Company Company Profile

Addenda Capital

Head office:
Montreal, QC
Assets Managed:
$25 Billon (2014-12-31)

"Addenda represents everything we look for in a manager. The international equity portfolio management team has been working together for over a decade, so there is continuity with this group. They are active and unique in that their portfolios are more concentrated than what you typically see in the category. And most importantly they have a record of adding value versus the benchmark time and time again."

- Daniel Solomon, Chief Investment Officer, NEI Investments

Company Profile

Addenda Capital is a privately owned Canadian institutional asset manager with offices in Montreal, Toronto, Guelph, and Regina. Addenda's investment management discipline is built on the principles of teamwork with dedicated teams of specialists providing investment expertise in a number of traditional and alternative investment strategies for bonds, equities and customized mandates.

Addenda's team of over 50 investment professionals focus on leveraging extensive in-house fundamental research capabilities and an unwavering commitment to ESG principles in managing overall portfolio risks. Addenda considers Environmental, Social and Governance factors in the investment and decision making process and are signatories of the United Nations' Principles for Responsible Investment.


Investment Approach

Addenda's international equity investment philosophy focuses on investing in growth areas of the world through leading global companies that have long-term key competitive advantages. Their Growth at a Reasonable Price (GARP) investment style is a 3 to 5 year long-term build of buying companies and not stocks.

They look at investing from the bottom up emphasizing sustained earnings growth and large cap high quality companies. The strategy generates alpha when the companies they buy grow faster than the benchmark, not by trading around positions. The portfolio management team works from an small investable universe of approximately 150 names from which they render down to 40-60 high conviction names that demonstrate strong financials, presence in sustainable growth industries and non-commoditized business models.

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Funds Managed icon Funds Managed

Name Lead Managers Inception Date Category Morningstar Profile
NEI International Equity RS Fund Ian Scullion
Annie Laliberté
Michel Rouette
Scott Knight
Shuyan Feng
2002-09-20 International Equity A F

Lead Manager icon Lead Managers

Lead Manager Picture

Ian Scullion, CFA

Vice-President, International Equities

Ian Scullion is responsible for the International Equity team. He performs research and portfolio management for EAFE and Global Equity mandates. Prior to joining Addenda Capital, Ian Scullion had been leading the International Equity team at CIBC Global Asset Management (2002-2012) as Vice-President, International Equities. Previously, he worked at Jarislowsky Fraser as Portfolio Manager, International Equities (1999-2002) where he was responsible for portfolio management and fundamental research of EAFE portfolios. He was Portfolio Manager and Director of Research at Cogesfond (1995-1999) and worked in Europe for Société Générale (1992-1995), involved in the management of Global Equities. He also worked at the Caisse de dépôt et placement du Québec (1989). Ian holds a Bachelor's degree in Business Administration with a specialization in Finance from Université Laval (1988). He also holds the Chartered Financial Analyst® designation.

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Annie Laliberté, CFA

Portfolio Manager, International Equities

As a member of the International Equity team, Annie Laliberté is involved in the management of EAFE and Global Equity portfolios. She analyzes and monitors the various sectors and securities held in the portfolios. Before joining Addenda Capital, Annie Laliberté worked at CIBC Global Asset Management (2002-2012) as an Analyst, International Equities. She assumed portfolio management and research responsibilities. Prior to this, Annie worked as an Assistant Portfolio Manager at Jarislowsky Fraser (2000-2002). Annie holds Bachelor's degree in Business Administration from HEC Montréal (2000). She holds the Chartered Financial Analyst® designation.

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Michel Rouette, FSA, FCIA

Portfolio Manager, International Equities

As a member of the International Equity team, Michel Rouette participates in the management of the EAFE and Global Equity portfolios. He analyzes and monitors the various sectors and securities held in the portfolios. Prior to joining Addenda Capital, Michel had been working with CIBC Global Asset Management as an International Equities Portfolio Manager since 2004. Before that, he spent over 15 years in the insurance industry with Industrial Alliance, overseeing the development of various insurance- and banking-related products. He also carried out financial analysis, due diligence assessment of insurance industry merger and acquisition targets, and asset liability matching. Michel holds a Bachelor's degree in Actuarial Sciences from Université Laval (1988). He is a Fellow of the Canadian Institute of Actuaries (FCIA) and of the Society of Actuaries (FSA), and is a member of the American Academy of Actuaries.

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Scott Knight, CFA, FRM

Co-Head, US Equities & PM, International Equities

As Co-Head, US Equities, Scott Knight manages US equity portfolios on behalf of Addenda Capital's clients. As Portfolio Manager, International Equities, he is involved in the management of EAFE and Global Equity products. He analyzes and conducts research on various industries and securities for these portfolios.

Scott joined Addenda Capital in 2004 as Analyst, US Equities, and was promoted in 2008 to Portfolio Manager, US Equities, before joining the International Equity team in 2013. Prior to joining Addenda Capital, he held the position of Senior Analyst, North American Equities with Hospitals of Ontario Pension Plan (HOOPP) (2001-2003). He began his career in 1992 with TD Asset Management through its acquisition of Canada Trust, where he held various positions, including Assistant Portfolio Manager, Global Asset Mix (1998-2001), Client Service Associate (1996-1998) and Performance Measurement Consultant (1995-1996).

Scott holds a Bachelor of Commerce degree, completed with honours, from Carleton University (1993) and an MBA, completed with distinction, from the Ivey Business School of University of Western Ontario (2013). He is a Fellow of the Canadian Securities Institute (FCSI) and completed the Canadian Futures Exam (CFE). He holds a Financial Risk Manager (FRM) and the Chartered Financial Analyst (CFA®) designations.

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Shuyan Feng, CFA, FRM, CAIA, ASA

Portfolio Manager, International Equities

Ms. Feng, CFA, FRM, CAIA, ASA, joined Addenda Capital in 2010 as Research Analyst, Canadian Equities. Shuyan quickly was promoted to Senior Research Analyst, and then Assistant Portfolio Manager, Canadian Equities, until joining the International Equity team in 2017.

Prior to joining Addenda Capital, Ms. Feng held investment roles at Picton Mahoney and Scotia Capital, and began her career as an Actuarial Analyst at AON. Ms. Feng holds a Master's in Mathematical Finance from the University of Toronto, and an Honours Bachelor's degree in Actuarial Mathematics and Finance from Concordia University.