10:53:38 EDT Sat 11 Jul 2020
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Ravensource Fund
Symbol RAV
Shares Issued 1,672,870
Close 2020-06-26 C$ 15.00
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Ravensource pays 15-cent distribution

2020-06-30 16:50 ET - News Release

Mr. Scott Reid of Stornoway Portfolio Management reports


Ravensource Fund 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: 15 cents 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., 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.

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