INNNX — North Square Global Resources & Infrastructure Fund

INNNX Fund Overview

INNNX — North Square Global Resources & Infrastructure Fund is a US mutual fund managed by Exchange Place Advisors Trust, categorised as Global (incl. US) Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Exchange Place Advisors Trust
• Category: Global (incl. US) Real Estate
• Assets under management: $2.85M
• Ticker: INNNX
• SEC CIK: 0001750821
• SEC series ID: S000063482
• Share class ID: C000205670

INNNX Investment Objective and Strategy

North Square Global Resources & Infrastructure Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Exchange Place Advisors Trust.

Investment objective

The North Square Global Resources & Infrastructure Fund (the Fund) seeks to provide long-term growth of capital.

Principal investment strategy

In seeking to achieve the Funds investment objective, North Square Investments, LLC (North Square or the Adviser), the Funds investment adviser has selected Capital Innovations, LLC (the Sub-Adviser) to serve as the Funds investment sub-adviser and allocates the Funds assets to the Sub-Adviser. The Adviser retains the ability to manage all or a portion of the Funds assets directly. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of natural resources and infrastructure companies. For purposes of this investment policy, the Fund may invest in instruments with economic characteristics similar to natural resources companies, such as publicly traded master limited partnership interests (MLPs). With respect to investments in natural resources companies, the Fund expects to primarily focus on timber and agribusiness companies.

In selecting investments for purchase and sale, the Sub-Adviser employs an in-depth analysis which consists of researching historical performance, characteristics, and long-term fundamental outlook of infrastructure, timber, and agribusiness and other natural resources companies to construct a diversified portfolio representing exposure to these asset classes. The Fund defines infrastructure, natural resources, timber and agribusiness companies as follows: Infrastructure Companies: Infrastructure companies are companies that derive at least 50% of their gross income or net profits directly or indirectly from, or have at least 50% of their assets committed to, the management, ownership, operation, construction, development or financing of assets used in connection with: the generation, transmission, sale or distribution of energy; provision of utilities such as electric, water and natural gas; distribution, purification or treatment of water; provision of communications services, including cable television, satellite, microwave, radio, telephone and other communications media; provision of transportation services, including toll roads, airports, railroads or marine ports; or provision of social assets, such as hospitals, schools, and subsidized housing.

Infrastructure companies also include companies organized as real estate investment trusts (REITs) and energy related companies organized as MLPs. Natural Resources Companies: Natural resources companies are companies that are primarily engaged in (i.e., have a majority of their assets committed to, or derive a majority of their revenue or profits from) the ownership, development, exploration, production, distribution or processing of natural resources, and in furnishing natural resource supplies and services to these companies. For these purposes, natural resources include energy sources (such as electricity, oil and gas), alternative energy (such as uranium, coal, nuclear, hydrogen, wind, solar and fuel cells), precious and other metals, forest products, real estate, food and agricultural products, and other basic commodities.

Timber Companies: Timber companies are companies that derive at least 50% of their gross income or net profits directly or indirectly from the ownership, management or lease of forested land and harvest the timber from forested land for commercial use and sale of wood-based products, including lumber, pulp or other processed or finished goods such as paper and packaging. These timber companies include forest products companies, timber MLPs, timber REITs, homebuilding companies, paper products companies, and paper packaging companies. Agribusiness Companies: Agribusiness companies are companies that derive at least 50% of their gross income or net profits directly or indirectly from the business of agriculture. Companies primarily engaged in the agriculture business include those engaged in the production, processing, and distribution of agricultural products, packaged foods, and meats, as well as the business operators and suppliers of equipment and materials such as fertilizers, agricultural chemicals, agricultural construction equipment, farm machinery, and heavy trucks.

Agribusiness companies also include agriculture-related companies organized as REITs and MLPs. The Sub-Adviser has appointed a committee consisting of senior management (the Allocation Committee) to determine the percentage of the Funds assets to be allocated to each such asset class. On a periodic basis the Allocation Committee reviews and may adjust the specific allocation ranges based upon its judgment of economic, market and regulatory conditions. Actual allocations may vary at any time due to market movements, cash flows into or out of the Fund and other factors. The Sub-Adviser seeks to capitalize on market inefficiencies by adhering to a systematic and disciplined investment approach. The Sub-Adviser first screens the infrastructure, timber, and agribusiness industry universes based on specific guidelines, and then applies fundamental analysis to each potential investment.

After an Allocation Committee review of the best ideas, the Sub-Adviser invests in companies it believes have sustainable competitive advantages, based on the Sub-Advisers assessment of the durability of cash flows, relative market valuation and growth potential. At any given time, the Sub-Adviser may invest in securities with growth and/or value characteristics. The Fund may invest in securities of issuers located anywhere in the world. Under normal market conditions, the Fund will invest in at least three different countries outside the United States, and will invest at least 40% of its assets in foreign issuers. However, when the Sub-Adviser deems market conditions unfavorable to foreign companies, the Fund may invest a higher percentage in U.S. issuers, in which case the Fund will invest at least 30% of its assets in foreign issuers.

Investments are deemed to be foreign if: (a) an issuers domicile or location of headquarters is in a foreign country; (b) an issuer derives a significant proportion (at least 50%) of its revenues or profits from goods produced or sold, investments made, or services performed in a foreign country or has at least 50% of its assets situated in a foreign country; (c) the principal trading market for a security is located in a foreign country; or (d) it is a foreign currency. The Funds investment in foreign currencies under normal circumstances is expected to be less than 7% of the Funds assets. The Fund may invest in companies of any market capitalization but the majority of the Funds investments are generally in large- and mid-cap securities. Large- and mid-capitalization companies are considered to be companies with market capitalizations within the range of those companies included in the MSCI ACWI Index (the Index) at the time of purchase.

Because large- and mid-capitalization companies are defined by reference to an index, the range of market capitalization of companies in which the Fund invests may vary with market conditions. As of June 30, 2019, the market capitalizations of companies included in the Index were between $67.7 million and $976.4 billion. Potential investments include all types of equities, and American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) of global infrastructure, timber, and agribusiness companies, trading on U.S. and global exchanges and marketplaces. In addition, the Fund may invest in domestic MLPs and REITs. MLPs are publicly traded companies organized as limited partnerships or limited liability companies and treated as partnerships for federal income tax purposes. REITs are companies that own interests in real estate or in real estate related loans or other interests and that qualify for favorable federal income tax treatment.

INNNX Costs and Fees

INNNX costs about $115 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.15%
• Gross expense ratio: 2.32%
• Portfolio turnover: 20%
• Brokerage commissions: 5.04 bps of average net assets (SEC N-CEN)

INNNX Cashflows

Over the 12 months to 2020-03, North Square Global Resources & Infrastructure Fund had net inflows of $1.33M, from monthly SEC N-PORT filings.

INNNX Debt Constituents

No individual debt constituents are reported in North Square Global Resources & Infrastructure Fund's latest SEC N-PORT filing.

INNNX Prospectus and SEC Filings

Official North Square Global Resources & Infrastructure Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus supplement (497) — filed 2019-08-23
• Prospectus supplement (497) — filed 2019-06-24
• Portfolio holdings (N-PORT) — filed 2020-06-01
• Annual census (N-CEN) — filed 2020-06-15

Related Funds

Other Global (incl. US) Real Estate funds tracked on ABC INVEST:

• MFS Global Real Estate Fund (MGLAX)
• Global Real Estate Securities Fund (POSAX)
• PGIM Global Real Estate Fund (PURCX)
• Global Real Estate Securities Fund (RIFSX)
• Global Real Estate Index Fund (NGREX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.