Non-Traditional Fixed Income Pooled Fund

Investment Objective

The Fund uses non-conventional strategies to generate returns with a low correlation to equity and traditional fixed income securities. It seeks to realize returns that are less volatile than bond market returns. The Fund may invest in a variety of asset classes including money market securities, derivatives, shares, fixed income securities, currencies or mutual fund securities offered with or without a prospectus.

Fund Details

Investment horizon

At least 3 years

Fund volatility

Low

Minimum Initial Investment:

$10,000

Subsequent Investment:

$500

Systematic Investment:

Distribution Frequency:

Quarterly

Assets Under Management ($M):

$2,104.3

Price per Unit:

$9.61

Inception Date:

August 27, 2018

Value of $10,000 since inception:

$12,643

Benchmark Index:

50% Bloomberg Global Aggregated Bond CAD Hedged

50% ICE BofA US High Yield Constrained CAD Hedged

Management Fee:

0.90%

MER:

1.00%

Portfolio Manager:

National Bank Investments Inc.

Available Fund Codes:

F Series

NBC4091

Portfolio Asset Mix (% of Net Assets)

	Bonds - Other	52.18%
	Foreign Corp Bonds - Invest Gr	12.23%
	Foreign Government Bonds	10.76%
	Foreign Corp Bonds - Other	9.36%
	Foreign high yield bonds	8.92%
	Cash and Equivalents	6.20%
	Cdn Corp Bonds - Other	0.31%
	Other	0.04%

Top Holdings	%
NBI Unconstrained Fixed Income Fund	41.80
RP Strategic Income Plus Fund Class	20.56
Purpose Structured Equity Yield Fund Series	14.53
TPG Angelo Gordon Essential Housing Fund III L.P	5.34
NBI Apollo Private Credit Fund	4.81
Comvest Credit Partners VII, L.P	3.42
PIMCO Commercial Real Estate Debt Fund, L.P. 2	2.78
PIMCO Commercial Real Estate Debt Fund, L.P	1.86
Crescent Direct Lending Fund IV Canada LP	1.20
Arbour Lane Credit Opportunity Fund IV L.P	1.10
Total of Top Holdings of the Fund (% of Net Assets):	97.40
Total Number of Securities Held:	14

Calendar Returns (%)

YTD	2025	2024	2023	2022	2021	2020
1.35	4.93	5.23	8.29	-7.30	1.94	4.95

Annualized Returns (%)

1 M	3 M	6 M	1 Y	3 Y	5 Y	10 Y	Incp.
0.24	2.36	1.35	4.22	5.58	2.32	-	3.04

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.