NBI Global Small Cap Fund

Tap into the potential of first-rate smaller companies

Sub-advised by PineStone Asset Management Inc.

Investment overview

First-rate companies come in an array of sizes. The Fund invests on a global scale in a diversified portfolio of high-quality small- and mid-cap stocks to benefit from the growth opportunities they offer while reducing risk through increased diversification. The strategy focuses on the following quality factors: 

  • Sustainable competitive advantages 
  • Proven track record 
  • Management quality 
  • Balance sheet strength 
  • Attractive valuation 

Key differentiators

The portfolio management team seeks to identify stocks that can:  

  • Generate a sustainable and strong return on invested capital (ROIC)
  • Provide ample long-term growth potential with incrementally higher ROIC
  • Generate strong and predictable free cash flows
  • Consistently compound shareholder wealth over time
  • Preserve capital

The investment philosophy rests on four pillars: 

  • Picking high-quality companies at attractive valuations
  • Developing a deep understanding of these companies and holding them for the long run
  • Reallocating capital appropriately based on conviction and risk/return potential
  • Applying methodically this investment philosophy

Why invest in this Fund?

The Fund offers investors looking to capture the untapped growth potential of small- and mid-cap stocks exposure to a carefully selected and globally diversified portfolio of promising companies set to generate attractive returns over the long term as they mature.

About the portfolio managers

Thomas Horvath serves as PineStone’s Lead Portfolio Manager for the Global Small Cap Strategy and was a founding member of the Global Equity Team.

Learn more

We have long held the belief that our team and process hold the potential to create value for investors in the global small-cap markets. This is why we are thrilled to announce the launch of our Global Small Cap strategy in partnership with National Bank Investments.

—Nadim Rizk, CEO and CIO of PineStone Asset Management Inc.

Fund codes

Advisor Series

H Series

F Series

FH Series





Other NBI Funds sub-advised by PineStone Asset Management Inc.


The information and the data supplied on the current page of this site, including those supplied by third parties, are considered accurate at the time of their publication and were obtained from sources which we considered reliable. We reserve the right to modify them without advance notice. This information and data are supplied as informative content only. No representation or guarantee, explicit or implicit, is made as for the exactness, the quality and the complete character of this information and these data. The opinions expressed are not to be construed as solicitation or offer to buy or sell shares mentioned herein and should not be considered as recommendations. 

The NBI Global Small Cap Fund (the “Fund”) is offered by National Bank Investments Inc., a wholly owned subsidiary of National Bank of Canada. National Bank Trust Inc. acts as portfolio manager and PineStone Asset Management Inc. as portfolio sub-advisor for the Fund. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the Fund before investing. The Fund’s securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Fund is not guaranteed, its value changes frequently and past performance may not be repeated. 

® NATIONAL BANK INVESTMENTS is a registered trademark of National Bank of Canada, used under licence by National Bank Investments Inc. 

National Bank Investments is a signatory of the United Nations-supported Principles for Responsible Investment, a member of Canada’s Responsible Investment Association, and a founding participant in the Climate Engagement Canada initiative.