The North Square Select Small Cap Fund Class I shares (ADVGX) has received its first Morningstar Overall Rating of five stars among 591 Small Blend category funds, based on risk-adjusted performance as of January 31, 2025

Class I shares also received five stars for the three-year period ended 1/31/25 among 591 Small Blend category funds, but has not yet received ratings for five or ten years. For the same period, the Select Small Cap Fund finished among the top 6% of funds in its Morningstar Small Blend category peer group, ranking 33rd among 591 funds based on Morningstar total return. The Fund has not been in existence long enough to receive rankings for longer time periods.

The Select Small Cap Fund was formerly the North Square Advisory Research Small Cap Value Fund, having had its name changed on February 28th.

View Select Small Cap Fund Press Release

The Morningstar Rating™ for funds, or “star rating”, is calculated monthly for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The Rating/Ranking may reflect the waiver of all or a portion of the fund’s fees. Without such waiver, the Ratings/Rankings may have been lower.
© 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Morningstar Rankings represent a fund’s total return percentile rank relative to all funds in the same Morningstar Category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. It is based on Morningstar total return, which includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees.

For the one-year period ended 1/31/25, the Select Small Cap Fund finished among the top 9% of funds in its Morningstar Small Blend category peer group, ranking 62nd among 620 funds based on Morningstar total return.

North Square is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. Information contained herein derives from third-party sources believed to be reliable by the Adviser. However the accuracy and completeness cannot be guaranteed.

Distributed by Foreside Fund Services, LLC.