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Investments

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Investment Managers Market Location
Public Equity
Mackenzie Investments International (Pan Asian with emphasis on non-Japan Asia)
Marathon Asset Management LLP International (EAFE with some exposure in Emerging Markets)
Somerset Capital Management LLP International (Emerging Markets)
Infrastructure
Brookefield Asset Management Global
InstarAGF Asset Management Global
Northlead Capital Partners Global
OMERS Investment Management Global
Private Equity
Gain Energy Ltd. Canadian (Oil and gas production and exploration)
Northleaf Capital Partners Global
Richardson Capital Canadian
Private Credit
Brookefield Asset Management Global
Carlyle Credit Global
Grosvenor Global
Northlead Capital Partners Global
Sagard Credit Partners Global
Real Estate
Brookefield Asset Management Global

Peter Josephson, CFA: Chief Investment Officer

Peter has been with the investment team since 1999, after his tenure as Executive Vice-President & Chief Investment Officer with a large investment management firm. He has been involved with managing money, establishing asset mix strategies, and making major investment decisions for all asset classes.

Clancy Ethans, CFA: Managing Director, Alternative Assets and U.S. Equities

Clancy joined the investment team in December 2009 following his tenure of seven years as the Chief Investment Officer of Richardson Partners Financial Limited. Before that he invested in private equity opportunities for the James Richardson & Sons, Limited. Prior to that, he managed a $500 million Canadian equity fund for a large Manitoba pension fund.

Canadian Equities

Jamie Chopek, CFA: Manager, Canadian Equities

Jamie graduated from the University of Manitoba’s I.H. Asper School of Business and joined the CSSB investment team in 2004. In 2007 he became a CFA charterholder. Jamie currently manages the internal Canadian Equity portfolios.

Kris Drobot: Analyst, Canadian Equities

Kris graduated from the University of Manitoba’s I.H. Asper School of Business in 2016 and joined the CSSB investment team later that year. Kris is responsible for providing research, analysis, and recommendations on Canadian equities.

U.S. Equities

Stephen Gannon, CFA: Manager, U.S. Equities

Stephen graduated from Manitoba’s I.H. Asper School of Business and in 2005 became a CFA charterholder. Prior to joining the CSSB investment team in 2009, he worked for 10 years at an investment management firm in Winnipeg. Stephen currently manages the internal U.S. Equity portfolios.

Maury Donen, CFA: Assistant Manager, U.S. Equities       

After seven years in the private equity sector, Maury joined the investment team in 2003. He is responsible for leading detailed financial and operational due diligence and post investment monitoring on Fund investments based in the U.S. financial markets. Maury is currently the Past President of CFA Winnipeg.

Chris Wutzke, CFA: Assistant Manager, U.S. Equities

Chris graduated from the University of Manitoba’s I.H. Asper School of Business and joined the CSSB investment team in 2001. In September 2006 he became a CFA charterholder. Chris is responsible for the research, analysis, and recommendation of U.S. equities.

Tanner Prasek, Research Analyst, U.S. Equities

Tanner graduated from the University of Manitoba’s I.H. Asper School of Business in 2013 and spent time in Wealth Management and Treasury before joining CSSB in 2018. In August 2017, he completed his CFA exams and will receive the charter after completion of required work experience. Tanner is responsible for providing research, analysis, and recommendations for the US equity portfolios.

International Equities

Candy Wong, CFA: Manager, International Equities

Candy graduated from the University of Manitoba’s I.H. Asper School of Business and joined the CSSB investment team in 2004. In September 2006 she became a CFA charterholder. Prior to joining the CSSB investment team, Candy worked at an investment management firm for two years. She currently manages the internal International Equity portfolio.

Real Estate

Ian Cameron, CFA: Senior Manager, Real Estate

Ian graduated from the University of Manitoba’s I.H. Asper School of Business in 2005 and joined the CSSB investment team in 2009. In October 2010 he became a CFA charterholder. Prior to joining the CSSB investment team, Ian worked at an investment management firm. Ian currently manages our internal Real Estate portfolio.

Brent Muio, P.Eng., CFA:  Senior Analyst, Alternative Investments & Real Estate

Brent graduated from Carleton University’s Aerospace Engineering program and in 2016 became a CFA charterholder. Prior to joining the CSSB investment team in 2017, he worked for 12 years in the Aerospace and Utility industries. Brent is responsible for providing research, analysis and recommendations to the Alternative Investments (Infrastructure, Private Credit & Private Equity) and Real Estate portfolios.

Bonds and Debentures

Sean Morgan, CFA: Analyst, Fixed Income

Sean graduated from the University of Manitoba’s I.H. Asper School of Business in 2008 and joined the CSSB investment team in 2011. In April 2012 he became a CFA charterholder. Prior to joining the CSSB, he worked at a commercial finance company for three years. Sean is responsible for providing research, analysis and recommendations to the Fixed Income portfolio.

Short-Term Investments

Georgina Evanchow: Investment Assistant

Georgina has been with the investment team since November 2004. She worked previously at a large investment management firm for over 15 years. Georgina is responsible for the short-term investment portfolio and daily administrative support.­­

How does the Plan manage investments to help ensure your pension is secure?

The Fund’s Statement of Investment Policies and Procedures (SIP&P) guides the investment decision-making process. This document is created by independent consultants and matches the Fund’s assets with its liabilities, now and into the future. Upon its approval by the Board, this document is put into effect and is monitored for compliance. The SIP&P includes such things as appropriate asset mix limits, investment grade quality, holding limits, investment objectives, valuation procedures and investment management structure.

Asset mix is the single most important factor in determining pension fund performance. Different risk elements relating to market volatility and potential returns are factored into an investment decision. Investments that produce lower returns are generally a result of lower risk or volatility. In order to optimize returns and reduce investment volatility, Fund assets are diversified among the various asset classes and across the world’s economic regions.

The ultimate success of the Fund’s investment policy is measured by how well it meets the long-term obligations for its members. An actuarial valuation on the Fund is the best way to measure this obligation. Pension fund rates of return are sometimes measured in five-year periods to emphasize longer-term trends which are more relevant to pension funding, rather than short-term volatility.

Policies and procedures that continue to guide or impact investment decisions include:

  • Statement of Investment Policies and Procedures
  • Investment Manager Mandates

The amount of pension a member will receive is not directly related to investment returns. Good investment returns are necessary to secure the Fund’s ability to continue to meet its current and future obligations to pay benefits and are the major contributor to surplus.

Asset Mix at As of December 31st, 2020

U.S. Equities
Large Cap 12%
Low Volatility 2%
ETF 3%
Mid Cap 1%
Non-North American Equities
Marathon M-L 9%
Mackenzie 6%
Internal 5%
Somerset 3%
Canadian Equities
Large Cap 9%
XIC 2%