TORONTO, June 30, 2020 /CNW/ - The Ravensource Fund
("Ravensource" or the "Fund") (TSX: RAV.UN) today announced it has
paid its previously declared semi-annual distribution to holders of
Ravensource trust units. Ravensource's objective is to generate
long-term absolute returns for unitholders while making
distributions to ensure the Fund does not incur any tax liability
from income and/or capital gains in a given fiscal year.
Distribution Details
Distribution
Amount:
|
$0.15 per
unit
|
Record
Date:
|
June 23,
2020
|
Payment
Date:
|
June 30,
2020
|
"With many companies currently experiencing financial
difficulties, our sizable war chest of cash — exceeding 25% of net
assets — is a strategic and valuable asset enabling
Ravensource to opportunistically provide capital to help revitalize
otherwise attractive businesses," said Scott Reid, President of Stornoway Portfolio
Management Inc. ("Stornoway"), Ravensource's investment manager.
"There are few funds in Canada
which enable retail investors to capitalize on this favourable
backdrop for distressed investing. Ravensource is a unique
opportunity for retail investors to profit from these situations by
investing alongside the Stornoway Team and benefit from our
hands-on approach to turning around troubled companies."
"We step in the shoes of the unable or unwilling existing
investors in a company and roll up our sleeves to help fix what is
broken. Not only do we invest our capital, but we invest our time,
expertise and grit to build partnerships, develop restructuring
solutions and effect change. By doing so, Ravensource investors can
profit alongside us as we buy at distressed, often fire-sale prices
and sell once the company has been revitalized and the challenges
plaguing it have been removed."
Over the past 3, 5 and 10 years, the Ravensource Fund has
outperformed each of the S&P / TSX, Credit Suisse Distressed
Hedge Fund and the BofA High Yield Master II indices. Since
Stornoway assumed management of
Ravensource in July 2008, a
$100,000 investment has grown to
$243,135 versus $153,047 for the S&P / TSX, assuming
reinvestment of dividends and distributions.
"Our hands-on approach and 'Edge' have generated superior and
differentiated long-term returns for our fellow Ravensource
unitholders," Scott Reid said. "As
one of the few investors with a track record of successfully
investing in Canadian distressed opportunities, we believe we are
uniquely positioned to capitalize on today's
environment."
About Ravensource
Ravensource Fund is a closed-end mutual fund trust eligible for
registered accounts including RRSPs, RESPs, TFSAs and RRIFs.
Ravensource seeks to achieve absolute, long-term returns by
investing in out-of-favour and deep-value North American
securities. The Fund has three investment strategies: distressed
securities, alternative credit and special situations equities.
Additional information relating to Ravensource Fund is available
on its website at www.ravensource.ca.
For more information, please contact:
Stornoway Portfolio Management Inc.
30 St. Clair Avenue West, Suite 901
Toronto, Ontario M4V 3A1
Attention: Scott Reid
Telephone: (416) 250-2845
Email: sreid@stornowayportfolio.com
SOURCE Ravensource Fund