The TPP's investment assets are managed by professional fund managers who must follow the Statement of Investment Policies and Procedures (SIP&P) approved by the Minister of Finance.
These investment assets are held in the Province of Prince Edward Island Master Trust. The TPP, Public Sector Pension Plan and the MLA Pension Fund participate in the Master Trust.
Approximately one third of funds in the Master Trust are assets of the TPP.
Master Trust Fund Discretionary Investment Managers as at March 31, 2020:
- Beutal Goodman & Company, based out of Toronto, Ont., has been a segregated, active asset manager for the Master Trust Fund for Canadian equity since July 1998. Beutal Goodman & Company manages assets on a value based approach, meaning it seeks out securities to invest in that are perceived to be undervalued based on a fundamental analysis approach, the belief being that these securities will, over time, produce potentially higher risk adjusted returns.
- Baillie Gifford, based out of Edinburgh, Scotland, has been a pooled fund active, global equity asset manager for the Master Trust Fund since June 2009. Baillie Gifford is a growth oriented investment manager providing in-house, bottom-up, fundamental company analysis with a view to attaining superior long term returns, primarily through its stock selection process.
- Lazard Asset Management, Lazard Asset Management manages a fund that is responsible to invest in Global listed infrastructure companies, since July 2015.
- State Street Global Advisors, based out of Montreal, Que., bas been actively managing the Master Trust Funds currency overlay strategy since December 2009. The active management currency overlay strategy is used primarily to reduce currency volatility of the Master Trust Fund's multicurrency global equity assets, with the potential for value added return beyond that of a passive hedging mandate. State Street also manage a liquid Global Real Estate fund and a Cash Equitization program.
- Greystone Managed Investments, based out of Regina, Sask., has been an active pooled Canadian real estate investment manager for the Master Trust Fund since December 2011. Greystone seeks to build a diversified portfolio of core, value added and opportunistic properties from the primary real estate categories that will likely provide stable income growth, with the belief that in keeping with this philosophy capital appreciation for these assets will follow, adding to total return over the long term. Greystone also manages a Canadian Mortgage fund for the Master Trust.
- Global Infrastructure Partners, based out of New York, N.Y., has been an active pooled global infrastructure investment manager for the Master Trust since July 2012. The focus for Global Infrastructure Partners is predominantly in the energy, transportation and water and waste sectors where it is able to secure large controlling positions in high quality, lower risk global infrastructure assets. Global Infrastructure Partners uses its industry expertise and operational best practices to enhance performance and create value for its portfolio companies in anticipation that investors will capture this increased value upon exit.
- Goldman Sachs Asset Management (GSAM), based out of New York, has been an active pooled core plus fixed income manager for the Master Trust since March 2016. The focus for GSAM is to seek total return consisting of capital appreciation and income that exceeds the benchmark. The fund managers have access to all sectors of the fixed income universe. Their disciplined investment approach centres on proprietary risk management models. The Master Trust invests in two funds: GSAM Canadian Core Plus Bond fund and the GSAM Canadian Long duration Core Plus Bond Fund.
- TD Asset Management (TDAM), based out of Toronto, Ont., has been an active and passive pooled fund investment manager for the Master Trust since February 2016. The Master Trust invests in three funds with TDAM, TD Emerald Core Plus: TD Emerald Long Core Plus, TD Emerald Low volatility Global Equity and TD Emerald Low volatility All World Equity.
- Wellington Management, based out of Boston, Mass., bas been an active Global Small Cap manager for the Master Trust since June 2017. The Master Trust invests in the Wellington Global Perspectives fund.
- Morgan Stanley, based out of New York, N.Y., has been an active Core Global Real Estate manager for the Master Trust since December 2017. The Master Trust invests in the Morgan Stanley Prime Property fund.
- CBRE, based out of Los Angeles, Calif., has been an active Core Global Real Estate manager for the Master Trust since March 2018. The Master Trust invests in the CBRE Global Alpha Property fund.