Shirley has over 35 years of investment experience, all with Sprucegrove and its predecessor firm. She is passionate about ensuring the legacy of Sprucegrove by championing an unwavering focus on quality investments and mentoring the investment team.

Shirley is a founding shareholder of Sprucegrove, serving in 1993 as an Assistant Portfolio Manager. In 2001, she was appointed Portfolio Manager and Co-Lead of International Equities and Co-Lead of Global Equities in 2018. She has been on Sprucegrove’s Board of Directors since 2013.

Shirley is a CFA Charterholder and earned her Bachelor of Arts degree from the University of Toronto.

As a leader at Sprucegrove, Arjun serves to shape the investment team’s individual and collective expertise, deliver disciplined portfolio management and provide valuable perspectives to clients and consultants. Joining Sprucegrove in 2002 as an Investment Analyst, he was promoted to Senior Investment Analyst in 2010, Assistant Portfolio Manager in 2013 and Portfolio Manager and Co-Lead of International Equities in 2014 and Global Equities in 2018. He has been on Sprucegrove’s Business Management Committee since 2015 and Board of Directors since 2017. Arjun is a CFA Charterholder and earned both his Bachelor of Arts degree and MBA from the University of Toronto.

With over 21 years of industry experience, including the last 15 years at Sprucegrove, Jonathan has excelled in various roles including Research Director and Assistant Portfolio Manager. Jonathan was promoted to Portfolio Manager in January 2024 while continuing to retain his responsibilities as Research Director.

As a Research Director, Jonathan guides Sprucegrove’s team of Investment Analysts providing mentoring and guidance to ensure consistency in the high quality of research across the team. As a Portfolio Manager, he contributes to the perspectives shared and decisions made in managing client portfolios.

In 2008, Jonathan joined Sprucegrove following seven years at Hewitt Associates, most recently as a Consultant and Director of Manager Research for the Canadian Practice. Jonathan joined Sprucegrove’s Business Management Committee in 2020. Jonathan is a CFA Charterholder and earned his Honours Bachelor of Arts (Economics & Business) degree from York University.

¹subject to approval by the Ontario Securities Commission

With more than 23 years of industry experience, including the last 20 years at Sprucegrove in various capacities including Investment Analyst and Assistant Portfolio Manager; Chris was promoted to Portfolio Manager in January 2024 while continuing to oversee all proxy-related matters and lead our efforts in the delivery of the Research Team’s ESG initiatives.

In his role as Portfolio Manager, Chris enjoys a broad range of responsibilities including mentoring Investment Analysts, engaging in diverse research projects, contributing to the portfolio management process, and meeting with clients and consultants. Chris joined Sprucegrove in 2003 in Operations and moved over to the research team in 2005 as a Research Assistant.

Chris was promoted to Investment Analyst in 2008 and, in 2016 he was promoted to Assistant Portfolio Manager. Chris's academic background includes an HBA from Trent University, a BSc from Queen's University, and a Master of Finance from Queen's University. He is a CFA Charterholder.

¹subject to approval by the Ontario Securities Commission

Sabu has been with Sprucegrove since the firm’s inception in 1993 having joined the founders from Confed Investment Counselling Ltd. He has researched global companies and industries for over 30 years with special emphasis on the aerospace, consumer products, specialty chemicals, energy and healthcare sectors.

In 2015, he joined the Board of Directors of Sprucegrove.

Sabu has a Bachelor of Commerce degree from the University of Toronto.

Matt has spent most of his career developing within Sprucegrove’s research team. He has an eclectic list of companies under his research coverage, mentors newer Investment Analysts, manages the Research Assistants and partners with the Research Director to oversee the larger team’s efforts to ensure Sprucegrove’s high standard of quality research is maintained. He joined Sprucegrove in 2007 as a research assistant. He was promoted to Investment Analyst in 2014 and Assistant Research Director in 2020. Matt is a CFA Charterholder and earned his Bachelor of Commerce from University of Windsor.

Kyle utilizes his innate curiosity to dive deep into his coverage of companies and make the best possible investment recommendations for our clients’ portfolios. He leverages his leadership experience in professional sports to further our culture of sharing and continuous learning amongst the Investment Analysts team.

He joined Sprucegrove in 2015 as a Marketing Intern and in 2016, he joined the team full-time as an Investment Analyst. Prior to joining Sprucegrove, Kyle spent 7 years playing professional football in the Canadian Football League.

Kyle earned his Bachelor of Commerce from McMaster University and his MBA from the University of Toronto.

Kyle is a CFA Level II candidate.

Hugh is eager to learn about high quality, undervalued companies to help meet our clients’ goal of long-term investment outperformance. He uses his investment experience and financial analysis skills within Sprucegrove’s bottom-up approach to accumulate a deep understanding of the companies under his coverage. In 2014, he joined Sprucegrove as a Research Assistant and was promoted to Investment Analyst in 2018. Hugh is a CFA Charterholder and earned his Bachelor of Commerce in Finance from Dalhousie University.

David focuses on delivering high quality, differentiated research on global equities. He is passionate about helping Sprucegrove clients achieve their investment goals in a safe and sustainable manner. David joined Sprucegrove as an Investment Analyst in 2016 and was promoted to Senior Investment Analyst in January 2024. Before Sprucegrove, he worked at GE Capital, where he held various commercial lending roles. He holds a Bachelor of Commerce from the University of Toronto and a Master of Business Administration from the Ivey Business School at Western University. David is a CFA Charterholder.

Ihsan uses his curiosity and passion for in-depth research to deliver quality analysis on global companies, on which the portfolio management team bases its decisions, ultimately in support of clients’ long-term goals. He joined Sprucegrove in 2017 as an Investment Analyst and was promoted to Senior Investment Analyst in January 2024. He holds a Post-Graduate Diploma in Risk Management and a Master of Arts in Economics from Queen’s University and a Bachelor of Commerce in Finance and Economics from the Toronto Metropolitan University. Ihsan is a CFA Charterholder.

Brad applies a bottom-up, research driven approach in making comprehensive investment recommendations that emphasize Sprucegrove’s key investment attributes. His strong work ethic and team focussed attitude are centered on achieving the best outcomes for Sprucegrove and its clients.

He joined Sprucegrove in 2018 as an Investment Analyst specializing in global equities after roles in equity research at Desjardins Securities, Consulting & Deals at PwC, equity derivatives at TD Securities and as an Actuarial analyst at Maritime Life Assurance.

Brad is a CFA Charterholder and earned his Honours Bachelor of Science (Molecular Biology and Actuarial Science) at the University of Toronto.

Having worked in the Cement, Energy, Technology, and Banking industries in both developed and emerging markets, Rajeev leverages his diverse experience to provide in-depth investment research on global companies.
He joined Sprucegrove in 2018, after working in Corporate Banking for ICICI Bank Canada.

Previously, he managed sourcing operations for Holcim India and worked at JP Morgan Chase.

Rajeev is an Engineer by training and has an MBA from the University of Toronto. He is also an avid triathlete, having completed the Ironman at Mont-Tremblant, Canada. Rajeev is a CFA Charterholder.

Jonathan graduated from Wilfrid Laurier University with a Bachelor of Business Administration degree in 2019 where he completed two co-op terms as an equity research intern with Baskin Wealth Management, where he developed his passion for capital markets and in-depth company research. He joined Sprucegrove in March 2020 as a Research Assistant and was hired full-time as an Investment Analyst in September 2020, within the Sprucegrove mentorship program. Jonathan is a CFA Level II candidate.

Mukhtar’s extensive global experiences and passion for investments bring a unique perspective to investment research. His pursuit of knowledge and curiosity help to deliver quality analysis on companies from around the world.

He joined Sprucegrove in 2020 as an Investment Analyst after roles in Equity Research at Credit Suisse and Bank of America Merrill Lynch. He also spent time on the buy-side in both Canada and South Africa.

Mukhtar earned his Bachelor of Commerce (Economics), Honours in Financial Analysis and Portfolio Management (FAPM) and Master of Commerce (Finance) at the University of Cape Town.

Muhktar is a CFA Level I candidate.

Derek utilizes his curiosity and background from science to formulate thoughtful investment opportunities and deliver comprehensive research to support the long-term goals of the Firm and its clients.

He joined Sprucegrove in 2021 as an Investment Analyst. Prior to joining, Derek was a Summer Analyst for the United Nations Global Compact and a Research Analyst for Akipeo - a boutique financial consultancy specializing in Developmental Finance and Sustainable Debt structuring.

Derek graduated with a B.S in Biopharmaceutical Science (specializing in Genomics) from the University of Ottawa and a M.S in Sustainability Management (specializing in Finance) from the University of Toronto.

Derek is a CFA Level II candidate.

Ace leverages his knowledge of capital markets and passion for life-long learning to consistently deliver a diligent, bottom-up, and long-term focused investment approach for Sprucegrove’s clients.

Prior to joining Sprucegrove in 2021, Ace worked in mergers and acquisitions at Constellation Software and in the diversified industries group within CIBC Capital Markets.

Ace is a CFA Charterholder, earned his Bachelor of Commerce from Ryerson University and an MBA from York University’s Schulich School of Business.

Michael uses his love for investing and intellectual curiosity for in-depth, bottom-up research to deliver sound analysis on high-quality global companies. Michael aims to help Sprucegrove clients achieve their investment goals by utilizing his understanding of rigorous investment analysis and his financial acumen.

He joined Sprucegrove as an Investment Analyst in May 2022, after previous roles at INFOR Financial and Institutional Shareholder Services, where he developed his passion for capital markets and research.

Michael holds a Bachelor of Business Administration from Wilfrid Laurier University and is a CFA Level III candidate.

Prashanth has over ten years of experience as a global equity investor, across developed and emerging markets. His earlier roles in M&A with Lehman Brothers (New York) and corporate credit with ICICI Bank (Mumbai) give him a cross-asset and international perspective.

Prashanth joined Sprucegrove in 2022 as an Investment Analyst, eager to expand on his circle of competence from his most recent role as a global generalist at Foyston, Gordon & Payne. He is passionate about the importance of business quality, long-term investment horizon, and valuation discipline, especially with unprecedented monetary intervention and passive flows weakening the price discovery function of equity markets.

Prashanth is a CFA Charterholder, a Chartered Accountant from India, and has an MBA from the Ross School of Business at the University of Michigan.

Natalia completed the Bachelor of Business Administration and Financial Mathematics Double-Degree program at Wilfrid Laurier University in 2023, where she specialized in mathematical modeling and accounting. She completed co-op terms at Zurich North America as an underwriting analyst and PricewaterhouseCoopers as an external audit associate within asset management. While at Laurier, she joined the Laurier Student Investment Fund as an equity research associate, co-founded the Laurier Women Investment Society, and represented her school in the CFA Global Equity Research competition. She joined Sprucegrove as an Investment Analyst in 2023.

A passionate student of finance, Tasleem began her career in 1998 during the TMT bubble, affirming her belief in the importance of capital preservation and the diligent focus on quality in pursuit of long-term returns. As part of Sprucegrove’s executive team, Tasleem leads the firm’s efforts in ensuring exemplary service to Sprucegrove’s inspiring roster of clients and to build new partnerships.

Tasleem joined Sprucegrove in 2010, after senior roles at Burgundy Asset Management, Hewitt Associates, and Ernst & Young Investment Advisors. In 2014, she joined Sprucegrove’s Business Management Committee.

Tasleem is a CFA Charterholder and has her MBA (Finance) from McMaster University.

Sebastien’s broad industry experience and strong capital markets interest helps him provide thoughtful service to Sprucegrove’s institutional clients, consultants, and prospects. He joined Sprucegrove in 2013, previously responsible for client services at Mercer Investments OCIO Delegated Solutions in Canada. He began his investment career in Toronto in the late 1990s at Sceptre Investment Counsel where he gained both retail and institutional services experience. Sebastien is a CFA Charterholder and earned his Bachelor of Business Administration (Finance Major) at the University of Sherbrooke, Quebec.

Bringing over ten years of extensive experience in the investment management industry, Liz has spent her career working with a diverse range of institutional clients, prospects and consultants. Driven by her passion for providing a client-focused approach, Liz enjoys working with institutional investors and understanding the unique challenges they face.

In 2021, Liz joined Sprucegrove after client service and business development roles with Mondrian Investment Partners.

Liz is a CFA Charterholder and earned her Bachelor of Science (Finance) from St. Joseph’s University in Philadelphia.

As a leader at Sprucegrove, Arjun serves to shape the investment team’s individual and collective expertise, deliver disciplined portfolio management and provide valuable perspectives to clients and consultants. Joining Sprucegrove in 2002 as an Investment Analyst, he was promoted to Senior Investment Analyst in 2010, Assistant Portfolio Manager in 2013 and Portfolio Manager and Co-Lead of International Equities in 2014 and Global Equities in 2018. He has been on Sprucegrove’s Business Management Committee since 2015 and Board of Directors since 2017. Arjun is a CFA Charterholder and earned both his Bachelor of Arts degree and MBA from the University of Toronto.

Shirley has over 35 years of investment experience, all with Sprucegrove and its predecessor firm. She is passionate about ensuring the legacy of Sprucegrove by championing an unwavering focus on quality investments and mentoring the investment team.

Shirley is a founding shareholder of Sprucegrove, serving in 1993 as an Assistant Portfolio Manager. In 2001, she was appointed Portfolio Manager and Co-Lead of International Equities and Co-Lead of Global Equities in 2018. She has been on Sprucegrove’s Board of Directors since 2013.

Shirley is a CFA Charterholder and earned her Bachelor of Arts degree from the University of Toronto.

Sabu has been with Sprucegrove since the firm’s inception in 1993 having joined the founders from Confed Investment Counselling Ltd. He has researched global companies and industries for over 30 years with special emphasis on the aerospace, consumer products, specialty chemicals, energy and healthcare sectors.

In 2015, he joined the Board of Directors of Sprucegrove.

Sabu has a Bachelor of Commerce degree from the University of Toronto.

As a leader at Sprucegrove, Arjun serves to shape the investment team’s individual and collective expertise, deliver disciplined portfolio management and provide valuable perspectives to clients and consultants. Joining Sprucegrove in 2002 as an Investment Analyst, he was promoted to Senior Investment Analyst in 2010, Assistant Portfolio Manager in 2013 and Portfolio Manager and Co-Lead of International Equities in 2014 and Global Equities in 2018. He has been on Sprucegrove’s Business Management Committee since 2015 and Board of Directors since 2017. Arjun is a CFA Charterholder and earned both his Bachelor of Arts degree and MBA from the University of Toronto.

With over 21 years of industry experience, including the last 15 years at Sprucegrove, Jonathan has excelled in various roles including Research Director and Assistant Portfolio Manager. Jonathan was promoted to Portfolio Manager in January 2024 while continuing to retain his responsibilities as Research Director.

As a Research Director, Jonathan guides Sprucegrove’s team of Investment Analysts providing mentoring and guidance to ensure consistency in the high quality of research across the team. As a Portfolio Manager, he contributes to the perspectives shared and decisions made in managing client portfolios.

In 2008, Jonathan joined Sprucegrove following seven years at Hewitt Associates, most recently as a Consultant and Director of Manager Research for the Canadian Practice. Jonathan joined Sprucegrove’s Business Management Committee in 2020. Jonathan is a CFA Charterholder and earned his Honours Bachelor of Arts (Economics & Business) degree from York University.

¹subject to approval by the Ontario Securities Commission

A passionate student of finance, Tasleem began her career in 1998 during the TMT bubble, affirming her belief in the importance of capital preservation and the diligent focus on quality in pursuit of long-term returns. As part of Sprucegrove’s executive team, Tasleem leads the firm’s efforts in ensuring exemplary service to Sprucegrove’s inspiring roster of clients and to build new partnerships.

Tasleem joined Sprucegrove in 2010, after senior roles at Burgundy Asset Management, Hewitt Associates, and Ernst & Young Investment Advisors. In 2014, she joined Sprucegrove’s Business Management Committee.

Tasleem is a CFA Charterholder and has her MBA (Finance) from McMaster University.

Ken brings over 25 years of experience in investment funds, managed accounts, audit, tax and IT, to elevate the operational success of the firm.

He joined Sprucegrove in 2016 and the firm’s Business Management Committee in 2018 with responsibility for the finance and IT functions of the firm. Throughout his career, he has served as CFO, CCO, and in other key operational capacities to many small, mid-sized, and multi-billion-dollar client firms that grew more established during his tenure.

Ken previously served with Deloitte in its Assurance and Advisory practice and holds CPA designations in both Canada and the US.

As a trusted and valued business partner, Vashti engages at the strategic and operational level to promote a culture of alignment, accountability, and engagement through effective human capital programs.

With extensive experience across financial services, technology, and consulting, Vashti joined Sprucegrove in 2016 and Sprucegrove’s Business Management Committee in 2020.

Vashti is a Certified Human Resources Leader, earned her Bachelor of Science (Business Management) from the University of the West Indies, and is certified in PROSCI’s Change Management Program. Vashti is a member of the Human Resources Professional Association of Ontario (HRPA) and the Society of Human Resource Management (SHRM).

Osman drives operational excellence and enhances the overall customer experience through the strategic use of technology solutions and the application of industry best practices.

He joined Sprucegrove in 2019 from RBC where he spent 18 years, holding several senior leadership roles in operations and client relationship management, servicing some of the firms’ largest asset management and pension plan clients. In 2020, Osman joined Sprucegrove’s Business Management Committee.

Osman is a Chartered Public Accountant (CPA) and Project Management Professional (PMP). He earned his Bachelor of Commerce degree from the University of Toronto, specializing in Accounting and Economics.

Joe joined Sprucegrove in 2019 after serving in executive capacities at both Aberdeen Standard Investments and ROI Advisors. In 2020, he joined Sprucegrove’s Business Management Committee and is responsible for the overall risk and compliance management of the firm.

As an integral participant of management strategies for over 30 years, Joe has been an executive contributor to various start-ups and part of the regulatory consulting practices of both PricewaterhouseCoopers and Deloitte.

Joe is an active industry participant, including being a member of the Ontario Securities Commission’s Registrant Advisory Committee, the Council of Chief Privacy Officers, and former faculty at the Osgoode Hall Law School Professional Development.

Jeremy serves as Sprucegrove’s Chief Legal Officer, leveraging 17 years of meaningful legal, securities and regulatory expertise to the firm.

Jeremy joined Sprucegrove and its Business Management Committee in 2020. Over his career, he has held roles at three global law firms and also served as Chief Legal Officer at Aberdeen Standard Investments (Americas) and Batterymarch Financial Management.

He obtained JD, MBA and MS Finance degrees from Northeastern University and graduated from American University with a Bachelor of Arts, Law & Society and Political Science degree.