Firm Description
Global Alpha Capital Management Ltd., (“Global Alpha”) was founded in 2004. Global Alpha provides investment management to individuals, pension and profit sharing plans, trusts, estates, charitable organizations, private investment funds and businesses. Advice is provided through consultation with the client and may include: determination of financial objectives and investment management. Global Alpha is strictly a fee-only investment management firm. The firm does not sell annuities, insurance, stocks, bonds, mutual funds, limited partnerships, or other commissioned products. As of the date of this Brochure, the Adviser renders advisory services primarily to clients outside of the United States. Accordingly, the description of the Adviser’s advisory business contained herein relates primarily to its business outside of the United States. However, consistent with prior SEC precedent, the substantive provisions of the U.S. Investment Advisers Act of 1940, as amended (the “Advisers Act”) generally will not apply to the Adviser’s relationship with its non-U.S. clients, except to the extent otherwise required by applicable law.
Principal Owners
Global Alpha is owned 100% by the Global Alpha Capital Management Partnership, which is itself owned by the management team at Global Alpha and the Connor, Clark & Lunn Financial Group LP (“CC&LFG”). CC&LFG is the only partner that holds greater than 25% of the Partnership.
Types of Advisory Services
Global Alpha primarily provides investment advice and management on a discretionary basis to a variety of clients, including individuals, pension and profit sharing plans, trusts, limited partnerships, estates, charitable organizations, businesses and private investment funds. The firm specializes in small cap equity investments. As of December 31, 2018, Global Alpha exercises discretion over US$1.84billion in assets. All assets are managed on a discretionary basis.
Tailored Relationships
Global Alpha acts as a discretionary investment adviser to one private investment fund, the fund’s investment strategy is not customizable. In addition to managing private funds (the ‘Global Alpha Funds”), Global Alpha also offers discretionary advisory services to managed accounts (the “Client Accounts”), which may be owned by private investment funds sponsored by third party or affiliated advisers or other clients. The goals and objectives for each client are documented in our client relationship management system. The terms, nature and scope of such advisory services may be negotiated by Global Alpha and the applicable client, based on the client’s specific financial and investment objectives, risks and goals
Types of Agreements
The following agreements define the typical client relationships.
Investment Management Agreement or Managed Account Agreement
An Investment Management Agreement or Managed Account Agreement is executed between Global Alpha and its clients. The annual fee for an Investment Management Agreement or Managed Account Agreement is negotiable, and depends on the investment mandate for which Global Alpha is retained.
Termination of Agreement
A Client may terminate any of the aforementioned agreements at any time by notifying Global Alpha in writing. If the client made an advance payment, Global Alpha will refund any unearned portion of the advance payment. Global Alpha may terminate any of the aforementioned agreements at any time by notifying the client in writing. If the client made an advance payment, Global Alpha will refund any unearned portion of the advance payment. please register to get more info

Description
Global Alpha bases its fees on a percentage of assets under management. All client contracts will include a fee schedule agreed to by the client and Global Alpha. Clients are charged according to the standard fee schedules for standard client mandates. Clients with different mandates may have a different fee schedule. Fees are negotiable, but may be subject to contractual restrictions on Global Alpha from existing clients.
Fee Billing
Investment management fees are typically billed quarterly, in arrears. In a limited number of cases, clients are billed monthly. In a limited number of cases, clients are billed in advance. Payment in full is expected within 30 days of receipt of the invoice. Fees may be deducted from a client’s account if the client has provided written instruction to their custodian to accept invoices directly from Global Alpha.
Other Fees
Custodians may charge transaction fees on purchases or sales of certain securities and pooled fund units. Transactions are also subject to normal brokerage commissions.
Past Due Accounts
Global Alpha will charge interest on overdue accounts at a rate of 2% per month (24% per annum).
6. Performance-Based Fees

Performance-Based Fees
Global Alpha does not currently have any performance based fee arrangements with clients. Global Alpha may charge a fee on an “incentive” basis whereby the fee charged will contain an ad valorem element together with an incentive fee based on a percentage of assets under management which will vary depending on the investment results. Global Alpha has no scale for these since each arrangement has to reflect the differences between the benchmarks chosen, the degree of outperformance versus the benchmark and the time horizon of the measurement period. Any such arrangements will be in compliance with Section 205 of the Investment Advisers Act of 1940 or Rule 205-3 promulgated hereunder. please register to get more info

Description
Global Alpha generally provides investment advice to pension and profit sharing plans, trusts and endowments, financial institutions, charitable organizations, corporations, or business entities. Global Alpha also provides investment advice to various comingled investment vehicles. These investment vehicles issue units, shares or interests in comingled investment vehicles to investors, and the units, shares or interests are not offered for sale by way of a prospectus. The entities are not “reporting issuers” under the securities laws of the jurisdictions where the investors are resident. Client relationships vary in scope and length of service.
Account Minimums
There is no minimum annual fee charged. The minimum account size for clients managed on a segregated basis is $5,000,000. For clients for whom the minimum investment is not attainable there may be pooled vehicles available. Minimum investment amounts for the Global Alpha Funds are disclosed in their offering documents. Global Alpha has the discretion to waive the account minimum. please register to get more info

Loss
Methods of Analysis
Security analysis methods used by Global Alpha may include fundamental analysis, technical analysis, cyclical analysis and quantitative analysis. The main sources of information include database providers of global economic, market and security specific data, financial newspapers and magazines, inspections of corporate activities, research materials prepared by others, corporate rating services, annual reports, prospectuses, filings with the Securities and Exchange Commission and other regulators and stock exchanges, and company press releases. In addition to the portfolio managers’ research based company analysis, the portfolio managers will conduct meetings with representatives from companies in whom we have an existing or prospective interest, and attend conferences and seminars.
Investment Strategies
The investment strategies used are mainly long-term purchases (securities held for more than a year) with some short-term purchases (securities held for less than a year). The portfolio managers at Global Alpha believe that sales and profit growth are key determinants of value creation. The team’s fundamental approach is to identify companies with unrecognized and accelerating earnings growth potential. Bottom-up stock picking is guided by global themes within a concentrated portfolio. Key investment themes can be exploited over the long term: emerging market consumers, health care, technology, alternative energy, environment, outsourcing. Diversification at multiple levels is critical to managing risk.
Risk of Loss
The principal risks of holding investments in a managed account are identified below. Each client account may be subject to additional risks other than those described. Although all securities investments involve the potential loss of capital, the risks associated with certain investment strategies and techniques may increase during periods of unusual speculative activity or market volatility. The following may not include all the risks to which an account may be subject.
Performance Risks:
There can be no assurance that the investment approach will be successful or that the investment objective will be attained. No assurance can be given that the investment portfolio will generate any income or will appreciate in value. While it is anticipated that the creation of a diverse portfolio and the security selection process used by the Manager will minimize risks, an account could realize substantial losses, rather than gains, from the investments. The Net Asset Value of an account will fluctuate with general conditions in debt, equity or commodities markets, currency rates, political, economic or social developments, instability in the relevant capital markets or the financial performance of the issuers of securities that are, or underlie, investments in the account. The performance of the account is dependent on the investment management skills of the Manager.
General Market Risk:
An investment may be considered to be speculative. The success of any investment activity is affected by general economic conditions, which may affect the level and volatility of interest rates and the extent and timing of investor participation in the equities and other markets. Unexpected volatility or illiquidity in the markets in which Global Alpha holds positions could impair the ability to carry out the objectives or cause them to incur losses. Despite the heavy volume of trading in securities and other financial instruments, the markets for some instruments have limited liquidity and depth. This could be a disadvantage to Global Alpha, both in the realization of the prices which are quoted and in the execution of orders at desired prices.
Foreign Taxes:
Dividends and other distributions, including deemed dispositions, from the portfolio securities may be subject to taxes in respect of which investors may not receive a full or any deduction from their local income nor a full or any foreign tax credit against their local income tax liability.
Indebtedness:
An account may borrow cash as a temporary measure to accommodate requests for redemptions or to settle portfolio transactions. If the market declines before securities can be sold to raise cash to pay off such temporary borrowings, the net asset value of the account will decline.
Illiquidity:
There can be no assurance that a portfolio will be able to dispose of its investments in order to permit the portfolio to honor requests to redeem.
Investment and Trading Risks in General:
All securities investments present a risk of loss of capital. Equity securities can be subject to a high degree of volatility and the price of such securities can change, sometimes rapidly and unpredictably. Securities may change in value due to general market conditions, such as actual or anticipated changes in interest rates, inflationary expectations and other factors in addition to factors specific to the industry or the issuer. Some securities may be illiquid because they are thinly traded. If allowed under the terms of your mandate, investment strategies may, however, utilize such investment techniques and instruments, such as futures and option transactions, margin transactions and short sales, which practices can, in certain circumstances, maximize any losses. To the extent that any counterparties with or through whom an account engages in trading and maintains accounts that do not segregate an account’s assets, the account will be subject to a risk of loss in the event of the insolvency of such person. Even where the account’s assets are segregated, there is no guarantee that, in the event of such insolvency, they will be able to recover all of their assets.
Currency:
Portfolios will invest all or substantially all of its assets in accordance with their investment objectives and strategies. If allowed under the terms of your mandate, forward currency contracts and options may be utilized on behalf of the portfolio by Global Alpha to hedge against currency fluctuations, however Global Alpha is not required to hedge and there can be no assurance that such hedging transactions, even if undertaken, will be effective.
Margin and Counterparty Risks:
An account may be subject to the risk of the failure of the counterparties with whom trades are carried out. Should the securities pledged to brokers to secure the account’s margin accounts decline in value, the account could be subject to a “margin call” and need to deposit additional funds with the broker or another counterparty or suffer mandatory liquidation of the pledged securities to compensate for the decline in value. In the event of a sudden drop in the value of the account’s assets, the account might not be able to liquidate assets quickly enough to pay off their margin debt.
Short Sales:
If allowed under the terms of your mandate, short sales may be used in the management of your account. A short sale involves the sale of an asset that the account does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. To make delivery to the buyer, the account must borrow the security and later purchase the security to return to the lender. A short sale involves a risk of a theoretically unlimited increase in the market price of the security.
Suspension of Trading:
Securities exchanges typically have the right to suspend or limit trading in any instrument traded on the exchange. A suspension would render it impossible to liquidate positions and could thereby expose the account to losses.
Hedging Transactions:
If allowed under the terms of your mandate, the account may utilize derivatives both for investment purposes and to seek to hedge against fluctuations in the relative values of the account’s portfolio positions as a result of changes in currency exchange rates and market movements. Hedging against a decline in the value of portfolio positions does not eliminate fluctuations in the values of portfolio positions nor prevent losses if the values of such positions decline, but establishes other positions designed to gain from those same developments, thus moderating the decline in the portfolio positions’ value. Such hedging transactions also limit the opportunity for gain if the value of the portfolio position should increase. Moreover, it may not always be possible for the account to hedge against an exchange rate or market fluctuation. While the account may enter into such transactions to seek to reduce currency, interest rate and market risks, unanticipated changes in currency or interest rates and debt markets may result in a poorer overall performance of an account. For a variety of reasons, Global Alpha may not seek to establish (or may not otherwise obtain) a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect correlation may prevent the account from achieving the intended hedge or expose the account to risk of loss.
Use of Leverage:
If allowed under the terms of your mandate, leverage may be used in the management of your account. The account will, pursuant to its investment objectives and strategies, make use of leverage. Although the use of leverage increases the opportunity for a higher return on an investment, it also increases the risk of loss. In addition, there are risks to investors who are considering borrowing to buy securities, including units of investment funds (“leveraged investing”). It is important that an investor proposing to borrow for the purchase of securities be aware that a leveraged purchase involves greater risk than a purchase using cash resources only. The extent to which a leveraged purchase involves risk varies for each purchaser depending on the individual purchaser’s particular circumstances as well as the securities purchased. Global Alpha is not a lending institution, and hence, does not provide loans to its clients to buy units of investment funds or for any other purpose.
Risks of Investing in Non-U.S. Securities
Securities of non-U.S. issuers, securities traded principally in securities markets outside the United States and/or securities denominated in non-U.S. currencies, may involve certain special risks due to country or region specific economic, political and legal developments, including favorable or unfavorable changes in currency exchange rates, exchange control regulations (including currency blockage), expropriation of assets or nationalization, imposition of withholding taxes on dividend or interest payments, imposition of required holding periods, and possible difficulty in obtaining and enforcing judgments against non-U.S. entities. Furthermore, non-U.S. issuers may be subject to different accounting, reporting, and disclosure requirements than domestic issuers. The securities of some non- U.S. companies and non-U.S. securities markets are less liquid and at times more volatile than securities of comparable US companies and US securities markets. Non-U.S. brokerage commissions and other fees may be higher than in the United States.
Trading on Exchanges in Non-U.S. Jurisdictions
Global Alpha may engage in trading on exchanges outside the United States. Trading on such exchanges is not regulated by any United States governmental agency and may involve certain risks not applicable to trading on U.S. exchanges. For example, some foreign exchanges are “principals markets” in which performance is the responsibility only of the individual member with whom the trader has entered into a trade and not of an exchange or clearing organization. Moreover, such trading may be subject to whatever regulatory provisions are applicable to transactions effected outside the United States, whether on foreign exchanges or otherwise. Trading on foreign exchanges involves the additional risks of expropriation, burdensome or confiscatory taxation, moratoriums and investment controls, or political or diplomatic events that might adversely affect the Fund’s trading activities. The risks of investing in non-U.S. securities and other financial instruments may also include reduced and less reliable information about issuers and markets, less stringent accounting standards, illiquidity of securities and markets and higher brokerage commissions and custody fees. Furthermore, foreign trading is also subject to the risk of changes in the exchange rate between U.S. dollars and the currencies in which exchange-traded products are settled.
Changes in Laws
There can be no assurance that laws, including Canadian and foreign laws, and including securities, investment and tax laws, and the administrative policies and practices of governments or regulators, will not be changed in a manner that may adversely affect a client account. please register to get more info

Legal and Disciplinary
Neither the firm nor any of its employees have been involved in legal or disciplinary events related to past or present investment clients. please register to get more info

Global Alpha is registered in Canada as follows
PROVINCE REGISTRATION CATEGORY
British Columbia Portfolio Manager Ontario Portfolio Manager Quebec (Principal) Portfolio Manager

Global Alpha does not have any arrangements that are material to its advisory services or its clients with a related person who is a broker-dealer, investment company, other investment advisor, financial planning firm, commodity pool operator, commodity trading adviser or futures commission merchant, banking or thrift institution, accounting firm, law firm, insurance company or agency, pension consultant, real estate broker or dealer, or an entity that creates or packages limited partnerships. Through its relationship with CC&LFG, Global Alpha has direct relationships with the following entities:  Connor, Clark & Lunn Financial Group Ltd. provides non-investment management related functions to the SEC registrant, including legal, compliance, accounting, back office, IT, sales and marketing as discussed in section 14 of this brochure. The depth and breadth of the skills that flows from the centralization of resources enables the SEC registrant to benefit from high quality operational support that is structured into functional teams made up of over 200 employees  Connor, Clark & Lunn Funds Inc., partners with leading Canadian financial institutions and their investment advisors to bring select institutional investment strategies to private investors in Canada.  Connor, Clark & Lunn Private Capital Ltd., a firm offering investment management advisory services to Canadian clients.  Global Alpha International Small Cap Fund GP LLC a general partner of a pooled investment vehicle. Global Alpha is investment adviser and/or sub-advisor for certain Canadian trusts and/or funds. These Canadian trusts/funds are pooled investment vehicles through which various types of Canadian clients may commingle their assets for investment purposes. Global Alpha receives investment management fees based upon total assets under management. Global Alpha does not receive compensation directly or indirectly from any other business relationship that could create a potential conflict of interest.
11. Code of Ethics, Participation or Interest in Client
Transactions and Personal Trading
Code of Ethics
The directors, officers and employees of Global Alpha have committed to a Code of Ethics that is available for review by clients and prospective clients upon request. The firm will provide a copy of the Code of Ethics to any client or prospective client upon request. Global Alpha does not trade for its own account and so does not engage in principal transactions. Global Alpha is not registered as a broker-dealer and is not affiliated with a broker-dealer and so does not engage in agency cross transactions.
Participation or Interest in Client Transactions
Global Alpha and its directors, officers and employees may buy or sell securities that are also held by clients. Directors, officers and employees may not trade their own securities ahead of client trades. Directors, officers and employees comply with the provisions of the Global Alpha Policies and Procedures Manual.
Personal Trading
The Chief Compliance Officer of Global Alpha is David Savignac. The Chief Compliance Officer reviews all trades by directors, officers and employees. Mr. Savignac’s trades are reviewed by Robert Beauregard, the Ultimate Designated Person. The personal trading reviews ensure that the personal trading of directors, officers and employees does not affect the markets, and that clients of the firm receive preferential treatment. Since most director, officer and employee trades are small, the trades do not affect the securities markets.
Gifts and Entertainment
In general, personnel should not accept any gift or gratuity from an issuer of securities, a broker or anyone doing business with Global Alpha or any of the affiliates or associates of Global Alpha. This standard does not preclude customary, ordinary, business-related entertainment. In keeping with the duty of loyalty to clients, this restriction preserves independence and objectivity when making decisions that affect investment portfolios. Global Alpha may provide gifts or entertainment to clients, service providers, brokers, etc., as long as the value is reasonable, and such gift or entertainment does not give rise to an actual or perceived material conflict of interest. It should also be noted that Global Alpha prohibits the offering, giving, soliciting or the acceptance of any bribe in whatever form to or from any person or company by any employee, contractor, consultant, agent or other person for whatever reason. Personnel should obtain pre-approval in advance of providing any gift or entertainment, including meals, to any domestic or foreign public official or representative, representing an entity which is not an existing client. please register to get more info

Selecting Brokerage Firms
Global Alpha acts in good faith and with due diligence in its choice and use of brokers. Global Alpha does not have any affiliation with product sales firms. Specific custodian recommendations are made to Clients based on their need for such services. Global Alpha recommends custodians based on the proven integrity and financial responsibility of the firm and the best execution of orders at reasonable commission rates. Global Alpha:  Selects brokers and dealers taking all factors into consideration.  Does not use brokerage from other clients to pay for individual client- directed obligations. Clients invested in Global Alpha’s pooled funds may not direct soft dollar commissions. Global Alpha does not receive fees or commissions from any of these arrangements. Under certain circumstances consistent with applicable law and regulation Global Alpha may select dealers that furnish Global Alpha with proprietary brokerage and research services in connection with commissions paid on transactions it places for client accounts. In such circumstances, Global Alpha may cause client accounts to pay brokers a commission in excess of the amount of commission another broker would have charged for the same transactions absent the research and brokerage services. Global Alpha will do so only where it makes a determination in good faith that such commission is reasonable in relation to the brokerage and research services provided by such broker. Currently, Global Alpha does not generate commissions at broker-dealers to pay for third party research services. The availability of these proprietary research and brokerage services may create a conflict between the interests of the client in obtaining the lowest cost execution and Global Alpha's interest in obtaining such services. When client brokerage commissions are used to obtain such research Global Alpha receives a benefit because it does not have to produce or pay for the research, products or services. Any brokerage and research services that Global Alpha receives will be in compliance with the CFA Institute Soft Dollar Standards and the provisions of Section 28(e) of the Securities Exchange Act of 1934, as amended. Upon request Global Alpha will report to a client on a quarterly basis, the commissions generated on a broker-by-broker basis.
Best Execution
Global Alpha has written policies for best execution. In buying and selling securities, Global Alpha will always seek the best price and terms of execution available, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution and operational facilities of the firm involved, and the firm’s risk in positioning a block of securities.
Trade Allocations
Each account with a similar mandate is managed in line with similar models. All transactions are allocated on a pro rata basis at an average price after transaction costs (subject to practical constraints, e.g. transaction costs vs. transaction size, odd lots, etc.) in order to achieve the target model weight for the specific security in each account. IPO’s, private placements and/or “hot issues” are allocated in the same manner as any other trades, taking into consideration the foregoing factors. Allocations are reviewed and approved by a senior portfolio manager. please register to get more info

Periodic Reviews
Global Alpha conducts the following periodic reviews:  Continual monitoring of investment returns and extensive analysis of performance attribution.  Daily constraint monitoring with automated reports showing any violation with respect to client mandates. Reviewers:  The lead portfolio managers are collectively responsible for all accounts.
Review Triggers
Other conditions that may trigger a review are changes in the tax laws, new investment information, and changes in a client's own situation.
Regular Reports
Reports to clients are reviewed by the client servicing manager responsible for the account. Client servicing managers are members of the firm's Investment Committee. The nature and frequency of regular reports to clients is as follows:  Client Meetings - designated portfolio manager meets with client on a regular basis and reviews past economic and financial market developments.  Quarterly Reports - performance, portfolio statements and commentary are sent within 4 weeks of quarter-end. please register to get more info

As part of its partnership with the CC&LFG, Global Alpha has access to, and utilizes, the resources of the CC&LFG Institutional Sales Team. CC&LFG will provide certain services and introduce prospective investment management clients, to Global Alpha. In the event a new client retains Global Alpha as a result of the efforts of the CC&LFG Institutional Sales Team, Global Alpha will pay a cash referral to CC&LFG where permissible under applicable law. Referred clients will not be charged any amount for the cost of obtaining the account in addition to the fee charged by Global Alpha for advisory services. Additionally, a referred client will not be charged an amount in excess of Global Alpha’s standard advisory fees solely because of the agreement. please register to get more info

Account Statements
All assets are held by qualified custodians, which means the custodians provide account statements directly to clients at their address of record at least quarterly. Clients with segregated portfolios will receive account statements directly from their global custodian. Global Alpha provides monthly valuations which will have been reconciled to the custodian’s monthly statements but we would urge clients to compare both sets of statements. Any collective investment vehicle for which Global Alpha acts as sub-adviser, including the Global Alpha Funds, will have an independent global custodian. Audited financial statements for the Global Alpha Funds will be prepared on an annual basis and delivered to investors in the Global Alpha Funds within 120 days of the Global Alpha Funds’ year end. please register to get more info

Discretionary Authority for Trading
Global Alpha has discretionary authority to manage securities accounts on behalf of clients. Global Alpha works with the custodian selected by the client. Global Alpha usually receives discretionary authority from the client at the outset of an advisory relationship to select the identity and amount of securities to be bought or sold. In all cases, however, such discretion is to be exercised in a manner consistent with the stated investment objectives for the particular client account. please register to get more info

Proxy Votes
Unless the client designates otherwise, Global Alpha votes proxies for securities over which it maintains discretionary authority consistent with its proxy voting policy. A copy of Global Alpha‘s proxy voting policy is available upon request. The proxy voting record is provided to clients quarterly. please register to get more info

Financial Condition
Global Alpha is required to provide certain financial information or disclosures about its financial condition. Global Alpha has no financial commitment that impairs its ability to meet contractual and fiduciary commitments to its clients, and has not been the subject of a bankruptcy proceeding.
19. Business Continuity Plan

General
Global Alpha and CC&LFG have a Business Continuity Plan in place that provides detailed steps to mitigate and recover from the loss of office space, communications, services or key people.
Disasters
The Business Continuity Plan covers natural disasters such as snow storms, hurricanes, tornados, and flooding. The Plan covers man-made disasters such as loss of electrical power, loss of water pressure, fire, bomb threat, nuclear emergency, chemical event, biological event, T-1 communications line outage, Internet outage, cyber-attacks, railway accident and aircraft accident. Electronic files are backed up daily and archived offsite.
Alternate Offices
Alternate offices are identified to support ongoing operations in the event the main office is unavailable. It is our intention to contact all clients in the event of a disaster that dictates moving our office to an alternate location.
Loss of Key Personnel
The investment professionals at Global Alpha work in an integrated team environment using a highly structured investment process. As a result, the loss of any individual team member would have little material impact on investment strategies and outcomes. The team takes responsibility for ensuring that important functions and expertise are protected and shared.
20. Information Security Program
Information Security
Global Alpha and CC&LFG maintain an information security program to reduce the risk that your personal and confidential information may be breached.
Privacy Notice
Global Alpha is committed to maintaining the confidentiality, integrity and security of the personal information that is entrusted to us. Global Alpha handles the private details of our clients’ business affairs with discretion and in accordance with the applicable privacy legislation and Global Alpha privacy practices. Confidentiality is essential to the long-term success of our business. We obtain permission from the client (usually in the contract or MAA), to collect, use and disclose confidential information in accordance with our policies. Global Alpha Capital Management Ltd.
Brochure Supplement (Part 2B of Form ADV)

Education and Business Standards
Global Alpha requires that advisors in its employ must have either C.F.A. designations or have at least 10 years’ experience in fund management and investment/financial analysis, with a proven performance record. The investment team members all meet the proficiency requirements prescribed under Canadian National Instrument 31-103 for “Advising Representatives”.
Biographies of Directors and Officers


NAME/TITLE

D.O.B.
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FORMAL EDUCATION

BUSINESS
ACTIVITY FOR
PAST 5 YEARS

DISCIPLINARY
INFORMATION
OTHER
ACTIVITIES
&
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SUPERVISION
Robert Beauregard, Director, President and Ultimate Designated Person 1964 MBA, McGill University: 1988 BSc, Royal Military College: 1986 CFA: 1996 CMC: 1991 CMA: 1990 Investment Management, Asset Allocation and Risk Management N/A N/A David Savignac dSavignac@glo balalphacapital. com 514-490-2790 Mike Freund, Director 1959 CA, Canada and South Africa BBusSc, University of Cape Town. Investment Management and Operations N/A N/A Warren Stoddart wstoddart@ccl group.com 416-862-2020 J. Warren 1963 University of Investment N/A N/A Mike Freund mfreund@cclgr oup.com 416-862-2020 Stoddart Toronto, BA Management Director & Canadian and Vice Securities Course Operations President Examination based on Manual for Registered Representatives David Savignac, Vice President and Chief Compliance Officer 1978 CFA: 2016 McGill University, Treasury-Finance Classes BSc, HEC Montreal: 2001 Canadian Securities Course Investment Management, Asset Allocation, Risk Management, Client Solutions N/A N/A Robert Beauregard rbeauregard@g lobalalphacapit al.com 514-490-2788 Qing Ji 1972 MBA, McGill University: 2007 MA, Shanghai University of Finance and Economics: Investment Management, Asset Allocation, Risk Management N/A N/A Robert Beauregard rbeauregard@g lobalalphacapit al.com 514-490-2788 BA, Xiamen University (China): 1993

CFA: 2011 Sain Godil 1978 B.Comm, GOA University India: 1999 B.Comm. Concordia University: 2011 Associate Portfolio Manager North America N/A N/A Robert Beauregard rbeauregard@g lobalalphacapit al.com 514-490-2788 MSc. Concordia University: 2013

CFA Level III Candidate

Janine Tran Lam 1976 CFA: 2009 BA, Political Science, University of Montreal: 1997 Portfolio Management N/A N/A Robert Beauregard rbeauregard@g lobalalphacapit al.com 514-490-2788 Depatie, Serge 1968 CFA Level 1: 2006 BEng: McGill University Portfolio Manager, North America N/A N/A Robert Beauregard rbeauregard@g lobalalphacapit al.com MBA. Concordia University 514-490-2788

Other Business Activities
Global Alpha has adopted a Code of Ethics. The Code requires all individuals to promptly notify the David Savignac, Chief Compliance Officer (CCO), in writing, of all outside business activity resulting in or potentially resulting in additional compensation arrangements, including monetary or other benefits that are or have the potential to be a conflict of interest. No individual shall accept a position as an officer or employee or receive any compensation as a result of any business activity (other than a passive investment), outside the scope of his relationship with the firm, unless such person has received prior written approval from the CCO. Investment personnel are prohibited from serving on the boards of directors of for-profit corporations, business trusts or similar business entities, whether or not their securities are publicly traded, without prior authorization by the CCO.
Additional Compensation
Global Alpha does not offer any financial incentives above an individual’s regular salary and bonus. please register to get more info