Fiera Capital Global Equity Fund^

Investment Approach

The Fund seeks to achieve capital appreciation. It is invested in a concentrated portfolio of the Global Equity Team’s highest conviction ideas from across global, developed, and select emerging markets. We seek to generate returns with lower than market volatility, achieved by investing in companies we believe hold unique competitive advantages, operate with high barriers to entry and are able to consistently generate attractive returns on invested capital (ROIC) with little dependence on financial leverage.

Core Principles

Long-term investment approach emphasizing high quality companies with strong management teams, sound corporate governance, and a history of stable profit margins
Broad universe of potential investment opportunities
Disciplined process from which our experienced team does not generally deviate
Rigorous research to develop deep knowledge of portfolio companies
High conviction, focused portfolio with diversified sources of potential alpha*

NET PERFORMANCE (%)

As of June 30, 2022

	QTD	YTD	1 YR	3 YR	5 YR	SI**
Investor Class – FCGEX	-13.60	-22.38	-13.69	8.07	10.53	10.96
Institutional Class – FCGIX	-13.50	-22.26	-13.46	8.36	10.80	11.24
MSCI World Index Net TR	-16.19	-20.51	-14.34	7.00	7.67	7.92

** Since Inception (4/28/17)

Performance for periods longer than one year is annualized. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-855-771-7119.

Expense Ratios (Gross / Net)

Investor Class: 2.39% / 1.15%

Institutional Class: 2.14% / 0.90%

The Adviser and the Fund have entered into a contractual expense limitation and reimbursement agreement such that the total expense ratios for the Fund do not exceed the Net Expense Ratios detailed above. The Expense Limitation Agreement will remain in effect through at least October 31, 2021, or sooner at the sole discretion of the Board. Please view the prospectus for more information regarding fees and expenses.

Documentation

Fund Documents

Applications

Senior Investment Team

Nadim Rizk

Senior Vice President and Lead Portfolio Manager, Global Equities

Nadim Rizk is Head of the Global Equity team and is the Lead Portfolio Manager of the U.S., International and Global Equity strategies at Fiera Capital Corporation. In connection with the provision of investment advisory services to U.S. clients of Fiera Capital, Nadim acts under a participating affiliate arrangement between Fiera Capital Inc. and Fiera Capital Corporation. See Important Disclosures for information regarding this participating affiliate arrangement.

Read biography

Andrew Chan

Vice President and Portfolio Manager, Global Equities

Read biography

^The Fund’s name was changed from the Fiera Capital Global Equity Focused Fund to the Fiera Capital Global Equity Fund effective April 1, 2019.

*Alpha is a measure of the active return on an investment.

There is no guarantee that the product will achieve any of these benefits.

Check the background of Foreside Fund Services, LLC on FINRA’s BrokerCheck.

To determine if this Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information may be found in the Fund’s prospectus, which may be obtained by calling 855-771-7119, or by clicking the linked files above. Please read the prospectus carefully before investing.

The Fiera Capital Global Equity Focused Fund is distributed by Foreside Fund Services, LLC, which is not affiliated with the adviser or any of its affiliates.

The Fund’s investments are subject to a variety of risks which may cause the Fund’s NAV to fluctuate over time. Therefore, the value of your investment in the Fund could decline and you could lose money. The actual risk exposure taken by the Fund in its investment program will vary over time. There is no assurance that the Adviser will achieve the Fund’s objective. The Fund is actively managed and its performance therefore will reflect, in part, the ability of the portfolio managers to make investment decisions that will achieve the Fund’s investment objective. Due to its active management, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies. For additional risks related to the Fund and the Fund’s investments, please see the most recent prospectus.

Investments in or exposure to foreign securities involve certain risks not associated with investments in or exposure to securities of U.S. companies. Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies, and are subject to the risks associated with potential imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses within the country.

Because the Fund may invest in a limited number of companies, the Fund as a whole is subject to greater risk of loss if any of those securities decline in price.

The Fund is non-diversified, which generally means that it will invest a greater percentage of its total assets in the securities of fewer issuers than a “diversified” fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.