Firm Overview
AGF Investments America Inc. (“AGFA”) was organized in Toronto under the laws
of Ontario, Canada in 2007 to provide investment advisory services to US
institutions. AGFA is a wholly owned subsidiary of AGF Management Limited, an
independently controlled firm, with publicly traded non-voting shares listed on the
Toronto Stock Exchange. Founded in 1957, AGF Management Limited is a premier
Canadian-based investment solutions firm with more than 60 years in the business,
providing industry leading investment management services through our core
business: AGF Investments. Headquartered in Toronto, Canada, AGF has
investment operations and client servicing teams on the ground in North America
and Europe. As of January 31, 2023, with over $42 billion in total assets under
management and fee-earning assets, AGF serves more than 800,000 investors, with
offices and subsidiaries in Canada, the United States, Europe and Asia.
With clients and personnel located around the world, we service our clients through
a number of affiliated entities, each licensed to offer its particular services and
business functions in various jurisdictions. While legally distinct and regulated by
multiple regulators across various jurisdictions, we operate as a global business,
referred to as AGF Investments.
In order to meet the needs of our clients, AGFA engages one or more affiliates and
their personnel in the provision of services to our clients pursuant to written
agreements (including dual employee) among AGFA and its affiliates and pursuant
to which AGFA supervises the activities of affiliate personnel on behalf of our clients
(“Affiliate Resource Arrangements”). For example, our portfolio managers are also
portfolio managers of another affiliated adviser licensed and operating in Canada.
Research and trading teams used by AGFA are employed by the same Canadian
affiliate, AGF Investments Inc. AGFA may also engage affiliates to sub advise
certain mandates on behalf of AGFA. We also delegate certain client liaison,
portfolio accounting and reporting and client servicing to AGF Investments Inc.
Our parent company operates a shared services model, whereby the provision of
legal, compliance, human resources, internal audit, and other similar services are
provided to all AGF subsidiaries globally, including AGFA. All services provided by
affiliated entities are done via Affiliate Resource Arrangements and comply with
applicable laws and regulations of each entity and jurisdiction. All individuals who
provide services to AGFA are subject to AGFA’s Code of Business Conduct, Ethics
and Personal Trading and are bound by AGFA’s policies and compliance manual
and everyone annually acknowledges and certifies agreement to comply therewith.
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Our Services
AGFA offers discretionary investment management services for a fee to institutional
clients which may include separately managed accounts, mutual funds sponsored
by unaffiliated entities and investment vehicles sponsored by us or our affiliates,
AGFA may also provide investment advisory services to defined-contribution
pension plans under the Employee Retirement Income Security Act (“ERISA”).
Our services are available directly to prospective advisory clients, each negotiating
an investment management agreement with us, which incorporates specific
investment guidelines and restrictions mutually agreed upon in consultation with the
portfolio managers.
As a result, separately managed accounts may be customized
to meet a client’s specific requirements, and which may be updated from time to time
as renegotiated with clients as circumstances warrant. Client guidelines and
restrictions typically impose limitations on security types, issuers and percentage
allocations to pre-established investment mandates offered by AGFA to its clients.
AGFA emphasizes broad diversification in its managed accounts and offers several
specialized mandates and risk profiles. Prospective clients, in addition to negotiating
guidelines and restrictions, may also wish to consider liquidity levels, underlying
holdings transparency as well as any potential tax attributes that may be associated
with certain investments and structures in which those mandates may be offered by
AGFA (considering client-specific circumstances and needs in identifying the most
suitable vehicle and mandate).
Our Investment Process
Each investment mandate has associated with it investment processes the portfolio
managers adhere to in the selection of investment opportunities suitable for the
mandate. Those processes are dependent on the portfolio manager, their team of
investment professionals and the nature of the investment mandate. Each process
incorporates various techniques designed to manage inherent risks associated with
the mandate while maximizing returns considering the investment horizon
associated with the mandate.
Often the investment process involves significant independent research performed
by the investment teams supporting the portfolio manager. Research activities are
varied and incorporate direct meetings with management of securities issuers, the
extensive review of information sourced from industry, market, financial and issuer
filing records and data. Investment teams may use publicly available publications
and information as well as attend investment conferences made available to them
by broker dealers with whom AGFA or affiliates have business relationships.
Internal research may be supplemented from unsolicited information provided from
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broker dealers who send AGFA information because of brokerage relationships with
AGFA or affiliates. Our proprietary research is not available for sale or distribution
and generally we do not provide clients or prospects with our research, though we
may discuss specific approaches or, in respect of clients, may share insights from
our research in discussing investment activity in a client account.
The Investment teams may, from time to time, meet with prospective clients to
demonstrate the breadth and depth of our research activities and capabilities and
may comment on investments in a mandate or provide market commentary
associated with a mandate as part of the business development process.
Portfolio managers and their teams make investment decisions for the accounts they
manage based on the evaluation of investment opportunities and client specific
investment guidelines and restrictions. As a result, securities being traded in
individual accounts with similar mandates may differ and potentially be in opposing
situations. This permits the investment professionals, however, to meet the
investment objectives of a diverse client base interested in a particular mandate or
strategy and promotes accountability of the investment professionals for investment
performance. Refer to Side-by-Side Management for additional information.