Maritime Investment Management Inc.
Large Cap Durable Growth Equity
A division of SEAMARK Asset Management Ltd. of Canada

Organizational Background
Located in Halifax, Nova Scotia, parent company SEAMARK Asset Management Limited has been investing is US large cap growth stocks for its Canadian clients since 1982.  As Canadian authorities increased the allowable percentage in "foreign" stocks, SEAMARK developed a dedicated product in 1997. 

In 2004, to facilitate the marketing of the US large cap growth product to US-based investors, Maritime Investment Management Inc. was created as a wholly owned division and registered with the SEC. 

Parent SEAMARK’s inherent risk averse nature led the company to focus on buying “world class” businesses.   Prior to the categorization of stocks into value and/or growth in the early 1980’s, it was not SEAMARK’s specific intention to become a value manager, but the types of companies that fell out of their search for Canadian based “world class” businesses left the company with a large cap value footprint with its Canadian selections.  In Canada, the types of companies that met SEAMARK’s criteria were predominantly in industries such as financials, utilities, industrials, energy and mining.  

As ‘total portfolio managers’, it was evident to SEAMARK that world class ‘growth’ businesses were not in abundance in the Canadian market place.  To complement their Canadian value selections, SEAMARK investment professionals, employing their bottom-up stock picking skills, found great growth companies in the United States.  However, at that time, Canadian institutional investors were restricted from investing any more than 10% in foreign stocks, as measured at book value.  SEAMARK wanted to diversify client portfolios as much as possible.  It was evident that by investing in growth companies with sustainable prospects in the US, and allowing their shares to grow in market value beyond the 10 % cost base, SEAMARK was better able to diversify its Canadian client portfolios.  

This foreign investment limit of 10% (at cost) grew to 20% by 1994 and is now 30%.  As a result, the US portion of SEAMARK’s Canadian balanced mandates has grown substantially over the company’s history.  As SEAMARK/Maritime is now able to provide a performance record for its US large growth approach dating back to 1997, the firm has determined to raise assets from US-based institutional investors.

Distinctions
Our Approach - We build a concentrated portfolio of high quality companies with durable growth attributes which we believe will sustain double digit earnings growth for 5 to 10 years.

Unbiased Research - From our offices in Halifax, Nova Scotia, we research US companies from the "outside looking in".  Our location keeps us from being caught up in trends and the latest flavor of the month.

Depth of Experience - It has long been our practice to involve all firm professionals in the research process.  As such, each professional has operational and research responsibilities. 

Performance Results - Our past performance record ranks well whether compared to a peer group or a benchmark, and whether in rising or falling market conditions.
 

Assets Under Management
(as of June 30, 2006)

Sr. Investment Professionals
G. Peter Marshall, Chairman,
founded SEAMARK in 1982 is the President, CEO and CIO. Peter’s forty years investment experience includes a strong background in corporate finance, municipal bond underwriting, equity research, and portfolio management. Prior to SEAMARK, he worked for investment organizations that included Midland Osler Securities, Jones Heward, G. Tower Ferguson, and Bolton Tremblay.  Peter graduated from Dalhousie University with a Bachelors degree in Commerce. 

George V. Loughery, CGA, CFA, Vice-President, Equities, joined SEAMARK in 1996 and now serves as Head Portfolio Manager. George has research responsibilities for the Consumer Discretionary sector.  Prior to joining SEAMARK, George spent twenty years with J.D. Irving Ltd. in the finance and treasury department. He received the Chartered Financial Analyst designation in 1993, having earned the Certified General Accounting designation in 1980. A native of New Brunswick, George is a member and Past President of the Atlantic Canada Financial Analysts Society. 

Lance H. Speck, CFA
Vice-President and Portfolio Manager, joined SEAMARK in 2004. Lance plays a leading role in the firm’s investment research and portfolio management. He also assists in providing information about SEAMARK’s investment process and philosophy to current and prospective clients. Prior to joining SEAMARK, Lance spent twelve years at Laketon Investment Management in Toronto as Senior Vice-President & Director. Lance’s investment career began with Canada Life in 1978, and has included experience managing balanced portfolios, Canadian equity mandates, U.S. equity mandates, and global equity mandates. Lance holds a Bachelor of Commerce degree from Queens University and is a member of the Toronto Society of Financial Analysts.

Portfolio Managers/Analysts
Robert F. Weatherston, CFA, Senior Portfolio Manager and Research Analyst.  Prior to joining SEAMARK in 1997, Rob developed his investment skills working with financial institutions (Scotia McLeod, Garban Canada, Freedom International, and Beacon Securities) and Halifax. With more than ten years in the industry, Rob’s experience includes time spent in fixed income and equity trading, security analysis, and portfolio management. He currently serves as an analyst for the energy and materials sectors.  He earned the Chartered Financial Analyst designation in 2000 and is a member of the Atlantic Canada Financial Analysts Society. A native of Nova Scotia, Rob holds a Bachelor of Commerce degree from Dalhousie University.

Richard W. Fewell, CMA, CFA, Vice-President, Private Client Division and a Research Analyst. As Vice-President, Private Client Division, Richard heads up the SEAMARK team looking after private investors, including those participating in the managed portfolio advisory programs (wrap programs) of many of Canada's leading investment dealers. With twelve years of industry experience, Richard also has research responsibilities for the Financial and Utilities sectors. Prior to joining the firm in 1998, Richard’s previous experience included positions with CIBC Trust and Royal Bank. Richard received the Chartered Financial Analyst designation in 1997 and the Certified Management Accountant designation in 1988. He is a member of the Atlantic Canadian Financial Analysts Society and the Society of Management Accountants of Nova Scotia.  Richard graduated from Northern Alberta Institute of Technology (BComm) and Dalhousie University (MBA).

Trevor Nuyens, CFA, Research Analyst, Equity Trader, US Product Manager. Prior to joining SEAMARK in 2001, Trevor spent ten years in the Royal Canadian Navy as an electrical engineering officer. His experience includes project management, risk management, and overall systems integration testing. This wealth of experience enhances Trevor’s knowledge as a research analyst, covering the information technology sector. Trevor has held several positions since joining SEAMRK, including Manager, Portfolio Analytics, providing back-up support to the equity trade desk, assisting in client service, assisting in marketing and research. He received the Professional Engineer designation in 1996 and he is a member of the Association of Professional Engineers of Nova Scotia. Currently working towards the Chartered Financial Analyst designation, Trevor holds a Masters in Business Administration from Saint Mary’s University and a Bachelor of Engineering from the Royal Military College of Canada.

T. Chad King, CA, CFA, Portfolio Manager and Research Analyst, joined SEAMARK in 1999 to manage the firm’s financial operations and contribute his skills as a Chartered Accountant to the investment team. In 2003, Chad’s aptitude for investment management was recognized with his appointment to Portfolio Manager. Prior to joining SEAMARK, Chad worked for the Department of Finance, Province of New Brunswick, where he was responsible for the investment monitoring and financial reporting of pension plans. He currently serves as an equity analyst, covering the industrial sector.  In addition to his CA designation, obtained in 1991, Chad earned the Chartered Financial Analyst designation in 2000. He is a member of the Atlantic Canada Financial Analysts Society and the Institute of Chartered Accountants of Nova Scotia. A graduate of the University of Prince Edward Island, Chad holds a Bachelor’s degree in Business Administration.