In 2012, IBV Capital emerged from a well-established multi-family office to become an independent boutique investment management firm. IBV Capital was formed exclusively to provide select investors with the ability to participate in the absolute value investment philosophy adopted by the family office. Our IBV Capital Global Value Fund now allows for Canadian accredited investors to participate with the family office in this investment strategy.

Our beginnings as a family office provide us with a unique perspective that has fundamentally shaped our culture and investment strategy. It gave us an appreciation for the tremendous effort it takes to generate wealth. In turn, we understand why protecting that wealth becomes so important. These insights, along with our permanent capital base, further differentiate IBV Capital in how we operate and invest.

ARE YOU A CANADIAN
ACCREDITED INVESTOR?

Products offered by IBV Capital Ltd. are only available to Subscribers who meet the definition of a Canadian "Accredited Investor" under National Instrument 45-106 Prospectus and Registration Exemptions.

PRIVACY

IBV Capital Ltd. recognizes the importance of privacy and the sensitivity of personal information. IBV Capital Ltd. has a professional obligation to keep confidential all information received during the client relationship. The relationship with the client is founded on trust and IBV Capital Ltd. is committed to maintaining that trust. IBV Capital Ltd. is also committed to protecting any personal information we hold.

In connection with the management of client portfolios, IBV Capital Ltd. will collect and maintain personal information about our clients. IBV Capital Ltd. collects personal information to enable it to provide professional and responsible portfolio management, to correspond with service providers, to meet legal and regulatory requirements, and for any other purpose to which the client may consent in the future. Personal information is collected from the following sources:

Account agreements or other forms submitted to IBV Capital Ltd.;

Transactions with IBV Capital Ltd. and its affiliates; and

Client meetings and telephone conversations.

Unless clients otherwise advise, by providing personal client information to IBV Capital Ltd., they are consenting to IBV Capital Ltd’s collection, use and disclosure of this information as provided herein. IBV Capital Ltd. is committed to collecting personal information in a fair, open and lawful manner. IBV Capital Ltd. collects and maintains personal client information in order to give clients the best possible service. It allows IBV Capital Ltd. to establish clients’ identity, protect them from error and fraud, assess the clients’ eligibility in its products, and comply with the law. IBV Capital Ltd. is obliged for legal purposes to retain our client files after the end of the retainer. IBV Capital Ltd. does not disclose personal information to any third parties to enable them to market their products and services. When necessary, IBV Capital Ltd. will disclose information only to its affiliates in connection with the services it provides, including:

Financial service providers, such as banks and others used to finance or facilitate transactions by, or operations of the accounts;

Other service providers to IBV Capital Ltd. and the accounts, such as accounting, legal, administrative or tax preparation services; and

Taxation and regulatory authorities and agencies

Under certain circumstances, IBV Capital Ltd. will disclose your personal information:

When we are required or authorized by law to do so;

When you have consented to the disclosure;

When it is necessary to establish or collect fees; and

If the information is already publicly known.

Our firm has developed and implemented security safeguards appropriate to the sensitivity of the personal information kept by us. We take all reasonable precautions to ensure that your personal information is kept safe from loss, unauthorized access, modification or disclosure. We ensure that any of our employees who deal with personal information are properly trained and are aware of necessary and appropriate measures required to protect personal information. Among the steps taken to protect your information are:

Premises security;

Restricted file access to personal information;

Deploying technological safeguards like security software and firewalls to prevent hacking or unauthorized computer access; and

Internal password and security policies.

Personal information is maintained on IBV Capital Ltd’s networks or on the networks of its service providers. Information may also be stored on a secure off-site storage facility. Clients may access their personal information to verify its accuracy, to withdraw their consent to any foregoing collections, uses and/or disclosures being made of their personal information by contacting IBV Capital Ltd.

Clients should be aware that any fund is required to file with the client’s provincial securities commission a report setting out the client’s name and address, the class and series of units issued, the date of issuance, and the purchase price of units issued to the client. Such information is collected indirectly by the commission under the authority granted to it in securities legislation. By submitting this application, the client authorizes such indirect collection of the information by the commission.

IBV Capital Ltd. is committed to maintaining accurate, complete and up-to-date personal information. If the client is aware of changes to personal information that has been given to IBV Capital Ltd., simply inform IBV Capital Ltd. of the changes and it will update its records accordingly.

Policies


As a portfolio manager, exempt market dealer, and investment fund manager IBV Capital Ltd. may occasionally face conflicts between its own interests and those of its clients, or between the interests of one client and the interests of another. IBV Capital Ltd. has adopted certain policies to minimize the occurrence of such conflicts or to deal fairly where those conflicts cannot be avoided. In no case will IBV Capital Ltd. put its own interests ahead of those of its clients.

Statement of Policies Concerning Conflicts of Interest with Related Issuers and Connected Issuers

IBV Capital Ltd. may engage in activities as a portfolio manager and exempt market dealer in respect of securities of related issuers but will do so only in compliance with Part XIII of the Regulation under the Securities Act (Ontario).

The securities laws of the Province of Ontario require securities dealers and advisers, when they trade in or advise with respect to their own securities or securities of certain other issuers to which they, or certain other parties related to them, are related or connected, to do so only in accordance with particular disclosure and other rules. These rules require dealers and advisers, prior to trading with or advising their customers or clients, to inform them of the relevant relationships and connections with the issuer of the securities. Clients and customers should refer to the applicable provisions of these securities laws for the particulars of these rules and their rights or consult with a legal adviser. The definition of the terms “related issuer” and “connected issuer” can be found in National Instrument 33-105 Underwriting Conflicts of the Canadian Securities Administrators.

Fairness Policy

IBV Capital Ltd. may act as portfolio manager to segregated managed accounts. In the course of managing a number of discretionary accounts, there arise occasions when the quantity of a security available at the same price is insufficient to satisfy the requirements of every client, or the quantity of a security to be sold is too large to be completed at the same price. Similarly, new issues of a security may be insufficient to satisfy the total requirements of all clients. To ensure fairness in the allocation of opportunities among its clients, and as between its segregated accounts and the Funds, IBV Capital Ltd. will ensure:

where orders are entered simultaneously for execution at the same price, or where a block trade is entered and partially filled, fills are allocated proportionately and equally on the amount of equity of each client’s fund, but will be adjusted based on the amount of risked capital specific to the investment objectives for each account;

where a block trade is filled at varying prices for a group of clients, fills are allocated on an average price basis;

in the case of hot issues and IPO’s, participation is split equally between clients based proportionately on the equity in each account;

in the case of a new securities issue, where the allotment received is insufficient to meet the full requirements of all accounts on whose behalf orders have been placed, allocation is made on a pro rata basis. However, if such prorating should result in an inappropriately small position for a client, the allotment would be reallocated to another account. Depending on the number of new issues, over a period of time, every effort will be made to ensure that these prorating and reallocation policies result in fair and equal treatment of all clients; and

trading commissions for block trades are allocated on a pro rata basis, in accordance with the foregoing trade allocation policies.

Personal Trading

IBV Capital Ltd. has adopted a policy intended to restrict and monitor all personal trading by the employees of IBV Capital Ltd. in order to ensure that there is no conflict between such personal trading and the interests of the investment funds and segregated accounts managed by IBV Capital Ltd. and IBV Capital Ltd’s other clients.

Referral Arrangements

IBV Capital Ltd. may enter into referral arrangements whereby it pays a fee for the referral of a client to IBV Capital Ltd. or to one of the Partnerships. No such payments will be made unless the referred investors are first advised of the arrangement and all applicable securities laws are complied with.

Soft Dollar Arrangements

Soft dollar arrangements occur when brokers have agreed to provide other services (relating to research and trade execution) at no cost to IBV Capital Ltd. in exchange for brokerage business from IBV Capital Ltd’s managed accounts and/or other investment vehicles managed by IBV Capital Ltd. IBV Capital Ltd. follows the CFA Institute’s Soft Dollar Standards and the Ontario Securities Commission Policy Statement 1.9 with regard to the use of soft dollars. IBV Capital Ltd. will use soft dollars to obtain data or research services that are a direct benefit to the investment decision – making process, such as market and technical data services or special research reports. Examples of these types of data or research services include:

market data services such as Bloomberg, Reuters, Dow Jones

private macro studies

Although the brokers involved in soft dollar arrangements do not necessarily charge the lowest brokerage commissions, IBV Capital Ltd. will nonetheless enter into such arrangements when it is the view that such brokers provide best execution and/or the value of the research and other services exceeds any incremental commission costs. Not all soft dollar arrangements will benefit all clients of IBV Capital Ltd. at all times.

Statement of Related Registrants

Ontario securities legislation also requires securities dealers and advisers to inform their clients if the dealer or adviser has a principal shareholder, director or officer that is a principal shareholder, director or officer of another dealer or adviser and of the policies and procedures adopted by the dealer or adviser to minimize the potential for conflicts of interest that may result from this relationship.

At this time, IBV Capital Ltd. has no related registrants.

Statement of Related Registrants

Ontario securities legislation also requires securities dealers and advisers to inform their clients if the dealer or adviser has a principal shareholder, director or officer that is a principal shareholder, director or officer of another dealer or adviser and of the policies and procedures adopted by the dealer or adviser to minimize the potential for conflicts of interest that may result from this relationship.

At this time, IBV Capital Ltd. has no related registrants.

Legal Disclaimer

This material was prepared exclusively for information and discussion purposes and to indicate preliminary feasibility of a possible investment opportunity. This material is not meant to be, nor shall it be construed as, an attempt to define all terms and conditions of any transaction or to contain all information that is, or may be, material to an investor. IBV Capital Ltd. is not soliciting any action based upon this material, and this material is not meant to nor shall it be construed as, an offer or solicitation of an offer for the purchase or sale of any security or advisory service. If in the future any security or service is offered or sold, such offer or sale shall occur only pursuant to, and a decision to invest therein should be made solely on the basis of, a definitive disclosure document, and shall be made exclusively to qualified investors in a private offering. Any such disclosure document shall contain material information not contained herein, and shall supplement, amend and/or supersede in its entirety the information referred herein.

This material may contain “forward looking statements” which include information relating to future events, projected future performance, strategies, expectations and competitive environment, and regulations. Forward-looking statements include, without limitation, statements regarding forecasts concerning the Funds’ plans, intentions, strategies, invest, expectations, predictions, and financial forecasts concerning future investment activities and results from operations and other future events or conditions  based on the views and opinions of IBV Capital Ltd. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements.

Forward looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times as, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and/or good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward looking statements. The Fund’s actual results or activities or actual events or conditions could differ materially from those estimated or forecasted in forward-looking statements due to a variety of factors, some of which may be beyond the control of the fund.

This material is not meant to be, not shall in be construed as, a representation as to past performance, and no assurance, promise, or representation can be made as to actual returns.  Certain assumptions, data and projections have been made in the analyses that resulted in return scenarios and forward-looking statements included herein. No representation is made that all such assumptions, data, or projections have been considered or stated or that any of them will materialize. Changes to the assumptions, data, or projections may have a material impact on the returns shown by way of example. Past performance is not indicative of future results.

Any discussion of tax issues set forth herein was written to support the promotion and marketing of the transactions described herein. Such discussion was not intended or written to be used, and it cannot be used, by any person for the purpose of avoiding any tax penalties that may be imposed on such person. Each investor should seek advice based on its particular circumstances from an independent tax advisor. The distribution of this material may be restricted in certain jurisdictions. This material is for general guidance only, and it is the responsibility of any person in possession of this material to inform itself of, and to observe, all applicable laws and regulations of any relevant jurisdictions. This material is not intended for distribution to, nor use by, any person in any jurisdiction where such distribution could be contrary to local law or regulation.

In your consideration of any investment opportunity: (i) IBV Capital Ltd. is not acting, and will not act as a fiduciary, financial or investment advisor, broker, or other agent for you; (ii) you are not relying, and will not rely, upon and advice, counsel, representation, or recommendation (whether written or oral) of IBV Capital Ltd.; and (iii) you will consult with your own legal, regulatory, tax, business, investment, financial, and accounting advisors to the extent that you deem it necessary, and you will make your own decisions based upon your own judgement and upon any advice from such advisors as you deem necessary, and not upon any view expressed by IBV Capital Ltd.