Skip to Main Content

North Square Advisory Research

All Cap Value Fund

U.S. Equities

The investment objective of the North Square Advisory Research All Cap Value Fund is to seek long term capital appreciation. We believe our value-oriented, fundamentally driven investment process allows us to uncover companies with healthy financial positions, strong management teams, and clear plans to unlock value over a multi-year period.

Availability

Class	Ticker	Net Expense	Gross Expense
I	ADVGX	0.95%	2.14%

The Fund’s advisor has contractually agreed to waive its fees and / or pay for expenses to ensure they do not exceed 0.95% of the average daily net assets of the I Shares. This agreement is in effect until February 28, 2022.

Strategy Overview

Vehicle

Mutual Fund

Objective

Capital Appreciation

Investment Category

US All Cap Equity

Style

Value Equity

Benchmark

Russell 3000 Value Index

Inception Date

11/16/2009

Current Fund AUM

$4.9MM

Current Equity Holdings

98%

Current Cash/Equivalents

2%

Number of Holdings

29

Turnover (1Y)

49%

Portfolio Managers

Matthew Swaim, CFA

Advisory Research Investment Management

Managing Director & Portfolio Manager

Christopher Harvey, CFA

Advisory Research Investment Management

Managing Director & Portfolio Manager

Bruce Zessar, J.D., CFA

Advisory Research Investment Management

Managing Director & Portfolio Manager

Performance and Risk

Average Annual Total Returns (%)

12/31/2020

	Latest Qtr	1 Year	3 Year	5 Year	Since Inception (11/16/2009)
Class I	16.61%	-2.54%	6.62%	10.73%	10.37%
Russell 3000 Value Index	17.21%	2.87%	5.89%	9.74%	10.82%

The Fund has adopted the historical performance of the Advisory Research All Cap Value Fund (the “Predecessor Fund”), a former series of Investment Manager Series Trust, as a result of a reorganization consummated after the close of business on February 21, 2020 (“Reorganization”), in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund.

The Russell 3000 Value Index measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values.

Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. 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. Call 855-551-5521 for the most recent month-end performance results.

Characteristics

Top Ten Holdings

12/31/2020

Alphabet Inc. Class A

5.1%

JPMorgan Chase & Co.

4.6%

TJX Companies Inc

4.5%

Berkshire Hathaway Inc. Class B

4.3%

AutoZone, Inc.

4.3%

L3Harris Technologies Inc

4.2%

American Express Company

4.2%

Element Solutions Inc

4.2%

First Interstate BancSystem, Inc. Class A

4.1%

Medtronic Plc

4.0%

Sector Weightings

12/31/2020

Consumer Discretionary

22.79

Industrials

22.68

Financials

17.21

Health Care

10.08

Utilities

5.53

Communications Services

5.14

Information Technology

4.61

Materials

4.15

Energy

3.45

Cash

2.38

Consumer Staples

1.98

The Portfolio is actively managed and current holdings and characteristics may be different. The holdings listed should not be considered recommendations to buy or sell any particular security listed. The holdings identified do not represent all of the securities purchased, sold, or recommended for the adviser’s clients. Actual portfolio investments may vary when actually invested. A complete list of holdings is available upon request.

Literature

Statement of Additional Information

Summary Prospectus

Semi-Annual Report

North Square Funds 2021 IRA Disclosure Statement

Important Risks: Equity securities, such as common stocks, are subject to market, economic and business risks that may cause their prices to fluctuate. Investments made in small cap and mid cap companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. The Fund invests in foreign securities which involves certain risks such as currency volatility, political and social instability and reduced market liquidity. The Fund invests in ETFs (Exchange-Traded Funds) and is therefore subject to the same risks as the underlying securities in which the ETF invests as well as entails higher expenses than if invested into the underlying ETF directly.

The Portfolio is actively managed and current holdings and characteristics may be different. The holdings listed should not be considered recommendations to buy or sell any particular security listed. The Russell 3000 Value Index is a measure of the performance of U.S. growth stocks. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike mutual fund returns, do not reflect any fees or expenses associated with a mutual fund. The volatility (beta) of an account may be greater or less than its respective benchmark. It is not possible to invest directly in an index.

Before investing, consider the product’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. Please read the prospectus carefully before you invest. Distributed by Compass Distributors, LLC. Member FINRA.