Who we are

• Sprung Investment Management is a specialized boutique focused on customized service and solid research.

• Because of our personalized approach, you always deal directly with one of our principals.

• We rely on a value-investing approach, using a logical, proven process aimed at preserving capital and avoiding unpleasant surprises.

• With more than 130 years of collective investing experience, Sprung Investment Management's perspective covers several business cycles. We have the intelligence and judgment to make careful, well-researched portfolio decisions based on your needs.

• Sprung Investment Management is a member of the Portfolio Management Association of Canada.

• All members of Sprung Investment Management adhere to the code of ethics of the CFA Institute.

Our partners and associates

Michael Reginald Sprung, CFA — President

Michael Reginald Sprung, CFA
President

Telephone 416-934-7160
msprung@sprunginvestment.com

Michael founded Sprung Investment Management to meet the personalized needs of private clients, not-for-profit organizations, endowments, foundations and small institutions. As president, he is responsible for the firm's overall direction and investment portfolio decisions.

Michael's highlights:
• More than 30 years experience in the Canadian investment industry.
• Experience managing equity and balanced portfolios as large as several billion dollars for both taxable and non-taxable accounts.
• Member and past Director of the Toronto CFA Society, a member of the CFA Institute and a past member of the Professional Conduct Committee of the CFA Institute.
• Frequent commentator on BNN-TV, CBC-TV and in the financial press.
• Published in Money Sense magazine and other professional publications.
• Active Rotary member; past Director of the Hearing Foundation of Canada; former Chair of Bellwoods Centres for Community Living; Board Member of the Keystone Foundation.

Fred Palik, CFA — Vice President, Fixed Income

Fred Palik, CFA
Vice President, Fixed Income

Telephone 416-607-6890
fpalik@sprunginvestment.com

Fred is a member of Sprung Investment Management's investment committee with primary responsibility for fixed income and cash management. Fred also contributes his experience in investment policy and asset mix strategy.

Fred's highlights:
• Over 27 years of investment management experience.
• Extensive experience in fixed income management in a variety of senior positions, primarily in the insurance and hospital sectors.
• IT experience with emphasis on investment management applications.
• Member of the Toronto CFA Society and the CFA Institute.

Lois O'Sullivan, CFA — Vice President

Lois O'Sullivan, CFA
Vice President

Telephone 416-607-6697
lois@sprunginvestment.com

Lois is responsible for all fund administration duties and trade execution at Sprung Investment Management She is an expert in operations, with experience and expertise in all aspects of fund management.

Lois's highlights:
• More that 25 years experience in investment management.
• Founding shareholder of Sprucegrove Investment Management, a successful specialist in international markets.
• Former Manager of Investment Services for Confed Investment Counselling.
• Former Director of Securities Research at Confederation Life Insurance Company.
• Fellow of the Life Office Management Institute (FLMI), the Toronto CFA Society and the CFA Institute.
• Longstanding involvement with the Victorian Order of Nurses (VON) serving in various senior roles with the South Central Ontario Foundation Board.

Joie P. Watts, CFA, FCSI — Vice President

Joie P. Watts, CFA, FCSI
Vice President

Telephone 416-607-6885
jpwatts@sprunginvestment.com

Joie's responsibilities include portfolio management, client relationship management and new client development. He is also a member of Sprung Investment Management's investment committee.

Joie's highlights:
• Over 30 years of progressive experience in the securities and investment industry.
• Private client experience at Merrill Lynch Royal Securities.
• Manager of the institutional equity options and index futures area at Burns Fry Limited.
• Senior Vice President, Director and Co-Head of institutional equity trading at Merrill Lynch Canada.
• Vice President, institutional equity and options trading, at Nesbitt Thomson.
• Managing Director of Instinet Canada Limited for over 10 years, leading the success of Instinet's Canadian operations from inception.
• CEO of Shorcan ATS Limited, a specialized marketplace for equity dealers trading as principal.
• Joie is active in charitable work and enjoys squash, golf and tennis. He is a member of Bigwin Island Golf Club, the Granite Club, Lake of Bays Tennis Club and the National Club.

Our affiliations

New browser windows open when you click on these links:
• Portfolio Management Association of Canada — www.investmentcounsel.org
• Chartered Financial Analyst (CFA) Institute — www.cfainstitute.org
• Ontario Securities Commission — www.osc.gov.on.ca
• Toronto CFA Society — www.torontocfa.ca

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