Canadian Equity – Small Capitalization

Strategy Overview

Investment Strategy

Fundamentally-driven, bottom-up approach which focuses on identifying the leaders of tomorrow. Small Cap companies demonstrating balance sheet strength and offering growth opportunities available at a reasonable price are selected across all sectors to diversify our sources of added value while paying special attention to the preservation of capital. This approach aims to generate consistent added value at a risk that is below that of the market.

Why Invest in this Strategy

Experienced investment team with broad expertise in the management of Small Cap and Micro Cap strategies
True Small Cap strategy (no focus on mid or large cap securities)
Deep understanding of companies and superior access to their management
Rigorous investment process with a hands on approach ensuring strong practices
High conviction portfolio capable of significant alpha generation
Strong risk-adjusted returns over the long term

Highlights

			Inception Date
			January 1, 1989
		

			Assets Under Management ($M)
			$1,205 (As of December 31, 2024)
		

			Price
			$6.8277 (As of March 19, 2025)
		

			Last Distribution Paid ($)
			$0.7781 (December 31, 2024)
		

Performance (%)

Annual Performance

	Q4 2024	YTD - 2024	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Canadian Equity Small Cap Composite	1.41	15.30	15.30	13.29	-14.82	23.57	15.45	20.90	-18.72	-1.80	21.30	-0.52
S&P/TSX Small Cap Index	0.69	18.83	18.83	4.80	-9.28	20.27	12.87	15.84	-18.17	2.75	38.48	-13.31
Value Added	0.72	-3.53	-3.53	8.49	-5.54	3.30	2.58	5.06	-0.55	-4.55	-17.18	12.79

Q4 2024
	%
Canadian Equity Small Cap Composite	1.41
S&P/TSX Small Cap Index	0.69
Value Added	0.72

YTD - 2024
	%
Canadian Equity Small Cap Composite	15.30
S&P/TSX Small Cap Index	18.83
Value Added	-3.53

2024
	%
Canadian Equity Small Cap Composite	15.30
S&P/TSX Small Cap Index	18.83
Value Added	-3.53

2023
	%
Canadian Equity Small Cap Composite	13.29
S&P/TSX Small Cap Index	4.80
Value Added	8.49

2022
	%
Canadian Equity Small Cap Composite	-14.82
S&P/TSX Small Cap Index	-9.28
Value Added	-5.54

2021
	%
Canadian Equity Small Cap Composite	23.57
S&P/TSX Small Cap Index	20.27
Value Added	3.30

2020
	%
Canadian Equity Small Cap Composite	15.45
S&P/TSX Small Cap Index	12.87
Value Added	2.58

2019
	%
Canadian Equity Small Cap Composite	20.90
S&P/TSX Small Cap Index	15.84
Value Added	5.06

2018
	%
Canadian Equity Small Cap Composite	-18.72
S&P/TSX Small Cap Index	-18.17
Value Added	-0.55

2017
	%
Canadian Equity Small Cap Composite	-1.80
S&P/TSX Small Cap Index	2.75
Value Added	-4.55

2016
	%
Canadian Equity Small Cap Composite	21.30
S&P/TSX Small Cap Index	38.48
Value Added	-17.18

2015
	%
Canadian Equity Small Cap Composite	-0.52
S&P/TSX Small Cap Index	-13.31
Value Added	12.79

Annualized as at December 31, 2024

	1 Y	2 Y	3 Y	4 Y	5 Y	6 Y	7 Y	8 Y	9 Y	10 Y	SI
Canadian Equity Small Cap Composite	15.30	14.29	3.62	8.29	9.68	11.48	6.56	5.48	7.13	6.34	10.96
S&P/TSX Small Cap Index	18.83	11.59	4.15	7.96	8.93	10.05	5.49	5.14	8.41	6.01	6.86
Value Added	-3.53	2.70	-0.53	0.33	0.75	1.43	1.07	0.34	-1.28	0.33	4.10

1 Y
	%
Canadian Equity Small Cap Composite	15.30
S&P/TSX Small Cap Index	18.83
Value Added	-3.53

2 Y
	%
Canadian Equity Small Cap Composite	14.29
S&P/TSX Small Cap Index	11.59
Value Added	2.70

3 Y
	%
Canadian Equity Small Cap Composite	3.62
S&P/TSX Small Cap Index	4.15
Value Added	-0.53

4 Y
	%
Canadian Equity Small Cap Composite	8.29
S&P/TSX Small Cap Index	7.96
Value Added	0.33

5 Y
	%
Canadian Equity Small Cap Composite	9.68
S&P/TSX Small Cap Index	8.93
Value Added	0.75

6 Y
	%
Canadian Equity Small Cap Composite	11.48
S&P/TSX Small Cap Index	10.05
Value Added	1.43

7 Y
	%
Canadian Equity Small Cap Composite	6.56
S&P/TSX Small Cap Index	5.49
Value Added	1.07

8 Y
	%
Canadian Equity Small Cap Composite	5.48
S&P/TSX Small Cap Index	5.14
Value Added	0.34

9 Y
	%
Canadian Equity Small Cap Composite	7.13
S&P/TSX Small Cap Index	8.41
Value Added	-1.28

10 Y
	%
Canadian Equity Small Cap Composite	6.34
S&P/TSX Small Cap Index	6.01
Value Added	0.33

SI
	%
Canadian Equity Small Cap Composite	10.96
S&P/TSX Small Cap Index	6.86
Value Added	4.10

Past performance is not a guarantee or indicator of future results. Inherent in any investment is the risk of loss.

Composite returns, presented gross of management fees

Benchmark: BMO Nesbitt Burns Small-Cap Index until August 2007 and S&P/TSX Small-Cap Index since then.

Investment Team

Marc Lecavalier BBA, MSc, CFA

Senior Portfolio Manager, Canadian Small Cap Equities

Montreal

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Patrick Lauzière M.Sc., CFA

Assistant Portfolio Manager, Canadian Small Cap Equities

MONTREAL

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Documents

Strategy Profile

Disclaimer

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated.