Fund Evaluator:

North Square Small Cap Value I Overview

North Square Small Cap Value I (DRISX) is an actively managed U.S. Equity Small Value fund. North Square launched the fund in 2007.

The investment seeks long-term capital appreciation. Under normal circumstances, the fund will invest at least 80% of its assets (including borrowings for investment purposes) in common stocks of small capitalization companies that at the time of purchase are similar in market capitalization to those listed on the Russell 2000® Value Index. It may invest up to 20% of its assets in foreign securities (including securities of emerging market countries), including ADRs or GDRs that are traded on U.S. markets. Small capitalization companies in which the fund may invest include closed-end funds that invest primarily in small capitalization companies.

About North Square Small Cap Value I (DRISX)

There are 2 members of the management team with an average tenure of 18.11 years: Mario Tufano (2010), Mark Roach (2006). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2000 Value TR USD index with a weighting of 100%. North Square Small Cap Value I has 82 securities in its portfolio. The top 10 holdings constitute 26.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

North Square Small Cap Value I is part of the Equity global asset class and is within the U.S. Equity fund group. North Square Small Cap Value I has 9.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 89.1%. There is 9.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). North Square Small Cap Value I has 1.9% of the portfolio in cash.

Assets Under Management

The fund has $201 million in total assets, which is below the $415 million average for the Small Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

DRISX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The North Square Small Cap Value I expense ratio is high compared to funds in the Small Value category. North Square Small Cap Value I has an expense ratio of 1.05%, which is 10% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. North Square Small Cap Value I has a portfolio turnover rate of 50%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 129% for the Small Value category.

Recently, in the month of August 2026, North Square Small Cap Value I returned -2.5%, which earned it a grade of F, as the Small Value category had an average return of -0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

North Square Small Cap Value I has a trailing yield of 1.02%, which is above the 0.77% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

North Square Small Cap Value I Grades

Year to date, the fund has returned 20.3%, 0.6 percentage points better than the category, which translates into a grade of C. The fund has returned 21.1% over the past year (grade of C), 13.1% over the past three years (grade of D) and 10.2% per year over the past five years (grade of A) and 9.5% per year over the past 10 years (grade of C).

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