National Bank Investments Announces Changes Relating to Certain NBI Funds
Montreal, November 15, 2023 – 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 Equity Fund |
NBI SmartBeta Low Volatility Global Equity Fund |
NBI SmartBeta Canadian Equity Fund |
NBI SmartBeta Low Volatility Canadian Equity Fund |
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 |
|---|---|
|
No changes since the Effective Date |
|
Since October 4, 2022, AlphaFixe Capital Inc. jointly acts as portfolio sub-advisor alongside Fiera for these funds. |
|
Since April 10, 2023, PineStone Asset Management Inc. jointly acts as portfolio sub-advisor alongside Fiera for these funds. |
|
On September 29, 2022, Foyston, Gordon & Payne Inc. replaced Fiera as portfolio sub-advisor for these funds. |
|
On November 30, 2022, J.P. Morgan Investment Management Inc. replaced Fiera as portfolio sub-advisor for this fund. |
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 Fee |
New Management Fee |
|---|---|---|
Meritage Equity Portfolios |
||
Meritage Canadian Equity Portfolio |
2.00% |
1.80% |
Meritage Canadian Equity Portfolio |
0.85% |
0.80% |
Meritage American Equity Portfolio |
2.00% |
1.90% |
Meritage American Equity Portfolio |
1.00% |
0.85% |
Meritage International Equity Portfolio |
1.00% |
0.90% |
Meritage Investment Portfolios |
||
Meritage Conservative Portfolio |
1.65% |
1.60% |
Meritage Conservative Portfolio |
0.80% |
0.70% |
Meritage Moderate Portfolio |
1.65% |
1.60% |
Meritage Moderate Portfolio |
0.80% |
0.70% |
Meritage Balanced Portfolio |
1.90% |
1.85% |
Meritage Balanced Portfolio |
0.90% |
0.70% |
Meritage Growth Portfolio |
0.90% |
0.85% |
Meritage Growth Plus Portfolio |
0.90% |
0.85% |
Meritage Income Portfolios |
||
Meritage Diversified Fixed Income Portfolio |
1.50% |
1.35% |
Meritage Diversified Fixed Income Portfolio |
0.75% |
0.60% |
Meritage Conservative Income Portfolio |
1.70% |
1.45% |
Meritage Conservative Income Portfolio |
0.85% |
0.70% |
Meritage Moderate Income Portfolio |
1.70% |
1.55% |
Meritage Moderate Income Portfolio |
0.85% |
0.75% |
Meritage Balanced Income Portfolio |
1.95% |
1.80% |
Meritage Balanced Income Portfolio |
0.95% |
0.75% |
Meritage Growth Income Portfolio |
0.95% |
0.85% |
Meritage Growth Plus Income Portfolio |
0.95% |
0.85% |
Meritage Global Portfolios |
||
Meritage Global Conservative Portfolio |
1.75% |
1.70% |
Meritage Global Conservative Portfolio |
0.90% |
0.80% |
Meritage Global Moderate Portfolio |
1.75% |
1.70% |
Meritage Global Moderate Portfolio |
0.90% |
0.80% |
Meritage Global Balanced Portfolio |
2.00% |
1.95% |
Meritage Global Balanced Portfolio |
1.00% |
0.85% |
Meritage Global Growth Portfolio |
2.00% |
1.95% |
Meritage Global Growth Portfolio |
1.00% |
0.85% |
Meritage Global Growth Plus Portfolio |
1.00% |
0.90% |
Meritage Tactical ETF Portfolios |
||
Meritage Tactical ETF Moderate Portfolio |
1.35% |
1.15% |
Meritage Tactical ETF Moderate Portfolio |
0.60% |
0.40% |
Meritage Tactical ETF Balanced Portfolio |
1.60% |
1.40% |
Meritage Tactical ETF Balanced Portfolio |
0.60% |
0.40% |
Meritage Tactical ETF Growth Portfolio |
1.60% |
1.40% |
Meritage Tactical ETF Growth Portfolio |
0.60% |
0.40% |
Meritage Tactical ETF Equity Portfolio |
1.60% |
1.40% |
Meritage Tactical ETF Equity Portfolio |
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
Tel.: 514-412-5125
alexandre.guay@nbc.ca