About the Barrage Fund

The Barrage Fund is an Investment Trust established under the laws of the Province of Quebec. The Fund is the investment vehicle for investors interested in asset management services offered by Barrage Capital.

CIBC Mellon is the trustee, custodian and administrator of the Fund while KPMG is the auditor and Fasken the legal advisor.

The flexibility to focus on our best ideas

The Fund's objective is to provide our unitholders a return above the major indices. To achieve this, Barrage Capital manages the Fund's assets by applying the concepts endorsed by the managers of the firm and outlined in the information about the firm.

The Fund's investment mandate is not limited to one particular region, sector or market capitalization. Restricting a fund to a single category of assets limits its potential returns. Barrage Capital prefers to have the flexibility to combine the best opportunities available into one fund, where we can concentrate our full attention.

Moreover, our investment philosophy leads us to concentrate our assets in a limited number of securities. This allows us to benefit from diversification without compromising our ability to generate superior returns.

Returns

$100,000 invested at the inception of the Fund in March 2013 are worth $254,939 today

Fund / IndicesBarrage Fund
S&P / TSX

The index includes dividends

S&P 500

The index includes dividends and is presented in canadian dollars

PerformanceAfter feesTotalTotal
2013 (10 months)28.48%9.92%28.08%
201424.38%10.55%23.81%
20150.79%-8.37%21.65%
201642.03%21.17%8.21%
20179.28%9.02%13.66%
20181.99%-3.46%11.42%

2018

Semi-annual letter

Has the “value” style become obsolete?

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2017

Semi-annual letter

We never try to anticipate market downturns...

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Annual letter

This said, bargains have become rarer...

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2016

Semi-annual letter

We keep in mind all the possible risks when we invest...

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Annual letter

Our securities finally yielded the expected returns...

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2015

Semi-annual letter

The problems which are ravaging Europe do not really concern us with regards to the holdings in our portfolio. Market anxiety leads to price falls, which actually makes valuations more attractive...

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Ad Hoc Letter - Currency Hedging Program

It is now timely to protect ourselves from a potential recovery in the Canadian dollar...

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Annual letter

We estimate valuations to be more appealing now than they have been since the financial crisis...

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2014

Semi-annual letter

The fund is now comprised of nine securities; we sold four positions and invested in three new companies. We also increased our position in...

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Annual letter

Undoubtedly, the most important event of the year was the fall in oil prices. Until now, the impact has been mostly felt on our currency. The loonie has lost some of its feathers...

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2013

Semi-annual letter

We believe that there is a subtle but very important distinction between investing and value investing. We will try to highlight that difference to help the reader better understand how...

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Annual letter

It is generally recognized that investing in the stock market involves risk. However, there is no consensus among investors and academics as to the exact nature of this risk.

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Term sheet

Name :
Barrage Fund
Minimum investment :
$ 100,000
Account types :
RRSP, TFSA, LIRA, RRIF, Non-Registered
Territories :
Quebec, Ontario, Alberta and British-Columbia
Subscription :
Monthly, no fees
Redemption :
Monthly, no fee, 30-day notice
Fund valuation :
Monthly, last working day
Net Asset Value (CAD) :
$187.45
Net Asset Value (USD) :
$141.03
Realized Gain (gross) :
$4.50
Unrealized Gain :
$1.33
Base fee :
1% per annum
Incentive fee :
20% of returns in excess of 5% per year
Administrative fee :
None
Manager :
Barrage Capital Inc.
Trustee :
CIBC Mellon
Custodian :
CIBC Mellon
Administrator :
CIBC Mellon
Auditor :
KPMG
Legal counsel :
Fasken
Distribution 2013 :
$0 : 0%
Distribution 2014 :
$2.62 : 1.6%
Distribution 2015 :
$11.66 : 7.4%
Distribution 2016 :
$6.51 : 3.1%
Distribution 2017 :
$36.87 : 16.7%