Investment Management

The majority of the Company’s external investment portfolio is actively managed by Comgest Asset Management International Limited (“Comgest”), Causeway Capital Management LLC (“Causeway”) and Neuberger Berman Canada ULC (“Neuberger Berman Canada”). Comgest is part of the Comgest group which is an independent, international asset management group, with headquarters in Paris and offices in Amsterdam, Boston, Brussels, Dublin, Düsseldorf, Hong Kong, Milan, Singapore, Tokyo and a representative office in London. Causeway Capital is based out of Los Angeles, California. Neuberger Berman Canada is based out of Toronto, Ontario. Causeway commenced external investment portfolio management in December 2018, Comgest commenced in January 2021 and Neuberger Berman Canada commenced in March 2022, with a second mandate commencing September 2023. All three managers have a global equity mandate.

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 2024 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 2024 Annual Information Form which may be found on SEDAR+ at