Overview
A. General Description of Advisory Firm
Manitou Investment Management Ltd. (“Manitou”) is an independent, primarily employee-owned discretionary
investment manager based in Toronto, Canada. Our principal owners include Coaltan Holdings Inc., which is
controlled by Mark Gaskin, President of Manitou. Manitou was created in 2010 through an amalgamation of
the original firm, which was founded in 1998 and Manitou Capital Corporation, a public corporation. Prior to
2010, Manitou was owned directly by employees and Manitou Capital Corporation.
B. Types of Services Offered
Manitou provides discretionary and non-discretionary customized investment management services to
individual clients, including high net worth individual clients and institutional accounts, through separately
managed accounts (each a “Client” and collectively, “Clients”) to its U.S. Clients. Manitou advises other
Canadian and non-U.S. based clients (each a “Non-U.S. Client” and collectively, “Non-U.S. Clients”), such as
high net worth individuals, institutions, and pooled investment vehicles, which are not available for investment
by U.S. investors. Manitou generally invests both Client and Non-U.S. Client assets in publicly traded equity
securities primarily in the United States, Canada, and other developed markets internationally. Additionally,
Client and Non-U.S. Client assets may also be invested in other securities including, but not limited to American
Depository Receipts, exchange traded funds (“ETFs"), preferred shares, corporate and government debt
securities, private and publicly traded debt instruments, private equity securities, and cash and cash
equivalents in the same markets outlined previously. For the purpose of reducing the risk of foreign currency
exposure, Manitou may, from time to time, enter into forward contracts or otherwise hedge such currency risk.
C. Availability of Customized Services for Individual Clients
Manitou works with each Client to establish an appropriate investment profile. The investment mandate for
each separately managed account is managed in accordance with the Client’s investment objectives and
various restrictions and limitations that are negotiated with or provided by such Client. Such restrictions and
investment limitations are monitored by Manitou.
D. Wrap Fee Programs
Manitou does not participate in any wrap fee programs.
E. Assets Under Management
As of December 31, 2023, Manitou managed US$1,066,500,000* on a discretionary basis and
US$16,500,000* on a non-discretionary basis.
*Rounded to the nearest U.S. $100,000 using a foreign exchange rate of U.S. $1.00 to CDN $1.3250.