NBI Small Cap Fund

Investment Objective

To provide long-term capital growth and preservation. The fund invests primarily in common shares of companies chosen for their growth potential. It is expected that investments in foreign securities will not exceed approximately 25% of the fund’s net assets.

Fund Details

Investment horizon

At least 5 year

Fund volatility

Medium to High

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

Style	Sector Deviation	Market Capitalization
Value	Minimal	Small
Blend	Moderate	Mid
Growth	Wide	Large

Minimum Initial Investment:

$500

Subsequent Investment:

$50

Systematic Investment:

$25

Distribution Frequency:

Annually

Assets Under Management ($M):

$75.8

Price per Unit:

$71.60

Inception Date:

February 25, 1988

Value of $10,000 over 10 years:

$15,292

Benchmark Index:

S&P/TSX Small Cap

Management Fee:

1.75%

MER:

2.20%

Portfolio Manager:

National Bank Investments Inc.

Sub-Advisor:

Montrusco Bolton Investments Inc.

Available Fund Codes:

Investor Series

NBC841

Portfolio Asset Mix (% of Net Assets)

	Canadian Equity	89.04%
	US Equity	6.73%
	International Equity	2.54%
	Cash and Equivalents	1.69%

Sector Allocation	%
Real Estate	22.42
Industrial Goods & Services	21.47
Energy	19.62
Consumer Goods & Services	17.61
Technology	6.90
Basic Materials	6.60
Financial Services	4.07
Other	1.31

Dividend Yield (Trailing Yield)

1.29

Top Holdings	%
Mainstreet Equity Corp	5.19
Black Diamond Group Ltd	5.11
Richelieu Hardware Ltd	4.84
Topaz Energy Corp	4.54
Savaria Corp	4.44
FirstService Corp	4.31
Boyd Group Services Inc	3.84
TerraVest Industries Inc	3.84
ADENTRA Inc	3.75
Kelt Exploration Ltd	3.71
Total of Top Holdings of the Fund (% of Net Assets):	43.57
Total Number of Securities Held:	46

Calendar Returns (%)

YTD	2025	2024	2023	2022	2021	2020
-2.42	2.13	15.46	10.20	-16.25	20.57	12.66

Annualized Returns (%)

1 M	3 M	6 M	1 Y	3 Y	5 Y	10 Y	Incp.
-7.07	-2.42	-3.30	9.92	7.82	4.09	4.34	8.30

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.