Fund Evaluator:
North Square Kennedy MicroCap I (NKMCX)
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Best Performing in Small Blend Over the Last Year
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Fund Details
North Square Kennedy MicroCap I Overview
North Square Kennedy MicroCap I (NKMCX) is an actively managed U.S. Equity Small Blend fund. North Square launched the fund in 2024.
The investment seeks to provide capital appreciation. 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's managers consider micro-capitalization companies to be companies with market capitalizations generally within the ranges of the Russell Microcap® Index at the time of purchase.
About North Square Kennedy MicroCap I (NKMCX)
There are 2 members of the management team with an average tenure of 1.80 years: Sean McMahon (2024), Anna Damato (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Russell Micro Cap TR USD index with a weighting of 100%. North Square Kennedy MicroCap I has 154 securities in its portfolio. The top 10 holdings constitute 19.2% 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 Kennedy MicroCap I is part of the Equity global asset class and is within the U.S. Equity fund group. North Square Kennedy MicroCap I has 3.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.4%. There is 3.9% 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 Kennedy MicroCap I has 1.8% of the portfolio in cash.
Assets Under Management
The fund has $34 million in total assets, which is below the $683 million average for the Small Blend 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.
NKMCX 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 Kennedy MicroCap I expense ratio is high compared to funds in the Small Blend category. North Square Kennedy MicroCap I has an expense ratio of 1.48%, which is 42% higher than its category average, making the fund expense ratio grade a F. 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 Kennedy MicroCap I has a portfolio turnover rate of 89%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 66% for the Small Blend category.
Recently, in the month of August 2026, North Square Kennedy MicroCap I returned 1.6%, which earned it a grade of A, as the Small Blend category had an average return of -0.1%. 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 Kennedy MicroCap I has a trailing yield of 0.00%, which is below the 0.43% 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 Kennedy MicroCap I Grades
Year to date, the fund has returned 28.6%, 10.6 percentage points better than the category, which translates into a grade of A. The fund has returned 31.3% over the past year (grade of A).
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NKMCX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NKMCX Return (NAV) | 1.6% | 9.4% | 31.3% | na | na | na |
| NKMCX Grade | A | A | A | na | na | na |
| +/- Category | 1.7% | 6.6% | 10.3% | na | na | na |
| Small Blend Avg | -0.1% | 2.8% | 21.0% | 14.8% | 7.2% | 10.2% |
| NKMCX Tax Cost Ratio | na | na | 3.4% | na | na | na |
NKMCX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NKMCX Return (NAV) | 28.6% | 19.8% | na | na | na | na | na | na | na | na | na |
| NKMCX Grade | A | A | na | na | na | na | na | na | na | na | na |
| +/- Category | 10.6% | 11.9% | na | na | na | na | na | na | na | na | na |
| Small Blend Avg | 18.1% | 8.0% | 11.5% | 16.6% | -16.5% | 23.3% | 14.4% | 25.5% | -11.9% | 13.9% | 20.4% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $34 Mil |
| Fund Total Assets: | $ 35 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 89% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.2 years | |||
| Average Tenure: 1.8 years | |||
| Managers (Year): McMahon Sean (2024), Damato Anna (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 154 |
| % in Top 10 Holdings: | 19.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.9% |
Portfolio Allocation |
|
| Domestic Stock: | 94.4% |
| Foreign Stock: | 3.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.8% |
Purchase Information
| Fund Family: | North Square |
| Phone Number: | 855-551-5521 |
| Website: |
| Status: | Open |
| Inception Date: | June 10, 2024 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $100,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.48% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.04% |
| Share Class: | North Square Kennedy MicroCap I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
