Skip to Main Content

Governance & Advisory Board

Oversight of the Ivey Value Fund is carried out by Dr. George Athanassakos, with the assistance of the Fund’s Advisory Board. The Fund’s governance and the membership of the Advisory Board, which consists of distinguished value investing professionals, are discussed below.


The purpose of the Advisory Board is, in essence, to share their experience, discernment and value investing acumen with the student analysts of the Fund, and to ensure good stewardship of capital. The Advisory Board’s principal responsibility is to provide oversight for the quality of the investment decisions being made. The Board is neither responsible for monitoring investments after they have been included in the portfolio, nor for the performance results of the Fund.

Membership is by invitation from Dr. George Athanassakos on the basis of value investing expertise and recognized leadership in the field.

The Advisory Board is composed of 6 members, five of whom are value investing practitioners, and one who is an Ivey alumnus. Members are invited to serve on the Board for a period of 3 years.

Beyond its role of advising on the quality of the investment analyses being carried out, the Advisory Board also exists for the purpose of demonstrating to students the highest standards of integrity, service and stewardship.

Advisory Board

Managing Director & Portfolio Manager, Bristol Gate Capital Partners Inc., Toronto, ON

Mr. Barel is responsible for leading the investment research team at Bristol Gate. Prior to joining the firm, Reyer spent seven years working as a senior investment analyst with Hamblin Watsa Investment Counsel - a Fairfax company. From 1996 to 2007, Reyer was employed by several major companies including AT&T Canada, Rogers Communications Inc. and Hewlett Packard where he worked in database management and various IT consulting roles. Educated at the University of Western Ontario, Reyer earned an Honours Bachelor of Science followed by an MSc in Physics (1995). Reyer completed an MBA from the Richard Ivey School of Business (2008) where he graduated with distinction and is a CFA charterholder.

Associate Portfolio Manager, British Columbia Investment Management Corporation, Victoria, BC

Mr. Gryba is an Associate Portfolio Manager on the Global Fundamental Team of BCI. Scott joined BCI in 2014 after working as a Senior Associate in the Mining Research Group with BMO Capital Markets. Prior to BMO, Scott practiced engineering as a consulting Civil Engineer. Scott has a BSc from UBC, a MBA from the UWO and is a member of the Association of Engineers and Geoscientists of British Columbia. Scott has also been a member of the Advisory Board for the University of Western Ontario Value Fund since its 2013 inception.

MaidaFounder and President, Patient Capital Management Inc., Toronto, ON

Mr. Maida has been in the investment industry since 1987. Prior to founding Patient Capital Management Inc. he held portfolio management positions at Trimark Financial Corp., Hamblin Watsa Investment Counsel and the Ontario Municipal Employee Retirement System (OMERS). Vito has managed a broad number of mandates including high net worth individuals, institutional pension plans and mutual funds. He has developed a reputation as a leading proponent of value investing in Canada. Vito received his MBA from the Richard Ivey School of Business (1987) and his B.B.A. from Wilfrid Laurier (1983). He graduated on the Dean’s List from both Wilfrid Laurier and the University of Western Ontario. He was awarded the Chartered Financial Analyst’s designation in 1990. Vito is a member of the CFA Institute and the Toronto CFA Society.

McelvaineFounder and President, McElvaine Investment Management Ltd., Victoria, BC

Mr. McElvaine is the founder and President of McElvaine Investment Management Ltd. Tim established The McElvaine Investment Trust in 1996 and acquired The McElvaine Limited Partnership (previously Cundill Capital Limited Partnership) in the summer of 2000. Tim developed his value-oriented philosophy during his 12-year career with Peter Cundill & Associates Ltd. where, amongst other capacities, he served as Manager of the Cundill Security Fund (1992-99), Co-Manager of the Cundill Value Fund (1998-2003) and Chief Investment Officer (1998-2003). Tim has served as non-executive Director of Sun-Rype Products and Humpty Dumpty Snack Foods, Rainmaker Entertainment and Glacier Media. He also worked for the Bank of NT Butterfield in Bermuda and Touche Ross in Toronto. Tim earned a Bachelor of Commerce (B.Comm) from Queen’s University in 1986, qualified as a Chartered Accountant in 1988 and as a Chartered Financial Analyst in 1991.

RotheryFounder of, Publisher, and Columnist, Toronto, ON

Mr. Rothery is the founder of and publishes several newsletters devoted to value investing. He writes a value investing column for the Globe and Mail and is a contributing editor at MoneySense and the Canadian MoneySaver. He also provides the rankings for the Canadian Business Investor 500. Earlier in his career, Norm was the chief investment strategist at both and the investment counsel firm Dan Hallett & Associates. He obtained a first class honours B.Sc. in physics and applied mathematics from York University in 1992 and went on to earn his Ph.D in high-precision atomic physics in 1998 from the same institution. He was awarded the Chartered Financial Analyst designation in 2004 and is a current member of the CFA Institute and the Toronto Society of Financial Analysts.

Partner, Stacey Muirhead Capital Management, Waterloo, ON

Mr. Stacey is the Founding Partner of Stacey Muirhead Capital Management. In addition to sharing responsibility for the overall direction of the firm, Jeff has acted as Portfolio Manager for the Stacey Muirhead Limited Partnership and the Stacey Muirhead RSP Fund since their inception. He is also responsible for client service efforts at the firm. Jeff has over 25 years of investment industry experience. Prior to starting Stacey Muirhead Capital Management, he was employed with a boutique Toronto investment firm where he was also a shareholder. Jeff has an Honours Bachelor of Business Administration degree from Wilfrid Laurier University and is a Chartered Financial Analyst. He is a member of the Finance and Investment Committee at the University of Waterloo and is a member of the Dean’s Advisory Council at the Wilfrid Laurier University School of Business and Economics. Additionally, Jeff currently serves on the Board of Trustees at Parkminster United Church. He is a former director of Rainmaker Entertainment Inc. and previously served on the Board of Trustees and Investment Management Committee at the University of Guelph.

Past Advisory Board

Thanks to Fairfax Financial Holdings Ltd. for their vision and generous support of the Ivey Value Fund, which benefits students and practitioners worldwide.

Investment Philosophy, Policy & Process

Our Team

Ivey Value Investing and Selected Courses as Related to the Fund's Operations