Investment Management

The external investment portfolio of the Company is managed by Jarislowsky Fraser Limited (“Jarislowsky”) and ValueInvest Asset Management S.A. (“ValueInvest”), a global equity manager based in Luxembourg. ValueInvest provides services to Canadian clients through Pier 21 Asset Management Inc., a registered portfolio manager based in Montreal, Quebec. Jarislowsky commenced operations in 1955 and ValueInvest in 1998.  Each of the managers has a global equity mandate.

In September 2017, the Company allocated approximately $100 million of its assets to emerging markets mandates, $50 million invested in LSV Emerging Markets Small Cap Equity Fund, LP (“LSV”) and $50 million in 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 2018 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 2018 Annual Information Form which may be found on SEDAR at