Invest in a Canadian based, globally focused, Investment Fund. Long-short “value” investing provides compelling risk adjusted returns. Take advantage of the resource heavy Canadian stock markets to benefit from global growth.
Take advantage of the more inefficient and less competitive environment. Protect your wealth through a stronger currency with superior fundamentals compared to the US and elsewhere. Increase the “hard asset” weighting of your portfolio. Co-invest with experienced finance experts in a smaller fund, to better exploit the investment opportunities described herein.
Learn more about our flagship BT Global Growth Fund.
For more information, contact us at info@btglobalgrowth.com or call us at +1 (514) 907-8070.
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Company overview, BT Global Growth Fund February 2016
1. INTRODUCING THEINTRODUCING THE
BT GLOBAL GROWTH FUNDBT GLOBAL GROWTH FUND
APRIL 2017APRIL 2017
LONG – SHORT EQUITY.LONG – SHORT EQUITY.
VALUE INVESTING - CASH FLOWVALUE INVESTING - CASH FLOW
CAPITAL PRESERVATIONCAPITAL PRESERVATION
RISK (BETA) MANAGEMENTRISK (BETA) MANAGEMENT
GLOBEFUND 5-STAR RATING*
*as of April 30th
, 2014
2. 2
Disclaimer
DISCLAIMER
This document was prepared to provide an overview of BT Global Growth Fund ("BTGG"). The information contained in this
presentation is not to be considered complete without reference to the accompanying verbal briefing and supporting
materials. THIS DOES NOT CONSTITUTE AN OFFERING OF SECURITIES. BT Global Growth Fund is a product
designed for sophisticated investors defined as "accredited investors" under securities laws. No investor should make a
decision to consider the Fund without consulting their professional advisers. This information was prepared by BT
Global Growth Fund and its General Partner using information, both publicly available and internal, believed to be
accurate at the time of publication. No warranty is provided as to the accuracy of the information contained herein.
4. BT Global Growth Inc. has the privilege of meeting with 100+ CEO’s on a yearly basis.
Daily conversations and meetings with Canadian brokers creates special relationships.
Brokers bring in the opportunities. “Bought deal” culture unlike the US
We chose two recent deals we have been introduced to:
Detailed analysis and due diligence;
Typically large investments;
Bring in other high net-worth individuals and institutions.
Receive a core position upon IPO/RTO
Getting in Early
4
6. A Global focus drawing on decades of experience in international business.
Complementary skill set of “Top Down” and “Bottom Up” investing.
Paul and Jacques were founding executives at Telesystem International Wireless (TIW). The company grew
from $20 mil. private company to a $6 billion enterprise value public company and later sold to Vodafone.
MANAGEMENTTEAMMANAGEMENTTEAM
6
Portfolio Management Team: A Global Team Picking Global Themes
Paul Beattie, MBA Co-Founded BTGG in 2006.
Founding executive of Telesystem International Wireless (TIW – TSX) in 1992. Vice
President of M&A and Investments with experience in Brazil, India, Central Europe,
South East Asia. Substantial investment, business development and stock market
expertise.
Founder of Stable Capital. (Private Equity Investment Bank, 2000-2006)
Vice President, Merrill Lynch Canada, Corporate Finance, 1986-1992.
MBA from INSEAD (Finance); BComm in Finance, Queens University.
30 plus years’ experience in finance. Worked with Jacques Lacroix for 25 years.
Jacques Lacroix,
CFA
Portfolio Manager
Co-founder, BTGG in 2006.
Co-founder, Managing Partner Echo Capital, private equity firm, since 2007.
Vice President Strategic Planning, Telesystem International Wireless. Extensive equity
and debt market experience ($3 billion of financings), from 1990 to 2005.
BA and Masters in Finance, Université de Sherbrooke, CFA.
25 plus years experience in finance, 25 years working with Paul Beattie.
9. OURSTOCKSELECTIONPROCESSOURSTOCKSELECTIONPROCESS
9
Our Stock Selection Process
Fund Portfolio
20-30 long positions
5-15 short positions
Fund Portfolio
20-30 long positions
5-15 short positions
1. Identify Growth Global Investment Themes
2. Analyze for Cash flow value = Low P/CF multiple
3. Is the company Globally Competitive?
4. In a Oligopolistic Industry?
5. Are Balance Sheet Risks minimal?
6. What if inflation or competition increases?
7. Take over opportunity ?
Segment by
Market cap
Segment by
Market cap
Follow 200
stories
10. WHYHEDGEFUNDS?WHYHEDGEFUNDS?
10
Why Hedge Funds?
Managers that have experience and invest ALL their investible assets in their fund.
Be able to be more reactive with your money.
All investments have pre-defined and closely monitored exit strategies prepared for
the rougher times in the markets and focus on hedging strategies protecting the
downside in volatile markets.
Do not make the cardinal sin most Canadian investors do; invest their money with
organizations that have far too much money under management.
Managers with value-added ideas and not “closet indexer’s”.
Managers who are comfortable moving between sectors.
* Source: 7 Essential Questions to ask before choosing your Alternative Asset Fund. July 2013. Canadian Hedgewatch
What to Look For in a Hedge Fund*
Long-Short provides much greater flexibility. They can outperform the market without
being fully exposed to market beta.
11. WHYHEDGEFUNDS?WHYHEDGEFUNDS?
11
What Does our Hedge Fund do for Your Portfolio ?
Without Banks, Insurance companies, utilities and telcos, the S&P/TSX is hugely
volatile.
Oil prices go + or – 50% per year, Natural Gas prices are even worse !
Pharma stocks swing wildly Valeant (VRX.to) went from $30 to $300 to $25 in 5 years,
Concordia Healthcare was even more volatile.
On-Line Gaming industry arrived and disappeared in 5 years, witness Amaya and
Intertain Group
Marijuana industry the new black.
Our Hedge Fund addresses, indeed embraces this volatility. Opportunity for superior
returns.
* Source: 7 Essential Questions to ask before choosing your Alternative Asset Fund. July 2013. Canadian Hedgewatch
The Stark Reality of Canada
BTGG invests outside most Canadian diversified portfolios. No Canadian Banks or
Insurance companies. No domestic Utilities or Telcos. That is over 50% of the
Canadian Index ! Complementary to your existing portfolio.
12. PERFORMANCETABLEPERFORMANCETABLE
12
The Financial Crisis - 2008 (1) (2)
Fund performance period
BTGG controlled losses and
repositioned quickly to benefit from
a sector rotation post financial crisis.
Fund performance period
BTGG controlled losses and
repositioned quickly to benefit from
a sector rotation post financial crisis.
* Total Return
** 18/19 positive months
Post Lehman Brothers
financial crisis of 2008
BTGG +91.29% **
TSX + 9.37%
S&P500 + 0.43%
Oct ‘08 through April ’10 *
Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. YTD
2016 (7.56%) (0.05%) (1.98%) 5.50% (3.68%) (4.39%) 1.48% 2.39% 2.23% 4.36% (2.50%)
2015 4.90% 3.51% 2.26% 0.80% 2.08% 0.32% (5.32%) (5.07%) (6.25%) 0.87% 1.43% (5.59%) (6.71%)
2014 5.41% 4.10% (0.79%) 4.57% (0.91%) 1.89% (1.19%) 1.71% (2.02%) (2.08%) 2.31% 4.15% 18.09%
2013 1.29% 2.33% 3.46% (5.25%) 1.06% 2.32% 2.52% (0.53%) 2.29% 6.06% 2.82% 6.47% 27.24%
2012 8.93% 3.62% (2.39%) (5.67%) (5.50%) (5.17%) 0.46% 3.11% 3.76% (0.01%) (1.02%) 1.69% 0.74%
2011 (1.26%) 4.70% (2.79%) (0.64%) (3.55%) (7.86%) 7.31% (1.97%) (6.79%) (0.33%) (8.08%) 1.12% (19.39%)
2010 1.00% 3.90% 3.09% 4.24% (3.31%) (2.30%) (4.01%) (2.01%) 7.51% 4.80% 6.41% 5.09% 26.24%
2009 6.16% 1.90% 6.22% 2.59% 9.20% 2.77% 2.44% (0.49%) 5.67% 6.13% 6.98% 1.41% 64.08%
2008 (9.29%) 8.95% (7.36%) 3.86% 3.10% 3.98% (14.53%) (7.81%) (10.82%) 2.13% 0.83% 0.39% (25.95%)
2007 (3.75%) 9.64% 4.65% 12.80% (3.26%) (4.85%) 1.95% (11.48%) 6.21% 6.50% (14.31%) 2.57% 2.90%
2006
Began
Investing
5.45% 23.12% 6.49% 38.27%
(1) Results and NAV are calculated monthly by the administrator, Investment Administrations Solutions Inc.
(2) Results are for the Fund as a whole, net of fees, not for one particular class of units. NAV is $25.70 for Class A units and $21.57 for the
Class A Advisor units.
Since Inception (Annualized) 9.09%
15. 15
Strategy Drivers:
• Systematic identification of significantly under-valued companies and opportunities
• Identified near term events or catalysts
• Strong fundamental underlying businesses
• Deep company and industry analysis and research
• Full understanding of “value gap” and executing comprehensive value correction
strategies
• Small number of carefully selected investments – not an index or fund approach
• Active direct involvement – high degree of time and effort on each investment
through entire investment cycle (‘’pre’’ and ‘’post’’)
• Multiple paths to exit / liquidity
• Long term perspective – but short to medium term holds and exit liquidity horizons
Situational Merchant Banking Strategy
STRATEGIESSTRATEGIES
16. 16
Company Name
Month
/Year
Symbol
Price at
Identification
Terminal
Price
(Target)
%
Increase
Potential
Investment
Size $
Red Eagle Mining Jan. 2016 TSE: R .40 2.50 525%
20,000,000
Ceapro July 2016 CVE: CZO 1.06 2.00 90% 5,000,000
Colabor June 2016 TSE: GCL 0.67 1.75 160% 5,000,000+
Gaming Nation Dec. 2015 CVE: FAN 0.55 1.25 125% 15,000,000
PHM 2013 CVE: PHM 0.13 2.00 1440% 10,000,000+
Concordia HC Dec. 2014 TSE: CXR 6.25 40.00 540% 10,000,000+
Electrovaya Inc. April 2016 TSE: EFL 1.00 4.00 300% 5,000,000
New Market Gold Jan. 2016 TSE: KL 1.40 5.28 (Acquired) 275% 20,000,000
Grande West
Transportation
Fev. 2017 CVE: BUS 1.90 3.50 85% 5,000,000
Trevali Mining Nov. 2016 TSE: TV 0.90 2.00 120% 10,000,000+
GoEasy Aug. 2016 TSE: GSY 20.00 45.00 125% 15,000,000+
Potential Initial Investment Size:
≈ $120,000,000
Final Investment Size:
≈ $558,000,000
Total Gain $:
≈ $438,000,000
Total Gain %:
≈ 365%
Proven Ability to Identify and Select Attractive Targets
INVESTMENTRESULTSINVESTMENTRESULTS
17. Company was under-valued based on gold reserves, timeline to production, forecasted CF and earnings.
Company (stock) was not covered by Bay Street research analysts.
Attractive attributes included: the low Colombian peso and thus low operating costs, a strong balance sheet
and a short-term window to full production.
Raised $4.0 million at $0.38
in May 2016.
Exclusive EMD in a Private
Placement of $12 million.
EV/EBITDA forecasted multiple
below 4X compared to other
smaller gold producers at 6-8X.
Market cap has gone from $60 to
$200 million in less than 4 months.
17
Red Eagle Mining (RD.v) is a TSE listed Colombian gold mining company. It is an
example of a company BT Global targeted as being under-valued with near term event
catalysts.
BT signed
agent
agreement
(Apr. 2016)
BT
completed
financing
(May.
2016)
BT met with
management
(Nov. 2015)
Case Study: Red Eagle Mining (RD.V)
CASESTUDYCASESTUDY
18. CONTACTINFORMATIONCONTACTINFORMATION
18
HEAD OFFICE :
BT GLOBAL GROWTH FUND L.P.
1001 de Maisonneuve Blvd. West
Suite 205
Montreal, Quebec H3A 3C8
CANADA
Tel: 514-907-8071
Fax: 514-907-1444
Email: support@btglobal.ca
PAUL D. BEATTIE, BComm, MBA
Partner
Tel: 514-907-8070
Mobile: 514-944-9556
Email: pbeattie@btglobal.ca
GILL BROOME, BBA
BT Capital Inc.
Tel: 514-907-8071
Mobile: 514-464-8020
Email: jgmbroome12@gmail.com
MIRANDA AZIRI
Administrative Assistant
Tel : 514-907-8071
Email: maziri@btglobal.ca
TORONTO OFFICE :
BT Global Growth Inc.
C/O MACNICOL & ASSOCIATES
145 Adelaide Street West
Suite 300
Toronto, Ontario M5H 4E5
CANADA
Tel: 416-367-3040
Contact Information
www.btglobal.ca
JACQUES LACROIX, CFA
Partner and Chief Compliance Officer
Tel: 514-907-8071
Mobile : 514-907-3013
Email: jlacroix@btglobal.ca
MICHAEL SHANNON
Advisor
Tel: 514-907-8071
Mobile: 514-591-4727
Email: mike@hillpark.org
19. 5-STARRATING5-STARRATING
19
5-Star Rating
The Globe and Mail has awarded the
BT Global Growth Fund the prestigious ranking of 5 stars.
FUNDS
Canada’s latest news on mutual funds from The Globe and Mail
Globefund 5-Star Rating
** As of April 30, 2014
**
514-907-8070www.btglobal.ca
