As at July 31, 2025

Meritage American Equity Portfolio

F Series

Category: U.S. Equity

Investment Objective

To achieve long-term capital appreciation by investing primarily in a diverse mix of U.S. equity mutual funds. The Portfolio may from time to time make direct investments in Canadian and foreign equity and fixed-income securities.

Fund Details

Investment horizon

At least 5 years

Fund volatility

Medium

Minimum Initial Investment:

$500

Subsequent Investment:

$50

Systematic Investment:

$25

Distribution Frequency:

Annually

Assets Under Management ($M):

$59.1

Price per Unit:

$26.63

Inception Date:

September 25, 2007

Value of $10,000 over 10 years:

$29,024

Management Fee:

0.85%

MER:

1.18%

Management Fee Reduction Plan¹

For High Net Worth investors
Amount Applicable

Level to the level* Reduction
1 First $250,000 0.025%
2 Next $250,000 0.050%
3 In excess of $500,000 0.075%

¹ Subject to satisfying one of the Plan admissibility criteria.

* The levels apply according to the market value of the
   assets.

Available Fund Code:

Trust Portfolios Fund Code
Advisor Series
Initial Sales Charge NBC7404
Deferred Sales Charge NBC7504
Low Sales Charge NBC7604
F Series NBC7704
F5 Series NBC8704
T5 Series
Initial Sales Charge NBC8404
Deferred Sales Charge NBC8504
Low Sales Charge NBC8604

Portfolio Statistics

Alpha

-0.02

Beta

1.01

R-squared

0.92

Standard Deviation

13.48

Sharpe

0.98

Portfolio Asset Mix*

(% of Net Assets)

US Equity 93.65
Cash and Equivalents 3.50
International Equity 1.77
Canadian Equity 1.08
Third-Party funds %
PH&N U.S. Equity Fund 35.03
AGF American Growth Fund 34.93
NBI U.S. Equity Private Portfolio 30.03

Geographic Allocation*

United States 94.93%
Canada 3.31%
Ireland 1.47%
United Kingdom 0.14%
Switzerland 0.08%
Netherlands 0.07%

Sector Allocation*

Technology 36.95%
Consumer Services 13.65%
Financial Services 13.15%
Healthcare 11.81%
Other 5.98%
Energy 4.65%
Consumer Goods 4.10%
Industrial Goods 3.67%
Cash and Cash Equivalent 3.50%
Industrial Services 2.54%

Calendar Returns (%)

YTD 2024 2023 2022 2021 2020 2019
Portfolio 6.38 28.73 19.25 -10.44 17.64 13.34 25.54

Annualized Returns (%)

Global Equities 1 M 3 M 6 M 1 Y 3 Y 5 Y 10 Y Incp. Incp. Date
AGF American Growth Fund 3.53 19.22 3.42 29.09 25.00 - - 23.66 05-13-2022
NBI U.S. Equity Private Portfolio 3.90 16.37 2.55 13.76 20.60 18.40 - 19.36 05-20-2020
PH&N U.S. Equity Fund 3.60 14.21 -0.42 13.37 20.38 16.20 13.67 8.98 10-31-2002
Portfolio 1 M 3 M 6 M 1 Y 3 Y 5 Y 10 Y Incp. Incp. Date
Portfolio 3.50 16.24 1.53 16.41 17.57 13.88 11.24 9.54

*Underlying fund data are as of April 30, 2025.

Disclosure

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 investments in the Portfolios. 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. The indicated rates of returns are based on the historical annual compounded total returns including changes in securities value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. "Meritage Portfolios®" and the Meritage Portfolios logo are trade-marks of National Bank of Canada, used under license by National Bank Investments Inc. All trade-marks and logos of the mutual funds companies are their property. National Bank Investments Inc. is an authorized user. Fidelity Investments is a registered trade-mark of FMR LLC. ® CI Investments and the CI Investments design are trade-marks of CI Investments Inc. Dynamic Funds® is a registered trademark of its owner, used under license, and a division of GCIC Ltd. TD Asset Management Inc. is a wholly owned subsidiary of The Toronto-Dominion Bank. The TD logo is a trade-mark of The TorontoDominion Bank. Invesco and all associated trade-marks are trade-marks of Invesco Holding Company Limited, used under licence. Trimark and all associated trade-marks are trade-marks of Invesco Canada Ltd. © Invesco Canada Ltd., 2019. Manulife Funds, Manulife Corporate Classes and Manulife Leaders Portfolios are managed by Manulife Mutual Funds. Manulife, Manulife Mutual Funds and the Manulife Mutual Funds For Your Future Logo are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.