Asset TV MASTERCLASS: U.S. Equities Video with North Square Portfolio Manager MJ Matts, Harris / Oakmark’s Alex Fitch and Sound Shore Management’s John DeGulis
This Asset TV Small Caps Masterclass interview features Mary Jane Matts, Portfolio Manager of the North Square Disciplined Value ETF (NSIV), Harris / Oakmark’s Partner, Portfolio Manager and U.S. Co-CIO Alex Fitch and Sound Shore Management President and Portfolio Manager John DeGulis. Please visit the Asset TV website to view the full video here.
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This video interview was recorded in August, 2026. The opinions expressed herein are those of North Square Investments, LLC (North Square) and are subject to change without notice. The opinions referenced are as of the date of publication/distribution, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Forward looking statements cannot be guaranteed. The discussions in our videos are for general informational purposes only and should not be considered as investment advice. The inclusion and performance of specific investments discussed represent only a sample of North Square’s Fund investments, and do not represent North Square’s Fund investments or performance as a whole. A complete list of North Square’s holdings is available upon request. There is no guarantee that any investments discussed at the time of this podcast will remain in North Square’s Fund(s). Past performance is not indicative of future results. It should not be assumed that any of the securities or companies discussed have been or will be profitable, or that investment recommendations or decisions we make in the future will be profitable. Nothing discussed herein constitutes an offer or recommendation to buy or sell a particular security or investment strategy. North Square reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. There is no guarantee that North Square’s assessment of investments will be correct. The discussions, outlook, and viewpoints featured are not intended to be investment advice and do not take into account any specific investment objectives or risk tolerance you may have. Some information contained herein derives from third-party sources North Square believes to be reliable; however, accuracy and completeness cannot be guaranteed. Some material discussed represents an assessment of the market environment regarding a specific security or industry at a particular point in time and is not intended to be a forecast of future events or a guarantee of future results. The investment strategy or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. No assurance, representation, or warranty is made by any person that any of North Square’s assumptions, expectations, objectives and/or goals will be achieved. Nothing contained in the material may be relied upon as a guarantee, promise, assurance, or representation as to the future. This discussion, including any hypothetical illustrations, are intended to form a basis for further discussion with your legal, accounting, and financial advisors. Actual future investment returns, taxes and inflation are unknown. Do not rely upon this report to predict future investment performance. North Square is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about the companies’ investment advisory services can be found in their respective form ADV, which are available upon request.
Any securities mentioned are for illustrative purposes only and do not represent all securities purchased, sold, or recommended for clients. Past performance of these securities does not guarantee future results. Fund holdings and/or sector allocations are subject to change.
Principal Risks of Investing, North Disciplined Value ETF: Principal Risks of Investing: Risk is inherent in all investing, including an in-vestment in the Fund. An investment in the Fund involves risk, including, the following principal risks, among others: Market Risk, Equity Risk, Value-Oriented Investment Strategies Risk, Large-Cap Company Risk, Sector Focus Risk, New Fund Risk, Authorized Participant Concentration Risk, Cash Trans-actions Risk, Convertible Securities Risk, Cybersecurity Risk, ETF Structure Risk, Fixed Income Securities Risk, Foreign Investment Risk, Gap Risk, High Portfolio Turnover Risk, Inflation and Deflation Risk, Large Shareholder Risk, Management and Strategy Risk, Preferred Securities Risk, Reliance on Technology Risk and Valuation Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth in the Fund’s prospectus. Each risk summarized is a principal risk of investing in the Fund and different risks may be more significant at different times depending upon market conditions or other factors. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objectives. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF’s ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.
Definitions of terms and indexes:
The Russell 1000® Value Index measures the performance of large-cap U.S. equities that exhibit value characteristics, selecting constituents from the Russell 1000 Index. It includes companies with relatively lower price-to-book ratios, lower forecast growth, and lower historical sales growth. One cannot invest directly in an index.
The Russell 1000® Growth Index measures the performance of US large cap growth stocks. The index includes US large cap stocks with relatively higher price-to-book ratios, higher 2-year I/B/E/S forecast growth and higher historical 5-year sales growth.
A basis point (often called a “bip” or “bps”) is a standard unit of measurement used in finance to express percentage changes in interest rates, bond yields, and investment fees.
The S&P 500 (Standard & Poor’s 500) is a stock market index weighted by market capitalization that is made up of 500 of the largest public companies in the United States. Covering approximately 80% of the total U.S. equity market value, it is widely considered the premier benchmark for the broader American economy.
Expressed as a percentage, dividend yield is a financial ratio that indicates how much a company pays out in dividends each year relative to its current share price.
Tracking error quantifies the deviation between a portfolio’s performance and its benchmark, often calculated as a standard deviation percentage.
Active Share measures how much a mutual fund’s portfolio deviates from its benchmark index. High Active Share indicates divergent holdings from the benchmark, suggesting active management. The Disciplined Value ETFs portfolio’s Active Share as of September 1, 2026 was 73.79.
The price-to-book (P/B) ratio is a financial metric that compares the market value of a company to its book value, total assets minus total liabilities, and is often used to identify potentially undervalued stocks.
Book value is the net worth of a company according to its financial statements. Book value equals total assets minus total liabilities.
IBES (Institutional Brokers’ Estimate System) is a major database that collects and averages financial analysts’ future earnings predictions and company guidance for publicly traded companies.
Alpha represents the excess return of an investment strategy compared to its benchmark index, after accounting for risk.
Earnings per share (EPS) is a company’s net income subtracted by preferred dividends and then divided by the number of common shares the company has outstanding. EPS is a widely used metric for estimating corporate value as it provides an indication of how much money a company makes for each share of its stock.
The Downside Capture Ratio measures how well an investment manager performs relative to a benchmark index during periods of market decline. A ratio below 100 indicates the manager outperformed the index during downturns.
To view the Disciplined Value ETF’s top ten holdings, please click here.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling 855-551-5521 or by clicking on the attached link here. Please read the prospectus carefully before you invest.
Distributed by Foreside Fund Services, LLC.
Not FDIC Insured · May Lose Value · No Bank Guarantee
North Square Investments, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about the companies’ investment advisory services can be found in their respective form ADV, which are available upon request. Past performance is not indicative of future results. The investment strategy or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. Nothing discussed herein constitutes and offer to buy or sell a particular security or investment strategy. No assurance, representation, or warranty is made by any person that any of North Square’s assumptions, expectations, objectives and/or goals will be achieved, Nothing contained in the material may be relied upon as a guarantee, promise, assurance, or representation as to the future.