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Announcement ANNOUNCEMENT June 29, 2020 The Public Employees Pension Plan (PEPP, the Plan) is pleased to announce that it has engaged the following investment managers on behalf of the Plan: • ARGA Investment Management (ARGA) now manages an emerging markets mandate through its ARGA Emerging Markets Equity strategy; • CIBC Asset Management now manages a fixed income mandate through its Canadian Bond Active Universe strategy; • Fidelity Investments Canada ULC (Fidelity Canada) now manages a Canadian equity mandate through its Fidelity Canadian Focused strategy; • Manulife Investment Management (Manulife) now manages a fixed income mandate through its Strategic Fixed Income strategy; and • PGIM Fixed Income (PGIM) now manages a fixed income mandate through its Absolute Return Bond strategy. ARGA is based in Stamford, Connecticut and was established in 2010. They currently have approximately $6.6 billion CAD in assets under management, and actively manage an emerging market equity portfolio of approximately $270 million CAD for PEPP. The ARGA Emerging Markets Equity strategy follows a disciplined, classic value philosophy using fundamental, bottom-up research to find stocks trading at a significant discount and construct a concentrated portfolio. CIBC originally began investment operations in 1972 as TAL Global Asset Management. Through mergers and acquisitions it has been operating as CIBC Asset Management since 2001 with offices in Montreal and Toronto. They currently manage approximately $140 billion CAD. They manage a mandate of approximately $425 million CAD for PEPP. The Canadian Bond Active Universe strategy applies a multi-strategy approach which is rooted in the belief that combining multiple sources of added value will lead to superior risk-adjusted performance. Fidelity established its Canadian presence in 1987 as a mutual fund dealer and began offering services to Canadian institutional investors in 2001. Headquartered in Toronto, Fidelity Canada is currently majority-owned by Fidelity International (FIL) with the remainder owned by Fidelity Investments (FMR). They currently have approximately $148 billion CAD in assets under management, and actively manage a Canadian equity portfolio of approximately $430 million CAD. The Canadian Focused Equity strategy focuses on fundamental, bottom-up stock research which enables the investment team to select companies they believe will outperform over a market cycle. page 1 Manulife is based in Toronto, and its asset management business was founded in 1949. They currently have approximately $531.5 billion CAD under management. Manulife actively manages a fixed income portfolio of approximately $325 million CAD for PEPP. The Strategic Fixed Income strategy employs a multi-strategy approach to manage global fixed income exposure. A diversified global portfolio of varied fixed income sectors and currency seek to generate an attractive yield and volatility profile for the mandate. The strategy is able to access resources of the entire Manulife organization to assist in managing the mandate. PGIM Fixed Income is a wholly owned subsidiary of PGIM, Inc. (PGIM), the global asset management business of Prudential Financial, and is based in Newark, New Jersey. PGIM manages approximately $1.7 trillion CAD in assets under management, while PGIM Fixed Income now manages a mandate of approximately $325 million CAD on behalf of PEPP. The Absolute Return Bond strategy is an actively managed strategy that seeks to maximize risk-adjusted returns in a diversified manner while mitigating downside risk. The strategy is diversified across fixed income sectors, subsectors, and issuers with a strong focus on relative value analysis. For further information about PGIM Fixed Income or PGIM, please visit pgimfixedincome.comor pgim.com. With the addition of the new investment managers listed above, the following managers no longer manage investments for the Plan: • GlobeFlex Capital, L.P. (Canadian Small Cap Equity mandate); and • State Street Global Advisors Ltd. (Canadian Equity mandate). In addition to the above changes: • AQR Capital Management no longer manages its Emerging Markets mandate, but they continue to manage a liquid alternatives mandate for the Plan; • Pacific Investment Management Company (PIMCO) no longer manages its Unconstrained Fixed Income mandate, but they continue to manage a Core Plus Fixed Income mandate for the Plan; and • TD Asset Management Inc. (TDAM) no longer manages its Canadian Equity mandate, but they continue to manage fixed income and money market mandates for the Plan. Media inquiries should be directed to: Tasha Lupanko, Director, Education and Engagement Public Employees Benefits Agency [email protected] 306-787-5001.
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