Launched in 2006, these Portfolios offer an objectively managed portfolio solution featuring mutual funds and exchange-traded funds (ETFs). The Meritage family provides 24 solutions designed to cater to any investor profile.
The success of Meritage depends on partnerships with renowned firms. These firms complement each other and are selected for their expertise and performance history.
Learn more about Meritage Tactical ETF Porfolios
Markets are constantly evolving and investors may want to take advantage of certain market conditions or protect themselves against certain risks. In such cases, it is useful to tactically deviate from the initially targeted asset allocation.
An optimal blend of some of the best low-cost ETFs on the market and tactically managed asset allocation based on market conditions.
Tactical asset allocation
Meritage ETF Portfolios undergo a review process during which the asset allocation and choice of underlying ETFs are subject to frequent change in order to reflect market conditions. The allocation of Meritage Portfolios is determined after consultation with the Asset Allocation Committee, which is made up of renowned economists and portfolio strategists within the National Bank group.
NBI manages the currency exposure strategy.
Construction of Meritage Tactical Portfolios
The tactical biases we want to leverage are determined quaterly.
To adapt to the evolution of financial markets, certain deviations can be implemented by overweighting or underweighting the ETFs currently found in the Portfolios. These deviations seek to create added value for the Portfolios while helping mitigate short-term volatility.
Performance attribution is carried out each month to ensure optimal risk management.
Meritage Strategic Portfolios
Learn more about the Meritage Strategic Portfolios
An optimal blend of actively managed funds.
Meritage Portfolios are automatically rebalanced to respect their target allocation and prevent overexposure in any specific asset class. If the market value of a fund deviates more than 2.5% from its target allocation or an asset class varies by more than 5%, we will rebalance the Portfolio.
The currency exposure strategy is managed by portfolio managers.
Construction of Meritage Strategic Portfolios
First, the objective of the Portfolio and the optimization factors are determined. Subsequently, NBI establishes potential range of returns, volatility and correlation for the main asset classes through consultation with economists and other experts.
With the investment objectives and quantitative parameters well established, we carry out optimization to maximize the risk/return ratio.
Once the optimal asset allocation is determined, we verify the results obtained in comparison to the expected returns and risk parameters of the underlying funds selected for the Portfolio.
Optimization is completed again each year to ensure the Portfolio's asset allocation remains optimal.
Meritage Global Portfolios
Meritage Income Portfolios
Meritage Investment Portfolios
Meritage Equity Portfolios
A three-stage selection process and in-depth analysis identifies the best mutual funds and ETFs on the market for each asset class.
Continuous monitoring allows us to be prepared for any eventuality, such as a portfolio manager change.
We have selected between 30 and 50 of the best mutual funds and ETFs on the market using our unique fund selection process. This multi-stage, quantitative selection process was developed by a financial engineering team of investment specialists. Updates and follow-ups are carried out periodically to ensure that the funds continuously meet the selection criteria and that the Portfolios remain optimal.
Focus on proven funds
5,000 funds and 2,000 ETFs
- Minimum performance history
- Solid, well-established fund managers
Seek added value with optimal volatility
200 to 400 funds and ETFs
- Returns by unit of risk analysis
- Downside risk analysis
- Value added by portfolio manager performance analysis
- Style consistency
Make informed choices
20 to 30 funds and 10 to 20 ETFs working together to create the perfect combination
- Investment firm: quality of research, security selection process
- Manager: experience, philosophy, compensation, succession plan
- Management style: consistency and complementary-focused (value, blend, growth)
A range of portfolios
Meritage Portfolios provide a wide range of solutions, based on various criteria and suited for all types of investors. Regardless of your objectives, investment horizon and risk tolerance, there is a Meritage Portfolio that is suited for you.
Our Portfolios offer optimal exposure and diversification by asset class, geographic region and sector, market capitalization and management style, all within an integrated range of model portfolios.
- Equities (Canadian and foreign)
- Emerging markets
- Value and deep value
- Growth and GARP (growth at a reasonable price)
- Multiple fixed income strategies
- Optimal geographic and sector coverage
- No restrictions
Meritage Equity, Investment, Income and Global Portfolios are automatically rebalanced when:
Periodic rebalancing of a portfolio brings it back in line with its target asset allocation:
How to benefit from a tax-efficient distribution?
Certain Meritage Portfolios are also offered as income portfolios to provide you with fixed monthly distributions1 made up, in part, of net income and
- Why Meritage?
- Meritage Portfolios: Advisor presentation
- Summary table
- Meritage Portfolios at a glance
- NBI High Net Worth Plan
- Transition report
- Monthly performance: Advisor Series | F Series
- Meritage Portfolios: Percentiles
- Meritage Portfolios: Morningstar 4- and 5-star ratings
- Meritage Portfolios: Estimated year-end distributions per unit
- Distributions paid by Meritage Portfolios (by unit)
Meritage Tactical ETF Portfolios
- Historical changes: Meritage Tactical ETF Portfolios | Meritage Strategic Portfolios
Investor Profile Questionnaire and Investment Policy Statement (IPS)
Investor Profile Questionnaire and Investment Policy Statement (IPS)
Meritage Portfolios provide a wide range of solutions, based on various criteria and suited for all types of investors. Regardless of your objectives, investment horizon and risk tolerance, there is a Meritage Portfolio that is right for you.
* FOR INFORMATION PURPOSES ONLY. This questionnaire is for information purposes only. It is not intended to replace a complete investment suitability analysis or to be considered as investment advice. It is intended solely as a reference document to assist investors in selecting the portfolio that best suits their investment needs. This questionnaire is not intended to replace any questionnaire required at the time of the purchase of securities, and at all times, the latter takes precedence.
Investment Policy Statement (IPS)
1. The distribution is said to be fixed for each Meritage Income Portfolio as it does not vary from one distribution to the next. However, it is not guaranteed and may vary according to market conditions. Meritage Income Portfolios make monthly distributions at the end of each month. These monthly distributions are composed of net income and/or return of capital. For more information, please consult the simplified prospectus of Meritage Portfolios.
2. A return of capital reduces the value of the original investment and is not the same as the return on the investment. Returns of capital that are not reinvested may reduce the net asset value of the Portfolio and the Portfolio's subsequent ability to generate income.
Meritage Portfolios® (the “Portfolios”) are managed 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 Portfolios before investing. The Portfolios’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Portfolios are not guaranteed, their values change frequently and past performance may not be repeated.
® MERITAGE PORTFOLIOS and the Meritage Portfolios logo are registered trademarks of National Bank of Canada, used under license by National Bank Investments Inc.