Pro-Vest Growth & Income Fund

Snapshot

Pro-Vest Growth & Income Fund
TSX Symbol/Fund Code: PRG.UN
Inception Date: February 17, 2004
Investment Type: Closed-end investment trust
 
Portfolio Manager:
Sandy McIntyre
Details
Portfolio Manager:
Gordon Higgins
Details
Portfolio Manager:
Aubrey Hearn
Details
Net Asset Value
NAVPU NAV Date
Pro-Vest Growth & Income Fund $11.62 August 21, 2008
show all
 
Market Price
Price Change As Of
Pro-Vest Growth & Income Fund $11.05 $0.05 August 26, 2008
show all
 

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Product overview


Pro-Vest Growth & Income Fund is a closed-end investment trust that invests in a diversified portfolio of income funds, mid-to-large capitalization Canadian and U.S. equities, and closed-end investment funds. The Fund provides a stable stream of monthly distributions and potential long-term capital appreciation.

The Fund is actively managed, with weights adjusted across the three asset classes according to the market outlook. To meet distribution objectives, the Fund receives income fund distributions, trailer fees and distributions from closed-end investment funds, common share dividends, premiums from covered option writing, and realized capital gains.

Investors benefit in several key ways:
• Attractive yield, with distributions targeted at 8.00 per cent annually
• Tax-advantaged distributions, with a significant portion as return of capital, capital gains and dividends
• Low management fees relative to other actively managed closed-end investment funds
• Potential for enhanced returns and reduced risk, due to active asset allocation

The Fund meets the needs of investors seeking steady income with an attractive yield and tax advantages. It particularly suits individuals who want an income vehicle designed to take advantage of current and anticipated market conditions.

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Performance


Average Annual Compound Returns - by Market Price  (as of July 31, 2008)

YTD
3 Month
6 Month
1 Year
3 Year
5 Year
SI
-1.9%
2.4%
5.1%
-0.8%
9.1%
n/a
12.0%

Annual Returns - by NAV
 
 
2007
2006
2005 
 2004*
 
 
4.8%
10.3%
 24.1%
21.1% 

Annual Returns - by Market Price

 
 
2007
2006
 2005
 2004*
 
 
8.0%
11.1%
23.5% 
11.8% 
*Total return for the period February 17, 2004 - December 31, 2004

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Portfolio managers

Sandy McIntyre, Senior Vice-President and Chief Investment Officer

James Alexander (Sandy) McIntyre has 30 years of experience in the financial services industry, and is recognized as one of Canada’s leading authorities in income trust investing. He leads the Sentry Select income trust team, which manages the portfolios of four mutual funds and 11 closed-end income trusts, including Sentry Select Diversified Income Trust, Canada’s first portfolio of income trust investments. Sandy joined Sentry Select in 2000.

Gordon Higgins, Vice-President, Equities

Gordon leads the Equity Management Team, which is responsible for equity selections and risk management techniques for a number of closed-end trust and open-end mutual fund portfolios. Gordon has more than 20 years of experience in the financial services industry, including 15 years as a portfolio manager specializing in North American equities. His experience includes the lead management of a $2.3 billion fund. He joined Sentry Select in 2004.

Aubrey Hearn, Associate Portfolio Manager

Aubrey joined Sentry Select in 2005 and specializes in the research and analysis of business trusts in the consumer and industrial sectors.

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Distributions


Current monthly distributions of $0.0667
2007
2006
2005
20041
From income (exc. dividends)

0.05

0.13
0.17
0.21
From dividends

0.13

0.14
0.09
0.06
From capital gains

1.09

0.63
0.31
0.27
Return of capital

0.25

0.05
0.23
0.16
Total distributions 2

1.52

0.95
0.80
0.70

1 Results are for the period from February 17, 2004 - December 31, 2004

Distributions are based on the actual number of units outstanding at the relevant time.

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Portfolio holdings


Summary of investment portfolio (as of June 30, 2008):

Net assets: $ 71,309,265

Top 25 holdings:
(unaudited)
Name of security

% of Net Assets

Sentry Select Diversified Income Trust6.84
Sentry Select Focused Growth & Income Trust4.06
First Capital Realty Inc.2.56
Baytex Energy Trust2.49
TransAlta Corp.2.48
Vermilion Energy Trust2.42
Talisman Energy Inc.2.29
BCE Inc.2.19
Canadian REIT2.15
Canadian Pacific Railway Ltd.2.09
Canadian Oil Sands Trust2.07
Progress Energy Trust1.99
Allied Properties REIT1.96
Enerplus Resources Fund1.94
Barrick Gold Corp.1.93
Canadian Natural Resources Limited1.89
Cominar REIT1.81
Bonavista Energy Trust1.77
Crombie REIT1.68
Fort Chicago Energy Partners L.P., Cl. A1.64
NAL Oil & Gas Trust1.64
Calloway REIT1.55
CML Healthcare Income Fund1.54
Artis REIT1.53
Dominion Resources, Inc.1.52

Portfolio Breakdown: (unaudited)
Sector

% of Net Assets

Income funds57.64
Equities and bonds38.99
Closed-end investment funds13.46
Cash and Cash Equivalents3.53
Liabilities, net of other assets(13.63)
Total Net Assets

100.00

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