Investment Management

The majority of the Company’s external investment portfolio is actively managed by Macquarie Investment Management Europe S.A. (“Macquarie”), Harding Loevner LP (“Harding Loevner”) and Causeway Capital Management LLC (“Causeway”). Macquarie provides services to Canadian clients through Pier 21 Asset Management Inc., a registered portfolio manager based in Montreal, Quebec. Harding Loevner is based out of Bridgewater, New Jersey. Causeway Capital is based out of Los Angeles, California. Harding Loevner and Causeway commenced external investment portfolio management in December 2018. All three managers have a global equity mandate.

In addition, the company has two emerging markets mandates with LSV Emerging Markets Small Cap Equity Fund, LP (“LSV”) and Burgundy Emerging Markets Equity Fund (“Burgundy”). The LSV mandate is managed by LSV Asset Management, a value equity manager whose head office is in Chicago, Illinois. The Burgundy mandate is managed by Burgundy Asset Management Ltd., a fundamental value-driven investment manager whose head office is in Toronto.

The Company also has a long-term investment in Algoma Central Corporation (“Algoma”), a public shipping company. Algoma is a related party and is a reporting issuer which trades on the Toronto Stock Exchange with a profile on SEDAR. The investment in Algoma is consistent with the Company’s investment strategy and contributes to achieving the investment objective of the Company. Further related party information is provided in Note 11 to the fiscal 2019 audited financial statements and in the corresponding schedule of investment portfolio.

The Company faces a broad range of risks and uncertainties in managing a global equity portfolio. These risks are described in the Risk Factors section of the Company’s 2019 Annual Information Form which may be found on SEDAR at