National Bank Investments announces changes to certain NBI Funds
Montreal, September 19, 2022 – National Bank Investments Inc. (“NBI”) announced today the change of portfolio sub-advisor for the NBI Resource Fund, the NBI Precious Metals Fund, the NBI Bond Fund and the NBI Canadian Bond Private Portfolio as well as the reduction of management fees and trailing commissions for certain NBI Funds.
Portfolio Management
National Bank Trust Inc. (“NBT”), as portfolio manager of the NBI Resource Fund and the NBI Precious Metals Fund, delegated to Fiera Capital Corporation (“Fiera”) investment decisions as portfolio sub-advisor. On or about September 29, 2022, Foyston, Gordon & Payne Inc. will replace Fiera as these funds’ portfolio sub-advisor. NBT will continue to ensure compliance with the investment decisions in relation to the mandates. The investment objective of these funds remains unchanged.
NBT, as portfolio manager of the NBI Bond Fund and NBI Canadian Bond Private Portfolio, delegated to Fiera investment decisions as portfolio sub-advisor. On or about October 4, 2022, AlphaFixe Capital Inc. will jointly act as portfolio sub-advisor of these funds with Fiera. NBT will continue to ensure compliance of investment decisions in relation to the mandates. The investment objectives remain unchanged. However, the NBI Bond Fund will modify its investment strategy to allow it to invest 100% in underlying funds.
These changes are in line with the governance process of NBI’s open architecture structure.
Reduction of management fees
On or about October 1, 2022, the management fees for the following series of the NBI Funds will be reduced as indicated in the table below:
| Funds and Series | Current management fees |
New management fees |
| NBI Global Equity Fund (Investor, Advisor and T5 Series) |
2.25% |
2.00% |
| NBI Global Equity Fund (Investor-2 and Advisor-2 Series) |
2.00% |
1.75% |
| NBI Canadian Equity Growth Fund (Investor and Advisor Series) |
2.00% |
1.75% |
| NBI Canadian Equity Growth Fund (Investor-2 Series) |
1.95% |
1.70% |
| NBI Quebec Growth Fund (Investor and Advisor Series) |
2.00% | 1.75% |
| NBI Small Cap Fund (Investor and Advisor Series) |
2.00% | 1.75% |
| NBI Resource Fund (Investor and Advisor Series) |
2.00% | 1.75% |
| NBI Precious Metals Fund (Investor and Advisor Series) |
2.00% | 1.75% |
| NBI Corporate Bond Fund (Investor and Advisor Series) | 1.50% |
1.25% |
| NBI Floating Rate Income Fund (Investor, Investor-2, Advisor, Advisor-2 and T Series) | 1.20% |
1.05% |
| NBI High Yield Bond Fund (Investor, Advisor and T5 Series) | 1.75% |
1.50% |
| NBI Presumed Sound Investments Fund (Investor and Advisor Series) |
1.50% |
1.25% |
Reduction of trailing commissions
On or about October 1, 2022, the maximum annual trailing commissions for certain series of the NBI Funds will be reduced as indicated in the table below:
| Funds and Series | Current trailing commissions* |
New trailing commissions |
| NBI Global Equity Fund (Investor, Investor-2, Advisor, Advisor-2 and T5 Series) |
1.25% |
1.00% |
| NBI Canadian Equity Growth Fund (Investor, Investor-2 and Advisor Series) |
1.25% |
1.00% |
| NBI Quebec Growth Fund (Investor and Advisor Series) |
1.25% |
1.00% |
| NBI Small Cap Fund (Investor and Advisor Series) |
1.25% |
1.00% |
| NBI Resource Fund (Investor and Advisor Series) |
1.25% |
1.00% |
| NBI Precious Metals Fund (Investor and Advisor Series) |
1.25% |
1.00% |
| NBI Corporate Bond Fund (Investor and Advisor Series) | 0.75% |
0.50% |
| NBI Floating Rate Income Fund (Investor, Investor-2, Advisor and T Series) |
0.65% |
0.50% |
| NBI High Yield Bond Fund (Investor, Advisor and T5 Series) | 0.75% |
0.50% |
| NBI Presumed Sound Investments Fund (Investor and Advisor Series) |
0.75% |
0.50% |
* All series and subscription options for these series with a trailer fee corresponding to those included in the column are reduced.
These changes will be reflected in the upcoming amendment to the simplified prospectus for the NBI Funds, which will be available on the SEDAR website as well as on the National Bank Investments website.
About NBI Funds
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 investments in the Funds. Please read the prospectus of the Funds before investing. The Funds’ securities are not insured by the Canada Deposit Insurance Corporation or by 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 June 30, 2022, assets under management in NBI products were valued at over $76 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 member of Canada’s Responsible Investment Association and a signatory of the United Nations-supported Principles for Responsible Investment.
About National Bank of Canada
With $387 billion in assets as at July 31, 2022, National Bank of Canada, together with its subsidiaries, forms one of Canada’s leading integrated financial groups. The Bank has more than 28,000 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 such as Facebook, LinkedIn and Twitter.
Information:
Stéphanie Rousseau
Senior Advisor, Public Affairs and Corporate Social Responsibility
National Bank of Canada
Tel.: 514-394-5684
stephanie.rousseau@nbc.ca