Adult Interdependent Relationships Act (Alberta);

“subsidiary” means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary;

Control

A person (first person) is considered to control another person (second person) if:

i. the first person beneficially owns or directly or indirectly exercises control or direction over securities of the second person carrying votes which, if exercised, would entitle the first person to elect a majority of the directors of the second person, unless that first person holds the voting securities only to secure an obligation,

ii. the second person is a partnership, other than a limited partnership, and the first person holds more than 50% of the interests of the partnership, or

iii. the second person is a limited partnership and the general partner of the limited partnership is the first person.

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