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Active Fundamental Equities

AFE uses long-term fundamental analysis to select high conviction, single-company investments. Those investments are assembled into a long/short, market-neutral portfolio using an optimization process that aims to minimize unintended factor exposures. The result is a portfolio with maximum exposure to our fundamental research insights.

Our Team

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Toronto
London
New York

The AFE team is comprised of experienced professionals with offices in Toronto, London and New York.

The AFE team is comprised of experienced professionals with offices in Toronto, London and New York.

Bill MacKenzie

Managing Director and Head of Active Fundamental Equities

Bill heads the team responsible for delivering alpha through active security selection of public equity investments driven by bottom-up fundamental research. His past responsibilities include managing the team that focuses on global public equity investments in the Industrial, Energy and Materials sectors.

Prior to joining CPP Investments in 2010, Bill was a Director and Analyst in the Equity Research group at TD Securities. Previously, he worked at Ernst and Young in the Assurance Services and Corporate Finance groups.

Bill holds a BA in Economics from McGill University and an MBA from the Rotman School of Management at the University of Toronto. He is a Chartered Accountant and a CFA charterholder.

Pat Naccarato

Managing Director, Active Fundamental Equities

Pat is a senior leader on the team that manages a concentrated portfolio in delivering alpha through public equity security selection.

He is responsible for leading the teams focused in the Consumer, Telecom, Media and Healthcare sectors, and joined CPP Investments in 2009.

Pat has over 30 years of experience managing global public equities for a variety of pension funds, mutual funds and private client assets. Prior to joining CPP Investments, he worked at Phillips Hager and North Investment Management (now RBC) and TAL Investment Management (now CIBC).

Pat holds a BMath (Hons) from the University of Waterloo and an MBA from Wilfrid Laurier University, and is a CFA Charterholder.

Pat currently serves on the board of Viking Cruise Holdings Ltd.

Aaron Duxbury

Senior Portfolio Manager, Active Fundamental Equities

Aaron leads the team focused on developed market public equity investments in the Industrial, Material and Energy sectors.

He has 15 years of experience in public equities. Prior to joining CPP Investments in 2011, he worked at Fiera Capital, focusing on Canadian large capitalization stocks. He also worked at National Bank Financial for seven years in Equity Research.

Aaron holds a BComm from the Desautels Faculty of Management at McGill University and is a CFA Charterholder.

Jason Kuo

Senior Portfolio Manager, Active Fundamental Equities

Jason is responsible for developed market public equity investments in the Consumer sector.

Jason has 13 years of experience in public equities. Prior to joining CPP Investments in 2005, Jason worked for Ernst & Young in Assurance and Advisory with a focus on the financial sector.

Jason holds a BA and an MAcc from the University of Waterloo and is both a CPA and a CFA Charterholder.

Mike Rodgers

Senior Portfolio Manager, Active Fundamental Equities

Mike is responsible for developed market financials and financial technology investments within AFE.

Upon joining CPP Investments in 2005, Mike helped establish our quantitative stock selection investment program and moved to the fundamental investing team in 2010.

Mike has over 20 years of investment experience, including at Vestcor (formerly N.B. Investment Management) and Investors Group Investment Management.

Mike holds a BBA in Economics from the University of New Brunswick and an MA in Economics from Simon Fraser University. He is a CFA Charterholder.

Henrik Olsson

Senior Portfolio Manager, Active Fundamental Equities

Henrik is responsible for the EMEA team focused on public equity investments within AFE.

He joined CPPIB in 2014, focusing on publicly listed equities in Europe, the Middle East and Africa. Henrik has 20 years of experience in public equities, most recently 15 years on the buy-side investing in long-short strategies at Sloane Robinson and Theorema Asset Management. He also spent five years on the sell-side at investment banks Cazenove and ABG Sundal Collier.

Henrik holds a BSc in Finance from the University of Lund and a Master of Laws (LLM) from the University of London.

Nadeem Janmohamed

Senior Portfolio Manager, Active Fundamental Equities

Nadeem is responsible for leading the team focused on developed market public equity investments in the Technology and Internet sectors, and soon-to-be-public Technology and Internet companies.

Prior to joining CPP Investments in 2012, Nadeem worked in the hedge fund industry for six years researching and investing in global Technology companies. He was previously an equity research analyst covering the Semiconductor and Wireless Communications industries at Lehman Brothers. Nadeem began his career in Silicon Valley as a semiconductor chip design engineer.

Nadeem holds a BSc in Electrical Engineering from the University of Waterloo and an MSc in Electrical Engineering from Columbia University.

Our Active Equity Holdings

We are invested globally in public and soon to be public companies, as well as securities focused on long-horizon structural changes.

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