Pooled investment portfolios are similar to mutual funds. Participating
clients combine their investment dollars and purchase (sell) pooled
portfolio units, rather than individual securities. Pooled portfolios
reduce costs through the purchase of larger blocks of securities,
lower administrative expenses, and the netting of cash flows. In
addition, pooled investment portfolios provide bcIMC's clients with
increased diversification benefits and liquidity. They also ensure
that the clients are treated fairly and share in the best deals.
bcIMC holds all assets in trust; clients do not own the individual assets within bcIMC's investment portfolios.
Other than Private Markets, bcIMC's pooled portfolios open on
a regular basis (daily, weekly, monthly, and/or quarterly). The
unit price is determined by dividing the market value of the pooled
portfolio by the number of outstanding units. However, bcIMC also
provides closed end pools for certain illiquid investments for which
it is difficult and/or prohibitively expensive to obtain regular
market valuations (e.g., private markets). In the case of closed
end pools, participating clients contribute a designated portion
of the investment capital and receive an equivalent portion of the
Expenses incurred by a pooled portfolio are recovered from clients
through a reduction in the market value of the units. This ensures
that costs are shared on a pro-rated basis. For example, if a client
owns five percent of a pooled portfolio, they will pay five percent
of the costs and expenses incurred by that portfolio.
bcIMC's Board of Directors are responsible for establishing the
policies of the pooled investment portfolios.
While pooled investment portfolios are bcIMC's primary investment
vehicle, the Corporation will provide segregated asset management
when this service better suits the client's needs.
Pooled Fund Financial Statements