Small-Cap Equity Fund

Objective

To grow your capital at a pace that significantly exceeds inflation and provide you with exposure to a collection of smaller companies that think big.

Is This Fund For You?

You have a reasonable investment time horizon (over 5 years) and a moderate to high tolerance for risk. Consider this fund if you are seeking exposure to a portfolio of small companies with large potential. This fund will move in a cycle of its own and will often be out of synch with the overall market.

Geographic Profile

Canada-centric: the portfolio manager looks to the Canadian and U.S. stock markets for small and mid-sized companies. Although the fund typically invests the majority of its assets in Canadian stocks, the portfolio manager may invest a meaningful portion in U.S. equities in pursuit of opportunities not available in the Canadian market. We do not expect, however, that the fund's U.S. holdings will exceed 40% of its net assets for any prolonged period of time.

Estimated long-term equity mix:

Strategy

The fund holds 20-30 small to mid-cap stocks in which the portfolio manager has the greatest conviction. The manager has an unwavering belief in valuation driven, bottom-up stock selection, and has five criteria that a company must meet to be considered for inclusion in the fund: (1) an enduring, sustainable competitive advantage; (2) a management team with a record of success; (3) a strong record of earnings; (4) a clean balance sheet; and (5) good long-term growth prospects.

Unitholder Responsibilities

• Ensure that this fund fits into your investment plan - i.e., understand the meaning of small-cap risk.
• Be prepared for potentially higher volatility due to the relatively illiquid nature of the small-cap market and the concentration of the fund's assets.
• Learn about the Galibier investment team at Guardian Capital LP and their investment philosophy.
• Assess the fund's performance over a market cycle (i.e., 4-5 years), not an NHL season, and keep in mind that it typically takes the market longer to recognize the hidden value in small-cap stocks.
• Support the little guy.

Portfolio Advisor

Galibier investment team at Guardian Capital LP

• Lead Portfolio Manager Joe Sirdevan has over 30 years of experience.
• Investment philosophy: Growth. At a reasoned price.
• Highly concentrated investment style (typically 20-25 holdings).
• Avid cyclists (the team is named Galibier after a mountain pass in the Tour de France).
• The Galibier investment team joined Guardian Capital LP following the business combination of Galibier Capital Management Ltd. and Guardian Capital LP in 2025. Guardian Capital LP has been managing client assets since 1962.