As at October 31, 2025

NBI Quebec Growth Fund

Advisor Series

Category: Canadian Small/Mid Cap Equity

Investment Objective

To ensure long-term capital growth. The fund primarily invests in equity securities of corporations whose head office is in Quebec or who do a substantial part of their business in Quebec. It invests in many sectors of the Quebec economy.

Fund Details

Investment horizon

At least 5 year

Fund volatility

Medium

Style: Growth, Sector Deviation: Wide, Market cap: SmallMid

Minimum Initial Investment:

$500

Subsequent Investment:

$50

Systematic Investment:

$25

Distribution Frequency:

Annually

Assets Under Management ($M):

$835.4

Price per Unit:

$140.34

Inception Date:

February 8, 2002

Value of $10,000 over 10 years:

$27,162

Benchmark Index:

S&P/TSX Small Cap

Management Fee:

1.75%

MER:

2.25%

Portfolio Manager:

National Bank Investments Inc.

Sub-Advisor:

Montrusco Bolton Investments Inc.

Available Fund Codes:

Advisor Series
Initial Sales Charge NBC460
Deferred Sales Charge NBC560
Low Sales Charge NBC660
F Series NBC760

Portfolio Asset Mix (% of Net Assets)

Canadian Equity 89.25%
US Equity 8.45%
International Equity 2.07%
Income Trust Units 0.23%
Sector Allocation %
Consumer Goods & Services 27.90
Industrial Goods & Services 22.35
Financial Services 15.37
Real Estate 15.30
Technology 8.08
Basic Materials 7.64
Energy 2.76
Telecommunications 0.50
Healthcare 0.10
Dividend Yield (Trailing Yield) 1.15
Top Holdings %
Richelieu Hardware Ltd 4.55
Bombardier Inc Cl 4.38
National Bank of Canada 4.36
WSP Global Inc 4.35
Alimentation Couche-Tard Inc 4.22
iA Financial Corp Inc 4.19
Atkinsrealis Group Inc 4.10
Dollarama Inc 3.91
Savaria Corp 3.75
CGI Inc Cl 3.67
Total of Top Holdings of the Fund
(% of Net Assets):
41.48
Total Number of Securities Held: 47

Calendar Returns (%)

YTD 2024 2023 2022 2021 2020 2019
7.48 19.41 13.32 -6.41 17.34 15.34 22.84

Annualized Returns (%)

1 M 3 M 6 M 1 Y 3 Y 5 Y 10 Y Incp.
0.82 1.73 13.08 10.67 14.21 13.25 10.51 10.57
Fundgrade A+

The FundGrade A+® rating is used with permission from Fundata Canada Inc., all rights reserved. Fundata is a leading provider of market and investment funds data to the Canadian financial services industry and business media. The Fund-Grade A+® rating identifies funds that have consistently demonstrated the best risk-adjusted returns throughout an entire calendar year. For more information on the rating system, please visit www.Fundata.com/ProductsServices/FundGrade.aspx.

As at October 31, 2025

NBI Quebec Growth Fund

Advisor Series

Category: Canadian Small/Mid Cap Equity

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.