Fund Evaluator:
North Square McKee Bond I (NMKYX)
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Fund Details
North Square McKee Bond I Overview
North Square McKee Bond I (NMKYX) is an actively managed Taxable Bond Intermediate Core Bond fund. North Square launched the fund in 2021.
The investment seeks to maximize total return and generate consistent outperformance of the fund's benchmark, the Bloomberg US Aggregate Bond Index, with a high quality and highly liquid, well diversified portfolio through opportunistic, risk-controlled management. The fund invests at least 80% of its net assets in fixed and floating rate investment grade securities. The advisor focuses on investments in fixed maturity and callable U.S. government agency securities and high quality corporate bonds, agency mortgages and other investment grade securitized holdings, seeking to minimize the potential for loss of principal due to credit risk.
About North Square McKee Bond I (NMKYX)
There are 4 members of the management team with an average tenure of 4.83 years: Bryan Johanson (2020), Jack White (2020), Zachary Hubert (2024), Brian Allen (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. North Square McKee Bond I has 360 securities in its portfolio. The top 10 holdings constitute 21.2% 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 McKee Bond I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. North Square McKee Bond I has 4.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 90.7% (86.5% domestic bond, 4.2% foreign bond and 0.0% convertible bond). North Square McKee Bond I has 9.3% of the portfolio in cash.
Assets Under Management
The fund has $40 million in total assets, which is below the $3 billion average for the Intermediate Core Bond 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.
NMKYX 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 McKee Bond I expense ratio is average compared to funds in the Intermediate Core Bond category. North Square McKee Bond I has an expense ratio of 0.47%, which is 17% 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. A portfolio turnover rate cannot be currently calculated for North Square McKee Bond I. By way of comparison, the average portfolio turnover is 151% for the Intermediate Core Bond category.
Recently, in the month of July 2026, North Square McKee Bond I returned -1.4%, which earned it a grade of C, as the Intermediate Core Bond category had an average return of -1.3%. 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 McKee Bond I has a trailing yield of 4.30%, which is above the 4.04% category average. The fund normally distributes its income monthly.
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 McKee Bond I Grades
Year to date, the fund has returned -0.7%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 2.5% over the past year (grade of C), 3.9% over the past three years (grade of B) and 0.3% per year over the past five years (grade of A).
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NMKYX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NMKYX Return (NAV) | -1.4% | -0.9% | 2.5% | 3.9% | 0.3% | na |
| NMKYX Grade | C | D | C | B | A | na |
| +/- Category | -0.0% | -0.1% | -0.0% | 0.2% | 0.8% | na |
| Intermediate Core Bond Avg | -1.3% | -0.8% | 2.5% | 3.7% | -0.5% | 1.4% |
| NMKYX Tax Cost Ratio | na | na | 1.7% | 1.7% | 1.4% | na |
NMKYX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NMKYX Return (NAV) | -0.7% | 6.9% | 1.5% | 5.7% | -9.6% | -1.3% | na | na | na | na | na |
| NMKYX Grade | C | D | C | C | A | B | na | na | na | na | na |
| +/- Category | 0.0% | -0.1% | -0.0% | 0.1% | 3.5% | 0.2% | na | na | na | na | na |
| Intermediate Core Bond Avg | -0.7% | 7.0% | 1.6% | 5.6% | -13.2% | -1.5% | 8.1% | 8.5% | -0.4% | 3.6% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 5.8% |
| Total Risk Index: | 0.48 - Below Average |
| Category Risk Index: | 1.04 - High |
| Category Risk Grade: | F (84% Rank) |
| Beta: | 1.03 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $264 Mil |
| Fund Total Assets: | $ 41 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 5.6 years | |||
| Average Tenure: 4.8 years | |||
| Managers (Year): Johanson Bryan (2020), White Jack (2020), Allen Brian (2020), Hubert Zachary (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 360 |
| % in Top 10 Holdings: | 21.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 86.5% |
| Foreign Bond: | 4.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 9.3% |
Purchase Information
| Fund Family: | North Square |
| Phone Number: | 855-551-5521 |
| Website: |
| Status: | Open |
| Inception Date: | May 19, 2021 |
| Min. Initial Purchase: | $50,000 |
| Min. Initial IRA Purchase: | $50,000 |
| 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 (%): | 0.47% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.57% |
| Share Class: | North Square McKee Bond R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
