Fiera North American Market

Neutral Fund II

Fund Investment Objectives

The Fund utilizes a blend of quantitative and fundamental analysis to identify securities which the portfolio manager, at the time of investment, believes to offer the greatest opportunity for capital appreciation on a relative risk basis. In doing so, the Fund engage in pairs trading, or the taking of a short position in securities of a particular issuer while taking a long position in securities of another issuer in an attempt to take advantage of relative valuation differences between the two issuers when the portfolio manager believes that the fundamentals of the issuer in which the Fund hold a long position will become increasingly attractive as compared to those of the issuer in which the Fund holds a short position. Fund invests in Canada & U.S. equity markets.with a focus on the Canadian market and equity securities and forward contracts to hedge non-Canadian currency exposure. Minimum accout investment: $1,000,000 / Managed account: $10,000,000