PRESS RELEASES
National Bank Investments Inc. (“NBI”) announced today portfolio manager changes as well as management fee reductions for certain NBI Funds.
Portfolio Management Changes
On or around December 15, 2023, National Bank Trust Inc. (“NBT”) will terminate the mandate of Great Lakes Advisors, LLC as index sub-advisor of the NBI SmartBeta Global Equity Fund and the NBI SmartBeta Canadian Equity Fund. On the same date, the two funds will be renamed as follows:
Current Name | New Name |
NBI
SmartBeta Global | NBI
SmartBeta Low Volatility |
NBI
SmartBeta Canadian | NBI
SmartBeta Low Volatility |
On or around November 15, 2023, NBT will replace Jarislowsky, Fraser Limited (“Jarislowsky, Fraser”) as portfolio manager of the NBI Canadian Equity Fund, the NBI Jarislowsky Fraser Select Income Fund, the NBI Jarislowsky Fraser Select Balanced Fund, and the NBI North American Dividend Private Portfolio. Effective on the same date, NBT will retain Jarislowsky, Fraser as portfolio sub-advisor for these funds.
On June 17, 2022 (the “Effective Date”), NBT replaced Fiera Capital Corporation (“Fiera”) as portfolio manager and retained Fiera as portfolio sub-advisor for the following funds:
Affected Funds |
Changes in Portfolio Sub-Advisor |
- NBI Money Market Fund - NBI Income Fund - NBI Corporate Bond Fund - NBI Preferred Equity Fund - NBI Small Cap Fund - NBI Quebec Growth Fund - NBI U.S. Bond Private Portfolio - NBI Corporate Bond Private Portfolio - NBI Canadian Preferred Equity Private Portfolio |
No changes since the |
- NBI Bond Fund - NBI Canadian Bond Private Portfolio |
Since October 4, 2022, AlphaFixe Capital Inc. |
- NBI Global Equity Fund - NBI U.S. Equity Fund - NBI U.S. High Conviction Equity Private Portfolio - NBI International High Conviction Equity Private Portfolio |
Since April 10, 2023, PineStone Asset Management |
- NBI Resource Fund - NBI Precious Metals Fund |
On September 29, 2022, Foyston, Gordon & Payne
Inc. |
- NBI Innovators Fund (formerly NBI Science and Technology Fund) |
On November 30, 2022, J.P. Morgan Investment |
As portfolio manager, NBT provides oversight to ensure that the portfolio sub-advisors’ decisions align with their respective mandates.
The funds’ investment objectives remain unchanged. These changes are part of NBI’s open architecture structure governance process.
Management Fee Reductions
Effective immediately, management fees for the fund series listed in the table below will be reduced as follows:
Funds and Series* |
Current Management |
New Management |
Meritage Equity Portfolios | ||
Meritage Canadian Equity Portfolio (Advisor and T5 Series) | 2.00% | 1.80% |
Meritage Canadian Equity Portfolio (F and F5 Series) | 0.85% | 0.80% |
Meritage American Equity Portfolio (Advisor and T5 Series) | 2.00% | 1.90% |
Meritage American Equity Portfolio (F and F5 Series) | 1.00% | 0.85% |
Meritage International Equity Portfolio (F and F5 Series) | 1.00% | 0.90% |
Meritage Investment Portfolios | ||
Meritage Conservative Portfolio (Advisor and T5 Series) | 1.65% | 1.60% |
Meritage Conservative Portfolio (F and F5 Series) | 0.80% | 0.70% |
Meritage Moderate Portfolio (Advisor and T5 Series) | 1.65% | 1.60% |
Meritage Moderate Portfolio (F and F5 Series) | 0.80% | 0.70% |
Meritage Balanced Portfolio (Advisor and T5 Series) | 1.90% | 1.85% |
Meritage Balanced Portfolio (F and F5 Series) | 0.90% | 0.70% |
Meritage Growth Portfolio (F and F5 Series) | 0.90% | 0.85% |
Meritage Growth Plus Portfolio (F and F5 Series) | 0.90% | 0.85% |
Meritage Income Portfolios | ||
Meritage Diversified Fixed Income Portfolio (Advisor Series) | 1.50% | 1.35% |
Meritage Diversified Fixed Income Portfolio (F Series) | 0.75% | 0.60% |
Meritage Conservative Income Portfolio (Advisor Series) | 1.70% | 1.45% |
Meritage Conservative Income Portfolio (F Series) | 0.85% | 0.70% |
Meritage Moderate Income Portfolio (Advisor Series) | 1.70% | 1.55% |
Meritage Moderate Income Portfolio (F Series) | 0.85% | 0.75% |
Meritage Balanced Income Portfolio (Advisor Series) | 1.95% | 1.80% |
Meritage Balanced Income Portfolio (F Series) | 0.95% | 0.75% |
Meritage Growth Portfolio (F Series) | 0.95% | 0.85% |
Meritage Growth Plus Income Portfolio (F Series) | 0.95% | 0.85% |
Meritage Global Portfolios | ||
Meritage Global Conservative Portfolio (Advisor and T5 Series) | 1.75% | 1.70% |
Meritage Global Conservative Portfolio (F and F5 Series) | 0.90% | 0.80% |
Meritage Global Moderate Portfolio (Advisor and T5 Series) | 1.75% | 1.70% |
Meritage Global Moderate Portfolio (F and F5 Series) | 0.90% | 0.80% |
Meritage Global Balanced Portfolio (Advisor and T5 Series) | 2.00% | 1.95% |
Meritage Global Balanced Portfolio (F and F5 Series) | 1.00% | 0.85% |
Meritage Global Growth Portfolio (Advisor and T5 Series) | 2.00% | 1.95% |
Meritage Global Growth Portfolio (F and F5 Series) | 1.00% | 0.85% |
Meritage Global Growth Plus Portfolio (F and F5 Series) | 1.00% | 0.90% |
Meritage Tactical ETF Portfolios | ||
Meritage Tactical ETF Moderate Portfolio (Advisor and T5 Series) | 1.35% | 1.15% |
Meritage Tactical ETF Moderate Portfolio (F and F5 Series) | 0.60% | 0.40% |
Meritage Tactical ETF Balanced Portfolio (Advisor and T5 Series) | 1.60% | 1.40% |
Meritage Tactical ETF Balanced Portfolio (F and F5 Series) | 0.60% | 0.40% |
Meritage Tactical ETF Growth Portfolio (Advisor and T5 Series) | 1.60% | 1.40% |
Meritage Tactical ETF Growth Portfolio (F and F5 Series) | 0.60% | 0.40% |
Meritage Tactical ETF Equity Portfolio (Advisor and T5 Series) | 1.60% | 1.40% |
Meritage Tactical ETF Equity Portfolio (F and F5 Series) | 0.60% | 0.40% |
* The reduction applies to all the purchase options of the series.
These changes will be included in the amendment to the NBI Funds’ simplified prospectus, which will be filed on the SEDAR+ website and on the NBI website.
About the NBI Funds
The NBI Funds (the
“Funds”) are offered by National Bank Investments Inc., a
wholly owned subsidiary of National Bank of Canada.
Commissions, trailing commissions, management fees and expenses
all may be associated with mutual fund investments. Please
read the prospectus of the Funds before investing. Securities
of the Funds are not insured by the Canada Deposit Insurance
Corporation or any other government deposit insurer. The
Funds are not guaranteed, their values change frequently, and past
performance may not be repeated.
About National Bank Investments Inc.
National Bank Investments Inc.
(“NBI”) is an investment funds management firm committed to
manufacturing and offering mutual funds, investment solutions and
services designed to help Canadian investors pursue their financial
goals. As at September 30, 2023, the value of assets under
management in NBI products were valued at over $78.31 billion.
Guided by an open architecture strategy, NBI is dedicated to providing diverse solutions to meet the evolving needs of its clients. NBI consistently strives to be recognized as a key partner by combining innovation and excellence. NBI’s role is not limited to administrative aspects of management; NBI Advisory Services and its registered representatives form a team of specialists who provide information and advice to help advisors build portfolios adapted to their clients’ financial needs. Follow NBI’s activities at nbinvestments.ca or via social media such as YouTube and LinkedIn .
National Bank Investments is a signatory of the United Nations-supported Principles for Responsible Investment, a member of Canada’s Responsible Investment Association, and a founding participant in the Climate Engagement Canada initiative.
About National Bank of Canada
With $426 billion
in assets as at July 31, 2023, National Bank of Canada, together
with its subsidiaries, forms one of Canada’s leading integrated
financial groups. The Bank has approximately 30,000 employees in
knowledge-intensive positions and has been recognized numerous times
as a top employer and for its commitment to diversity. Its
securities are listed on the Toronto Stock Exchange (TSX: NA).
Follow the Bank’s activities at nbc.ca or via social media.
Information:
Alexandre Guay
Senior Advisor, Public Affairs
National Bank of Canada