NBI International Equity Fund

Investing in quality beyond borders

Sub-advised by PineStone Asset Management Inc.

Investment overview

The Fund’s strategy highlights the importance of investing in companies with strong fundamentals and stable cash flows that are likely to weather economic downturns better than their peers and generate more stable returns in the long term. The approach includes the following quality factors:

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

The portfolio management team seeks to identify stocks that can:

  • Generate high returns 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

Key differentiators

PineStone Asset Management Inc.’s investment philosophy rests on four pillars:

  • Picking best of breed 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
  • Consistently applying this investment philosophy

Why invest in this Fund?

The NBI International Equity Fund provides exposure to markets outside of North America for investors who aim to increase their portfolio’s geographic diversification while reducing its sector concentration in financial, energy, and tech stocks which dominate the Canadian and U.S. landscape. 

About the portfolio sub-advisor

Pinestone logo
  • Based in Montreal, PineStone Asset Management Inc. is a global equity manager founded in 2021 following a separation from a large independent asset manager.

  • The firm is 100% employee-owned and led by Nadim Rizk, a seasoned portfolio manager with over 25 years of experience.

Learn more

Nadim Rizk, CEO and CIO of PineStone Asset Management, believes that one can achieve superior and sustainable returns by investing in a concentrated portfolio of high-quality companies and holding them for the very long run.

Fund codes

Advisor Series

H Series

F Series CAD

F Series USD

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 International Equity 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 for the Fund and PineStone Asset Management Inc. acts 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 Funds before investing. 

NBI Funds (the “Funds”) are offered by National Bank Investments Inc., a wholly owned subsidiary of National Bank of Canada. The Funds’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds are not guaranteed, their values change frequently and past performance may not be repeated.

® NATIONAL BANK INVESTMENTS is a registered trademark of National Bank of Canada, used under license 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.