ANAPLANS Consulting Service (“ACS”) is Bermuda’s leading separately managed account program. By combining the objective guidance and monitoring of the Anaplans Asset Management Bermuda Ltd. and Anaplans’ Investment Management Research Team (the “Due Diligence Team”) and the investment expertise of many global investment managers, ACS offers investors a customizable investment solution that can help them achieve their long-term financial objectives.
To identify managers whose investment strategies and proven track records make them suitable for ACS, the Due Diligence Team employs a rigorous screening process. As part of this process, the Due Diligence Team conducts extensive interviews with senior members of the investment management organization and on-site visits to appraise investment strategies, portfolios, performance measurement, risk management policies, client servicing and back office operational practices.
Once suitable investment managers are selected, the Due Diligence Team continues to monitor them on both a qualitative and quantitative basis to ensure they retain the underlying qualities of excellence that initially enabled them to become part of ACS.
The Due Diligence Team focuses on four key areas in their evaluation: people, investment process, philosophy and performance.
Investment Management Companies
Acuity Investment Management Inc.
Founded in 1990, Acuity Investment Management Inc. (Acuity) is an independent investment management firm that is wholly owned by its key employees. Through significant bottom-up research, the firm actively searches for attractively priced stocks that offer the potential for mid- to long-term growth. Each of the firm’s investment professionals are experts in a particular sector and region. Acuity’s investment team regularly discusses themes taking place in their areas of expertise to ensure stocks with growth potential are included in the portfolios.
Addenda Capital Inc.
Addenda Capital Inc. (Addenda) specializes in the active management of bond portfolios. Clients include pension funds, foundations, endowment funds, private clients, and mutual funds. The firm adheres to a dynamic management style and disciplined approach to anticipating the movement of interest rates. Addenda actively manages bonds in terms of duration, curve, yield spreads, and timing, while minimizing risk. The firm employs a structured management approach, combining an overall strategy over a twelve-month period with a shorter term tactical strategy.
Aletheia Research and Management, Inc.
Peter J. Eichler co-founded Aletheia Research and Management, Inc. (Aletheia) in 1997. Mr. Eichler was the catalyst behind the founding of the firm and today serves as both the Chief Executive Officer and Chief Investment Officer. He developed an expertise in analyzing aberrational insider trading activity and direct industry research while at Bear Stearns & Co. Aletheia’s investment process also leverages the knowledge of an outside advisory board comprised of industry contacts that the company has developed over many years to provide industry insights.
Beutel, Goodman & Company Ltd.
Founded in 1967, Beutel, Goodman & Company Ltd. (Beutel Goodman) specializes in applying a value approach to the management of equity and fixed income mandates. The firm manages assets on behalf of institutional, as well as individual investors. Beutel Goodman’s equity investment process focuses on companies with sustainable free cash flow and strong balance sheets that are trading below their business value. Their fixed-income investment process is based on duration management, yield curve positioning and credit exposure. Beutel Goodman’s in-depth, bottom-up investment approach to fixed income and equity securities leads to a portfolio with less exposure to cyclical companies and lower downside risk.
Bissett Investment Management
For more than twenty years, Bissett Investment Management (Bissett) has been applying a disciplined team approach to managing equity, income, and balanced portfolios. Following its acquisition by Franklin Templeton Investments in 2000, the company is able to leverage Franklin Templeton’s global capabilities and infrastructure. The investment management team applies a disciplined, bottom-up research approach, identifying well-managed firms that demonstrate sustainable, repeatable growth and the capability to provide steady earnings and dividend growth. Bissett Investment Management is a trademark of Franklin Templeton Investments Corp.
Brandes Investment Partners, L.P.
Since inception in 1974, Brandes Investment Partners, L.P. (Brandes) has been applying a value-oriented approach to the selection of securities for both equity and fixed income portfolios, pioneered by Benjamin Graham. In applying this approach, Brandes was among one of the first investment firms to bring a global perspective to value investing. The firm seeks to identify and purchase securities trading at discounts to their intrinsic value estimates. To ensure that securities have the opportunity to realize their intrinsic values, Brandes exercises patience and manages holdings from a long-term perspective.
Brandywine Global Investment Management LLC
Brandywine Global Investment Management, LLC (Brandywine) was established in 1986 in Wilmington, Delaware. The firm has offices in Philadelphia, Chicago, San Francisco, and Singapore. Brandywine is an independent subsidiary of Legg Mason Inc. Brandywine aims to achieve returns by investing in bonds with the highest real yields, managing currency to protect principals and increase returns and patiently rotating among countries. They control risk by purchasing undervalued securities. They manage the Pool using an “Active Duration” approach.
Canso Investment Counsel Ltd.
Since inception in 1997, Canso Investment Counsel Ltd. (Canso) has been solely dedicated to managing corporate bonds. The founder, John Carswell, has more than 20 years’ experience. Canso’s investment team is comprised of five portfolio managers and credit analysts, who have demonstrated a solid track record for corporate bond mandates. The firm concentrates on fundamental analysis and security selection of corporate bonds and focuses on buying ‘out-offavour’ and cheap bonds. This results in a diversified and well-structured portfolio of corporate bonds with a credit range including all investment grade bonds and some allocation to below investment grade issues.
Causeway Capital Management LLC
Causeway Capital Management LLC (Causeway) is an independent investment management firm founded in June 2001. Causeway takes a bottom-up approach to selecting mid- and large-cap global stocks, seeking to identify under-priced securities that are held until the market recognizes their fair value. The firm’s portfolio managers and research analysts work together to determine expected returns for undervalued securities. This analysis is then refined using tools developed by their quantitative specialists to manage portfolio risk.
CIBC Global Asset Management Inc.
Founded in 1972, CIBC Global Asset Management Inc. (CGAM) is one of Canada’s leading investment managers with one of Canada’s broadest platforms. CGAM’s investment philosophy centres on providing clients with strong added value that corresponds to their risk/return profile. The firm believes in depth of research, coordination and teamwork between groups to achieve this. As an innovator in developing new portfolio solutions that correspond to and anticipate changing client needs, the firm offers a broad product range, spanning many asset classes.
Cohen & Steers Capital Management, Inc.
Cohen & Steers Capital Management, Inc. has been an innovator in real estate investment management since its founding in 1986. As pioneers in the U.S. REIT industry, Cohen & Steers was also among the first firms to manage global real estate securities portfolios. The firm manages income-oriented equity portfolios with expertise in global real estate securities. It also manages alternative investment strategies, such as hedged real estate securities portfolios and private real estate multi-manager strategies. The firm is headquartered in New York City, with offices in London, Brussels, Hong Kong and Seattle.
Congress Asset Management Company
Alfred Lagan founded Congress Asset Management Company (Congress) in 1985. The firm’s experienced investment professionals employ a collaborative approach to equity and fixed income investing, ensuring an investment process that benefits from decades of experience. In managing equities, the firm believes that earnings growth is the long-term determinant of a stock’s price. The investment management team employs a fundamental, bottom-up approach to investing, looking specifically for earnings growth that is supported by a strong balance sheet, revenue growth, strong cash flows and a high return on equity.
Davis Advisors
Since being founded in 1969, Davis Advisors (Davis) have followed the same patient, long-term, fundamentals-driven approach to buying durable, well-managed businesses at value prices and holding them for the long term. The firm is wary of investment “fads” and concentrates on the underlying economic and business fundamentals of each investment, and maintains an old fashioned emphasis on rigorous research. The investment management team pays careful attention to the valuation and earning multiples of every company owned or considered for investment.
Delaware Investments
Delaware Investments, a member of Macquarie Group, is a U.S.-based diversified asset management firm. Macquarie Group acquired Delaware Investments in early 2010 as part of Macquarie’s’ strategy to develop a global asset management capability through building a highly regarded team of investment professionals offering an attractive suite of investment products and gaining broader access to the world’s largest market, the United States.
del Rey Global Investors, LLC
del Rey Global Investors, LLC (del Rey) focuses on international and global strategies for institutional and retail investors. Using a research-driven, bottom-up, value-based approach, the firm aims to deliver long-term capital appreciation by investing worldwide across a diversified range of equity securities and mid to large market capitalizations. In most markets, del Rey believes it is possible to identify companies selling for less than their intrinsic value. By investing in high-quality, undervalued companies, del Rey can create value for clients in both up and down markets.
Federated Investment Counseling
Federated Investment Counseling (Federated) was founded in 1955 and is a publicly traded company on the New York Stock Exchange. Federated and its subsidiaries have grown to become one of the largest investment management organizations in the U.S. The firm has honed its disciplined investment process over a half-century to deliver style-consistent investment products. The firm’s investment objective is to provide a combination of both income and long-term capital appreciation, while preserving capital in times of down markets and achieving competitive upside performance in up markets.
Fiduciary Management, Inc.
Founded in 1980, Fiduciary Management, Inc. (Fiduciary) is an employee owned independent money management firm, managing assets for Registered Investment Advisors, domestic and international institutions, and individual investors primarily throughout the United States. Fiduciary offers equity investment strategies that are firmly rooted in fundamental research and follow a disciplined, value-oriented process.
Foyston, Gordon & Payne Inc.
Foyston, Gordon & Payne Inc. (Foyston) was founded in 1980 to provide value-style portfolio management services. When considering investments, Foyston’s primary concern is to select quality companies that are priced conservatively and have good business prospects, financial strength and quality management. The firms employs a a bottom-up assessment of each company’s fundamental position within its industry. The focus is on analyzing companies whose shares are out-of-favour and, therefore, can offer solid long-term opportunities.
Global Currents Investment Management, LLC
The global and international equity team at Brandywine Global Investment Management, LLC transitioned to Global Currents Investment Management, LLC (Global Currents) on July 1, 2008. As a true value manager, Global Currents aims to buy only those stocks that are trading at the lower end of their historical valuation range and where the investment team has identified significant catalysts that will spur future growth. In addition, analysts assess the socially responsible investment characteristic of companies.
Greystone Managed Investments Inc.
Greystone Managed Investments Inc. (Greystone) was founded in 1988. The privately-owned firm offers a full range of investment services, with in-house teams covering fixed income, Canadian equities, U.S. equities, real estate and mortgages. Greystone is a growth style investment manager and their growth philosophy and style are among their distinguishing features. The firm uses quantitative and qualitative methods to manage their portfolios. The investment management team endeavours to add value through their rigorous, bottom-up security selection.
Guardian Capital LP
Founded in 1962, Guardian Capital LP’s (Guardian) philosophy is grounded in the belief that those companies growing faster than the economy, their peers and the market will provide superior returns over time. The firm conducts in-depth, fundamental analysis to identify these companies. They actively seek securities valued at a “reasonable price” while valuation screens then identify whether there is potential for growth, thus providing superior returns over time. By appropriately diversifying, the firm believes they are able to provide portfolios offering lower volatility when compared to the market and peer group.
INTECH Investment Management, LLC
INTECH Investment Management, LLC (INTECH) is a Janus Capital Group Company, and has a record of mathematically driven equity investing that spans more than two decades. The firm adheres to a mathematically based large-cap core style with a unique investment process based on a mathematical theorem that attempts to capitalize on the random nature of stock price movements. The goal is to achieve long-term returns that outperform the benchmark index, while managing risks and trading costs.
J. & W. Seligman & Co. Incorporated
Founded in 1864, J. & W. Seligman & Co. Incorporated (Seligman) has a long and distinguished history in the financial services industry and is one of the oldest American financial services firms. The Seligman Value Team is focused on identifying companies with a potential for earnings growth that exceeds peers or market averages. The team selects stocks it believes are trading below fair market value, but whose average earnings have the potential to increase faster than the market. The team employs a bottom-up investment process, placing emphasis on company fundamentals rather than economic modeling or benchmark weightings.
Jarislowsky, Fraser Limited
Originally founded as a research organization in 1955, Jarislowsky, Fraser Limited utilizes its research capabilities in its current role as an investment manager through its extensive in-house equity and fixed income securities analysis team. The team takes a low risk approach toward the management of both equities and fixed income investments. They employ top-down and bottom up economic analysis with a focus on long-term investment themes. Through these elements, the team is able to invest in companies that have long-term, stable earnings prospects.
Kayne Anderson Rudnick Investment Management, LLC
Kayne Anderson Rudnick Investment Management, LLC (Kayne Anderson) was founded in 1984 and began its role as a traditional portfolio manager in 1989. Kayne Anderson follows a philosophy of “Quality at a Reasonable Price”. The Equity Team demonstrates their commitment to this philosophy through their use of a bottom-up, value discipline. The team searches for what they believe are strong companies with under-leveraged balance sheets that grow consistently through a full market cycle. The goal of this discipline is to build a diversified portfolio of the next generation of high-quality, blue chip companies.
Lazard Asset Management LLC
Lazard Asset Management LLC (Lazard) is a subsidiary of New York-based Lazard Frères & Co. LLC, founded in 1848. Lazard’s relative value investment philosophy is based on value creation through the process of bottom-up stock selection. The firm maintains a disciplined approach to investing with a research-driven investment process focusing on financial productivity and valuation. This process is the key driver of the firm’s value philosophy, allowing the team to identify channels for eventual increased investment value.
Manulife Asset Management
Founded in 1897, Manulife Asset Management (Manulife) is the asset management arm of Manulife Financial. With offices across the globe, Manulife leverages its local presence and experience to bring valuable market perspectives to investors. The firm manages equity, fixed income, alternative and asset allocation investment solutions spanning a range of styles. The Growth Equity Team combines themes and sector trends with bottom-up security selection, while the Canadian Fixed Income team focuses on credit analysis, security selection, sector mix, yield curve analysis and interest rate anticipation.
Manulife/Sovereign Asset Management Corporation
Sovereign Asset Management Corporation (Manulife/Sovereign) was founded in 1979. On April 28, 2004, Sovereign’s parent company and Manulife Financial Corporation merged creating Manulife/Global Sovereign. The firm builds wealth for clients by solely investing in companies that have raised their dividends each year over the past five years. Companies like these tend to be industry leaders and often have advantages that help them beat the competition. The firm’s portfolios derive long-term investment returns from a combination of appreciation and dividend income.
Mawer Investment Management Ltd.
Mawer Investment Management Ltd. (Mawer) was established in 1974 to provide independent investment counseling services. The firm is a conservative, value-biased investment manager that systematically creates broadly diversified portfolios of wealth-creating companies bought at a discount. Mawer’s investment approach focuses on four principles: wealth-creating companies, discount to intrinsic value, broadly diversified portfolios, and a systematic process. Through a growth-at-a-reasonable-price investment style, the team focuses on companies that deliver a return on capital greater than their cost of capital over time.
McLean Budden Limited
Founded in 1947, McLean Budden Limited is one of Canada’s oldest investment counseling firms. Sun Life owns 55 percent of the firm and the remainder is owned by its active investment professionals. The firm takes a conservative approach to fixed income and equity investing, focusing on companies with sound balance sheets, above-average earnings growth and strong management teams. The investment management team focuses on detailed proprietary fundamental research with security as a key contributor to performance. This process has been applied consistently throughout various market cycles, and has become a hallmark of the firm.
Metropolitan West Capital Management, LLC
Founded in 1997, Metropolitan West Capital Management, LLC (MetWest) is a boutique investment firm that provides investment services to retail and institutional clients. MetWest’s large-cap intrinsic value investment approach focusing on high-quality companies seeks to minimize risk and optimize long-term returns. Their investment process has consistently demonstrated their ability to add value above their benchmark and deliver strong long-term returns with lower-than-market risk.
NWQ Investment Management Company, LLC
NWQ Investment Management Company, LLC (NWQ), a subsidiary of Nuveen Investments Inc., was founded in 1982. The firm’s goal is to provide superior risk-adjusted returns through an analyst-driven value-oriented process. NWQ’s investment team has shown strong adherence to their value style despite cyclical market pressures to chase momentum and theme stocks. They assume a ’bottom-up’ approach to research and apply a broad range of quantitative valuation screens to identify potential investments that trade at attractive absolute valuations, offer good downside protection/risk-reward and possess strong franchise quality.
Pictet & Cie
Founded in 1805 in Geneva, Pictet & Cie, the parent of Pictet Asset Management Limited (PAM), is the largest private bank, and one of the premier asset managers, in Europe. Since its inception, PAM has focused on international equity management. Committed to a bottom-up value investment style, the group seeks long-term capital growth by investing primarily in a diversified selection of equity securities, selecting companies located, or conducting a significant amount of their business, in a developing country.
RARE Infrastructure Limited
RARE Infrastructure Limited (RARE) has one of the world’s most experienced global infrastructure investment management teams, with more than 70 years’ combined global infrastructure expertise. RARE’s objective is to provide investors with regular and predictable income from a portfolio of global infrastructure securities. The firm’s team of specialist global infrastructure investment managers take a bottom-up approach when assessing stocks for investment. They undertake quantitative and qualitative assessments of securities, allowing them to create a concentrated portfolio of stocks from more than 40,000 global listed securities.
Scheer, Rowlett & Associates Investment Management Ltd.
Scheer, Rowlett & Associates Investment Management Ltd. (Scheer Rowlett) was founded in 1990 and originally operated as Crown Life Investment Management Inc. In mid-1998, the name changed when investment professionals from Connor, Clark & Lunn Financial Group became partners in the firm. Scheer Rowlett’s investment philosophy is founded on a belief that efficiencies in the equity markets are realized over mid- to long-term periods. Based on this philosophy, the firm seeks to invest in undervalued companies with strong or improving fundamentals, healthy financial positions and proven management. The Equity Team employs a bottom-up, value-oriented portfolio management process that emphasizes a team approach to decision making.
Sionna Investment Managers
Founded in 2002, Sionna Investment Managers Inc. (Sionna) is a private and independently owned firm. Sionna’s investment philosophy is based on the belief that human nature misprices stocks. Investors and companies overestimate and underestimate the value of stocks, creating price/value schisms. Sionna adheres to a relative value style of investment, which they believe is a more pragmatic approach for the resource-heavy Canadian market. Sionna’s investment process incorporates their proprietary Intrinsic Value Model and fundamental bottom-up research. Their investment process leads to a portfolio that offers protection in a down market.
TD Asset Management Inc.
TD Asset Management Inc. (TD) is a part of the TD Wealth Management group of companies and a member of TD Bank Financial. TD’s overall investment philosophy is to provide superior, sustainable and consistent long-term, risk-adjusted investment returns. The firm’s investment management team employs a bottom-up approach to investing, emphasing a long-term approach to equity investing that minimizes portfolio turnover and thereby reduces the impact of capital gains taxes. In their fixed income management, the team employs a proprietary quantitative bond model that seeks to add value by taking advantage of anomalies in securities pricing.
Tradewinds Global Investors, LLC
Tradewinds Global Investors, LLC (Tradewinds), a subsidiary of Nuveen Investments, was founded in March 2006, subsequent to an internal reorganization of NWQ Investment Management Company, LLC. Tradewinds was formed to focus on international and global investing. The investment management team seeks to identify hidden value anywhere in the world. They search developed and emerging markets, employing a bottom-up approach in a quest to identify undervalued companies and profit from variances when these attractive opportunities occur and are acknowledged by the market.
Walter Scott & Partners Limited
Walter Scott & Partners Limited (Walter Scott) was founded in 1983. Walter Scott focuses on managing global and international equity portfolios, employing a bottom-up approach to investment management. The firm’s investment management team follows a growth orientated philosophy, seeking high quality companies operating in industries enjoying above average, sustainable growth. Their “buy and hold” approach allows stocks to grow and drive long-term returns. The firm relies solely on their own internal research to select and monitor stocks.
Wedgewood Partners, Inc.
Wedgewood Partners, Inc. (Wedgewood) was founded in 1988 as an investment advisory and brokerdealer firm. In 1998, CNB Bancshares Inc. purchased Wedgewood, and subsequently in 1999, Fifth Third Bancorp acquired CNB Bancshares. Wedgewood is a boutique investment management firm specializing in large-cap growth equities. The firm is disciplined to be true to long-term investments and their buy and sell strategies. Through a bottom-up approach to investment management, the firm’s equity team strives to build long-term wealth through capital appreciation in up markets and protect wealth in down markets.