NBI Global Tactical Bond Fund

Investment Objective

To generate income and capital growth, while focusing on capital preservation. To do this the fund invests directly, or indirectly through investments in securities of other mutual funds or through the use of derivatives, in a diverse portfolio mainly composed of bonds and other foreign fixed income securities with various maturities and credit ratings.

Fund Details

Investment horizon

At least 3 years

Fund volatility

Low

Minimum Initial Investment:

Subsequent Investment:

Systematic Investment:

Distribution Frequency:

Monthly

Assets Under Management ($M):

$1,211.7

Price per Unit:

$7.94

Inception Date:

January 8, 2014

Value of $10,000 over 10 years:

$12,528

Benchmark Index:

Bloomberg Global Aggregate Index (CAD Hedged)

Management Fee:

MER:

0.02%

Portfolio Manager:

National Bank Investments Inc.

Sub-Advisor:

Insight North America LLC

Portfolio Asset Mix (% of Net Assets)

	Foreign Government Bonds	79.54%
	Foreign Corp Bonds - Other	7.87%
	Foreign Corp Bonds - Invest Gr	4.93%
	Bonds - Other	2.86%
	Cash and Equivalents	1.85%
	Canadian Government Bonds	1.24%
	Canadian Provincial Bonds	0.95%
	Other	0.76%

Credit Rating	%
AAA	16.00
AA	51.40
A	19.20
BBB	9.20
<= BB	4.20

Average Duration (Years)	6.30
Average Maturity (Years)	11.00
Gross Yield to Maturity (%)^†	2.90
Gross Current Yield (%)^‡	3.70

Top Holdings	%
iShares China CNY Bond UCITS ETF USD	9.84
Australia Government 4.25% 21-Dec-2035	5.98
United States Treasury 4.25% 15-Aug-2035	4.98
United States Treasury 3.88% 30-Jun-2030	4.91
United States Treasury 4.00% 31-Mar-2030	4.77
United States Treasury 4.00% 28-Feb-2030	4.08
United States Treasury 3.88% 15-Aug-2034	3.57
Italy Government 4.40% 01-May-2033	1.69
Colombia Government 13.25% 09-Feb-2033	1.50
Italy Government 4.30% 01-Oct-2054	1.50
Total of Top Holdings of the Fund (% of Net Assets):	42.82
Total Number of Securities Held:	196

Calendar Returns (%)

YTD	2024	2023	2022	2021	2020	2019
3.47	3.42	7.09	-9.92	-1.32	7.60	8.63

Annualized Returns (%)

1 M	3 M	6 M	1 Y	3 Y	5 Y	10 Y	Incp.
0.53	2.20	1.93	3.97	5.50	0.75	2.28	2.75

^†The rate of return anticipated on a bond if it is held until the maturity date expressed as an annual rate. It is assumed that all coupons are reinvested at the same rate.

^‡Annual income paid by a bond or a stock, expressed as a percentage of its current market price. It does not include any capital gains or losses that may be realized upon maturity.

Disclosure

NBI Mutual Funds (the “Funds”) are offered by National Bank Investments Inc. an indirect wholly owned subsidiary of National Bank of Canada and sold by authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with investments in the Funds. Please read the prospectus of the Funds before investing. The indicated rates of return are the historical annual compounded total returns which include changes in the value of securities and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. The Funds’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. For money market funds, there can be no assurances that a fund will be able to maintain its net asset value per security at a constant amount or that the full amount of the investment in a fund will be returned. The Funds are not guaranteed, their values change frequently and past performance may not be repeated.