NKAAX — North Square Kennedy MicroCap Fund

NKAAX Fund Overview

NKAAX — North Square Kennedy MicroCap Fund is a US mutual fund managed by Exchange Place Advisors Trust, categorised as United States Small Cap Blend / Core Equity. 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: United States Small Cap Blend / Core Equity
• Assets under management: $32.95M
• Ticker: NKAAX
• SEC CIK: 0001750821
• SEC series ID: S000085358
• Share class ID: C000250357

NKAAX Investment Objective and Strategy

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

Investment objective

The investment objective of the North Square Kennedy MicroCap Fund (the Fund) is to provide capital appreciation.

Principal investment strategy

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of micro-capitalization companies. The Fund considers micro-capitalization companies to be companies with market capitalizations generally within the ranges of the Russell Microcap Index at the time of purchase. As of August 31, 2025, the market capitalization range of the Russell Microcap Index was between $14.11 million and $4.17 billion. The Funds investments in equity securities may include common and preferred stock, convertible securities, securities of real estate investment trusts (REITs) and shares of investment companies, including exchange-traded funds (ETFs) designed to track micro-cap indices. While the Fund invests primarily in equity securities of U.S.

issuers, it may invest in securities of foreign issuers, including those in emerging market countries or developing countries as defined by the World Bank, International Finance Corporation or the Morgan Stanley Capital International (MSCI) emerging market indices or other comparable indices. Investments in such foreign issuers are not expected to exceed 20% of the Funds net assets. The Fund follows an investing style that favors core investments. The Funds sub-adviser, Kennedy Capital Management LLC (Kennedy Capital or the Sub-Adviser), utilizes fundamental, bottom-up research to identify companies that are able to reinvest in their businesses at attractive rates of return, and invest in those companies when prices do not, in the view of the Sub-Adviser, adequately reflect the companies potential value creation from those investments, including their anticipated growth prospects.

The Sub-Adviser believes that the operating cash-flow returns of a business is the best measure of a companys performance and that the ability to reinvest cash flows into high return projects creates a powerful compounding effect, which in turn creates value for shareholders over time. The Sub-Adviser employs a research team of sector-specific analysts to perform fundamental analysis on new potential ideas for the strategy, as well as existing holdings, in order to invest across the full spectrum of opportunities. Each company under consideration for investment is initially classified by the Sub-Advisers research team as one of these investment types: (i) Steady Compounder, (ii) Material Positive Change (including growth prospects), (iii) Out of Favor, and (iv) Deep Value. Companies classified as Steady Compounder are established companies that are able to sustain evaluated levels of asset growth, have consistently high or expanding returns on invested capital and have high barriers to entry.

Companies classified as Material Positive Change demonstrate structural change (e.g., management divesting an underperforming business segment) that improves asset growth and/or returns on invested capital (ROIC) or cash flow return on investment (CFROI) have a growth profile post-change and can be found anywhere along the growth life cycle. Companies classified as Out of Favor are those companies whose intrinsic business returns are undervalued and experience near term negative sentiment. Companies classified as Deep Value are those companies with a significant gap between intrinsic and market valuations and whose current levels of growth and ROIC/CFROI may be weak in comparison to their peers. This labor intensive, bottom-up approach, combined with discounted cash-flow valuation analysis, forms the basis of the Sub-Advisers investment process.

The Sub-Adviser may sell all or a portion of a position of the Funds portfolio holding when in its opinion one or more of the following occurs, among other reasons: (i) there is a change in the Sub-Advisers analysis on a particular issuer; (ii) a companys stock price is at the high end of the companys historical range; (iii) the issuers fundamentals deteriorate; (iv) the Sub-Adviser identifies more attractive investment opportunities for the Fund; (v) the issuers market capitalization consistently exceeds the capitalization range of the Russell Microcap Index; or (vi) the Fund requires cash to meet redemption requests. The Fund also may invest in American, European, and Global Depositary Receipts (ADRs, EDRs, and GDRs, respectively). ADRs are receipts that represent interests in foreign securities held on deposit by U.S.

banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets. The Fund may also invest in initial public offerings (IPOs) of equity securities.

NKAAX Holdings

Top 10 holdings of North Square Kennedy MicroCap Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all NKAAX holdings

NKAAX Portfolio Allocation

Asset-class allocation of North Square Kennedy MicroCap Fund by percentage of net assets, from the latest SEC N-PORT filing.

NKAAX Performance

Total returns for NKAAX (as of 2026-10-01), from SEC filings.

NKAAX Risk Information

Risk metrics for NKAAX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 15.3%

NKAAX Costs and Fees

NKAAX costs about $173 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.73%
• Gross expense ratio: 2.05%
• Portfolio turnover: 89%
• Brokerage commissions: 27.98 bps of average net assets (SEC N-CEN)

NKAAX Cashflows

Over the 12 months to 2026-05, North Square Kennedy MicroCap Fund had net inflows of $4.08M, from monthly SEC N-PORT filings.

NKAAX Debt Constituents

No individual debt constituents are reported in North Square Kennedy MicroCap Fund's latest SEC N-PORT filing.

NKAAX Prospectus and SEC Filings

Official North Square Kennedy MicroCap Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-09-25
• Prospectus (485BPOS) — filed 2025-09-26
• Prospectus (485BPOS) — filed 2024-06-07
• Portfolio holdings (N-PORT) — filed 2026-07-28
• Portfolio holdings (N-PORT) — filed 2026-04-27
• Portfolio holdings (N-PORT) — filed 2026-01-27
• Annual census (N-CEN) — filed 2026-08-10
• Annual census (N-CEN) — filed 2025-08-14

Related Funds

Other United States Small Cap Blend / Core Equity funds tracked on ABC INVEST:

• iShares Core S&P Small-Cap ETF (IJR)
• iShares Russell 2000 ETF (IWM)
• Fidelity Small Cap Index Fund (FSSNX)
• Schwab U.S. Small-Cap ETF (SCHA)
• U.s. Small Cap Portfolio (DFSTX)

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.