N-CSR 1 fp0083087-1_ncsr.htm

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

 

Investment Company Act File Number 811-23220

 

Fiera Capital Series Trust

(Exact name of registrant as specified in charter)

 

375 Park Avenue, 8th Floor

New York, New York 10152

(Address of principal executive offices) (Zip code)

 

Corporation Service Company

251 Little Falls Drive

Wilmington, Delaware 19808

(Name and address of agent for service)

 

Copy to:

 

Stephen A. McShea

Fiera Capital Inc.

375 Park Avenue, 8th Floor

New York, New York 10152

 

George M. Silfen, Esq.

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, New York 10036

 

Registrant's telephone number, including area code: (212) 300-1600

 

Date of fiscal year end: March 31

 

Date of reporting period: March 31, 2023

 

 

 

Item 1. Reports to Stockholders

 

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1)

 

Fiera Capital Small/Mid-Cap Growth Fund

 

Fiera Capital International Equity Fund

 

Fiera Capital Global Equity Fund

 

Fiera Capital U.S. Equity Long-Term Quality Fund

 

Each, a series of Fiera Capital Series Trust

 

Annual Report

 

March 31, 2023

 

 

Fiera Capital Series Trust

 

Table of Contents

 

   

Management Discussion and Fund Performance

2

Fiera Capital Small/Mid-Cap Growth Fund

2

Fiera Capital International Equity Fund

5

Fiera Capital Global Equity Fund

8

Fiera Capital U.S. Equity Long-Term Quality Fund

12

Portfolio Composition

16

Schedules of Investments

18

Statements of Assets and Liabilities

23

Statements of Operations

24

Statements of Changes in Net Assets

25

Financial Highlights

29

Notes to the Financial Statements

35

Report of the Independent Registered Public Accounting Firm

45

Expense Example

47

Additional Information

49

Approval of Investment Advisory Agreement

52

Statement Regarding Liquidity Risk Management Program

54

Privacy Notice

55

 

 

Fiera Capital Series Trust – Small/Mid-Cap Growth Fund

 

Management Discussion and Fund Performance
March 31, 2023 (Unaudited)

 

For the period April 1, 2022 to March 31, 2023, the Fiera Capital Small/Mid-Cap Growth Fund returned -14.18% for Institutional class, and -14.38% for Investor class (net of fees). The Fund underperformed its category benchmark, the Russell 2500 Growth Index, which returned -10.35% for the same period.

 

INVESTMENT PHILOSOPHY

 

We believe that the best way to provide value-added returns is to identify companies that exhibit certain favorable fundamental advantages and benefit from secular growth trends, allowing us to structure the portfolio in high-conviction areas of longer-term sustainable growth. Embedded in our portfolio construction is the recognition of companies at different stages of their growth cycle, which we designate as “stable” and “emerging” growth stocks. We believe that having a spectrum of growth companies ranging from those that are truly innovative and growing rapidly to those that are more established, can provide relative stability while allowing the opportunity to drive outperformance versus our benchmark and peers over time.

 

MARKET ENVIRONMENT

 

Throughout 2022, as the Fed has conveyed its desire to squelch inflation, financial conditions, by every measure, tightened considerably. The inflation problem, which started as a supply issue in 2021, has evolved into a more persistent problem. The labor market is extremely tight, and wage growth (which tends to be sticky) is starting to take hold resulting in broad-based inflationary pressures. Consensus emerged that because of tightening financial conditions, we were positioning for a recession. Housing and the associated cyclical industries are the primary channels through which monetary policy will impact the economy.

 

As we progressed later into the year, the market environment continued to evolve and has been significantly driven by the Federal Reserve’s resolve to tighten financial conditions to tame inflation and inflation expectations. The Fed has finally accepted that inflationary conditions have become persistent. The policy messaging has become unambiguously for higher Fed Funds rates and the market has come to accept the likelihood of a recession.

 

The macro picture stepped to centerstage and the implications of tighter financial conditions are being reflected – first and foremost in housing and then followed by the cyclical parts of the economy. One of the key aspects is the tightness of the labor market due to the retirement of more than three million baby boomers and the changing immigration landscape. This has resulted in stickiness of wage growth stoking inflation fears. In the early portion of 2022, capital spending was strong (+21%) and the market is worried the free cash flow margins will decline from peak levels. Historically, significant growth in capital expenditure has not been met well by the market and that seems to be the case again. In this environment of higher real rates and a decline in free cash flow, the equation has resulted in massive multiple compression of high growth, high multiple stocks. In addition to high multiples which were justified away in a previous regime of low to negative real rates, several companies have come short of earnings expectations. This potent brew has resulted in massive declines of once so-called market darlings, mainly in technology. Worries about a cyclical slowdown due to tighter Fed policy has compressed the cyclical sectors of the market. In summary, there are many worries from the macro to the micro.

 

As 2022 came to a close, the narrative has been driven significantly by the Federal Reserve’s resolve to tighten financial conditions to tame inflation and inflation expectations. The Fed has finally accepted that inflationary conditions have become persistent. The policy messaging has become decidedly for higher Fed Funds rates and the market has come to accept the potential for recession at some point within the coming year. The Fed’s stated goal of stifling persistent inflation to the 2-3% range from the reported CPI of 5.5% in November increases the chance of a policy misstep.

 

The macro picture is foggy, at best. The labor market continued to be hot with job openings per unemployed person still elevated at 1.7:1 (down from a 70-year high of 2:1 in March 2022). There are initial signs of layoffs in the housing related and tech sector but a more leading indicator such as unemployment claims have not risen in a noticeable manner.

 

As the calendar turned to 2023, the first quarter of the year was punctuated by the effects of Fed tightening and the higher interest rates taking a toll on the banking sector – particularly the regional banks. Unlike past banking crises (which were caused due to credit issues), the current crisis is rooted in volatility of deposits as the short-term rate environment shifted. This has resulted in unrealized losses in the investment portfolios of regional banks. In the extreme case of a couple of regional banks (Silicon Valley Bank & Signature Bank) the

 

2

 

 

Fiera Capital Series Trust – Small/Mid-Cap Growth Fund

 

Management Discussion and Fund Performance – Continued
March 31, 2023 (Unaudited)

 

Asset-Liability Risk management was lacking and resulted in FDIC takeover of the banks. The speed at which events unfolded resulting in these bank failures was alarming and unexpected. We believe there is potential that this will result in tighter regulation and tighter credit conditions.

 

In the latter portion of the first quarter of 2023, the market has recognized that the Fed may have tightened financial conditions too much. As the Fed increased rates last year, there was always a concern of policy error. The odds of that policy error have gone up recently. The effects of the Fed tightening still need to be felt in the economy. The higher Fed funds rate and the natural tightening of credit conditions resulting from the regional banking crisis has shifted the narrative from the market. Now the Fed has truly become data dependent and we may be in the last stretch of higher Fed funds rates. Last quarter, the economy was too hot as persistent inflation and tight labor conditions were topic de-jour. In a matter of weeks, the consensus has shifted to the possibility of a recession in the second half of 2023.

 

As we mentioned before, the macro picture is foggy at best. Even though inflation may have peaked, it has proven to be sticky. The market perceives it is a long way from the current 5% level to the targeted 2% level – and a lot can happen in terms of economic and equity return outcomes as the Fed balances its goals.

 

PERFORMANCE (YEAR), INCLUDING CONTRIBUTORS/DETRACTORS

 

On a trailing one-year basis, the Fund lagged its benchmark, trailing the Russell 2500 Growth benchmark by 3.83% (-14.18% vs -10.35%). The Fund’s security selection was a headwind towards relative performance while and sector allocation contributed towards the active return. Strongest stock selection came in the Consumer Discretionary and Industrials sectors while it was more challenged in Healthcare and Information Technology. The sector overweight in Energy and underweight to Real Estate were the most significant contributors from an allocation perspective. Conversely, the underweight to Consumer Staples and overweight within Health Care detracted from the Fund’s return.

 

The decision to underweight or overweight a sector is typically more a function of the names available to us that meet our desired criteria, based on our bottom-up analyses than it is on any top-down decision-making. At the end of the period, the Fund was overweight Information Technology, Health Care, Consumer Discretionary and Communication Services, and underweight all other sectors. From a sector perspective, Consumer Discretionary, Energy and Industrials were positive contributors while Health Care, Information Technology and Financials were negative contributors.

 

On an individual security basis, five of the top performers that provided excess contribution to overall return in the Fund were Shockwave Medical (SWAV) +92%, Deckers Outdoor (DECK) +80%, EMCOR Group (EME) +61%, Amicus Therapeutics (FOLD) +63%, Arista Networks (ANET) +39%. The bottom five performers were Bausch Health (BHC) -76%, Entegris (ENTG) -32%, Gitlab (GTLB) -50%, Zendesk (ZEN) -51%, Guardant Health (GH) -63%.

 

OUTLOOK

 

Looking ahead into 2023, uncertainty remains high. With an inverted yield curve, based on historical precedents, a recession is inevitable. The biggest controversy currently is no longer if a recession is imminent. Rather, the question is if the recession will result in a soft landing or a hard landing. Yet at the same time, this landscape presents opportunities to invest in companies with secular growth characteristics at attractive levels. From a bottom-up perspective, we are finding plenty of opportunities to invest in companies with strong good cash generation characteristics and benefitted by secular growth at reasonable multiples.

 

3

 

 

Fiera Capital Series Trust – Small/Mid-Cap Growth Fund

 

Management Discussion and Fund Performance – Continued
March 31, 2023 (Unaudited)

 

Small/Mid-Cap Growth Fund

 

Results of a $1,000,000 Investment*

 

 

Share Class

Ticker

Cusip

Inception
Date

Expense Ratios

Gross

Net

Institutional

APSGX

31660Q702

06/29/12

1.15%

1.05%

Investor

APSRX

31660Q603

02/12/18

1.40%

1.30%

 

The table references expense ratios per the prospectus dated July 29, 2022. The net expense ratios reflect contractual expense limitations agreed to by the Adviser which will continue through October 31, 2023. Returns would be lower without these contractual expense limitations in effect.

 

Annualized Total Return Information*

 

Share Class

1 Year

3 Year

5 Year

10 Year

Institutional Class

(14.18)%

20.87%

9.02%

10.52%

Investor Class

(14.38)%

20.56%

8.72%

9.32%(2)

Fund Benchmark

       

Russell 2500 Growth Index(1)

(10.35)%

14.75%

6.82%

10.05%

 

(1)

Primary benchmark.

 

(2)

The return of the Investor Class is since inception.

 

Performance of Investor Class shares will vary from the performance of the Institutional Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $1,000,000 in the Institutional Class shares of the Fund from March 31, 2013 to March 31, 2023.

 

The Russell 2500 Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

 

*

The Apex Small/Mid-Cap Growth Fund (the “Apex Fund”), a series of the Ultimus Managers Trust with an inception date of 6/29/12, was reorganized into the Fund as of 2/12/18. The Fund has the same investment objective and investment team, and substantially similar fundamental investment policies, principal investment strategies and risks as the Apex Fund.

 

Index results assume the re-investment of all dividends and capital gains. The Fund’s holdings may differ significantly from the securities that comprise the index. The index is not a projection, prediction or guarantee of performance. It is not possible to invest directly in the index.

 

The performance quoted represents past performance. Past performance does not guarantee future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data that is current to the most recent month end is available by calling 1-855-771-7119.

 

Mutual fund investing involves risk. Principal loss is possible.

 

The Fund invests primarily in small- and mid- capitalization equity securities which, like all equity securities, carry the potential for unpredictable drops in value and periods of lackluster performance. Small- and mid- capitalization companies may involve greater risks than large capitalization companies because these companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Small- and mid- capitalization companies may be subject to greater price fluctuations and be less liquid compared to larger capitalization companies. The Fund’s investments in foreign securities involve risks that may be different from those of U.S. securities. Foreign securities may not be subject to uniform audit and financial reporting and disclosure standards. In addition, the Fund’s foreign investments may be subject to adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, political or social instability, including military action or conflict, and nationalization of companies or industries.

 

4

 

 

Fiera Capital Series Trust – International Equity Fund

 

Management Discussion and Fund Performance
March 31, 2023 (Unaudited)

 

For the period April 1, 2022 to March 31, 2023, the Fiera Capital International Equity Fund returned -0.33% for Institutional class, -0.57% for Investor class, and -0.10% for Z class (net of fees). The Fund outperformed its category benchmark, the MSCI EAFE Index, which returned -1.38% for the same period.

 

Investment Philosophy

 

The Fund seeks to achieve capital appreciation. It is invested in a portfolio of the Global Equity Team’s highest conviction ideas from international developed countries and select emerging markets. This research-focused approach seeks to identify what we believe are best of breed companies in an industry with a sustainable competitive advantage and growth potential, that operate with high barriers to entry and a history of stable profit margins with little dependence on financial leverage, trading at what we believe are attractive valuations.

 

Market Review and Positioning

 

For the April 1 to June 30, 2022 period, the Fiera Capital International Equity strategy was down in absolute performance and underperformed the index over the quarter. Global equity markets continued to decline, dominated by concerns of stagflation, as China’s lockdowns exacerbated supply chain constraints after having already been under increased pressure with the Ukraine conflict. Furthermore, rate hikes accelerated at an aggressive pace to combat inflation. The strategy’s underperformance over the quarter was primarily driven by our lack of exposure to the Energy sector and our security selection which was less successful in the Industrials and Information Technology sectors.

 

Novo Nordisk and Unilever were among the leading contributors to performance over the quarter. Novo Nordisk posted very strong results, far exceeding expectations. While the company’s results were broad-based, growth was particularly impressive for Ozempic, one of the company’s key diabetes drugs, and Wegovy, the company’s latest obesity drug, despite supply constraints. The company furthermore meaningfully upgraded its guidance. Novo Nordisk additionally announced during the quarter encouraging phase 3 data for its investigational once-weekly insulin, news which was positively received, once again demonstrating the company’s innovative lead in insulin. As for Unilever, its stock outperformed the index as the higher multiple names de-rated at a faster pace. The company reported a higher than anticipated topline beat led by pricing initiatives that exceeded expectations. Whereas the company was able to instate aggressive pricing actions, volumes declined given their significant mass-market and emerging market presence, which are typically subject to greater demand elasticity as prices increase.

 

Among the leading detractors over the quarter were Taiwan Semiconductor and Keyence. While Taiwan Semiconductor has indicated that it has reached capacity for 2022 as customers looked to secure their orders, an anticipated industry-wide correction is looming, negatively impacting the sentiment on semiconductor stocks. The company has maintained its $100B CAPEX guidance, which was previously announced, and is well on track to produce its advanced 3nm nodes, whose initial technology ramp-up is anticipated to impact margins negatively in its early stages. Regarding Keyence, although the stock underperformed the market given its relatively higher valuation, the company delivered solid results.

 

The Japanese-based company benefits from the secular demand for automation, being well-positioned due to its innovative products, distribution capabilities, and solid management.

 

During the quarter, we did not exit or initiate any new positions. However, we took profits from Novo-Nordisk while adding to our position in InterContinental Hotels Group.

 

For the July 1 to September 30, 2022 period, the Fiera Capital International Equity fund was down in absolute performance and outperformed the index over the quarter. Despite starting strong, global equity markets experienced wild market swings over the quarter as fears of a global recession persisted. Interest rates continued to rise at a faster pace in an effort to combat inflation, and the soar in the US dollar propelled international currencies to decline, with the British pound plunging to alltime relative lows. As for the strategy’s outperformance over the quarter, security selection in the Consumers and Financials sectors contributed positively, partially offset by weaker selection in the Information Technology, Industrials, and Materials sectors. It was primarily driven by our lack of exposure to the Energy sector and our security selection which was less successful in the Industrials and Information Technology sectors.

 

5

 

 

Fiera Capital Series Trust – International Equity Fund

 

Management Discussion and Fund Performance – Continued
March 31, 2023 (Unaudited)

 

HDFC Bank was among the leading contributors to performance over the quarter. The stock bounced back after initially dropping following the announcement of the merger of HDFC Bank and HDFC Ltd. (Corp). The bank posted solid results over the quarter with strong loan growth and stated that initial approvals for the merger have been obtained. Furthermore, loan loss provisions decreased, while capital levels remained very strong.

 

Among the leading detractors over the quarter was Taiwan Semiconductor. The stock underperformed alongside its peers due to the challenging macroeconomic environment and looming correction in the semiconductor industry. The company, however, reported strong results with the underlying business continuing to perform very well, driven by their technology leadership, manufacturing capabilities, and overall strong execution.

 

During the quarter, we did not exit or initiate any new positions.

 

For the October 1 to December 31, 2022 period, the Fiera Capital International Equity fund was up in absolute performance, however underperformed the MSCI EAFE Index over the quarter. While global equity markets continued to fluctuate over the quarter with the persistent energy crisis in Europe, signs of hope arose as US inflation seemingly peaked, leading investors to believe that the Fed may ease its rate hikes. China’s announcement of new stimulus measures and less restrictive covid policy also spurred further excitement in the markets. As for the strategy’s underperformance, it was predominantly driven by less successful security selection in the Financial sector as well as the strategy’s overweight position in the underperforming Consumer Staples sector.

 

Novo-Nordisk and Essilor Luxottica were among the leading contributors to performance over the quarter. Danish-based diabetes and obesity specialist, Novo-Nordisk, posted another very strong quarter, exceeding expectations and raising guidance. The company announced that its latest obesity drug, Wegovy, which had recently suffered from material manufacturing disruptions was confirmed to be fully available by year end 2022. The obesity market remains largely untapped, representing a strong opportunity for Novo-Nordisk, as the market is increasingly becoming aware of the efficacy of these obesity drugs. As for one of the global leaders in ophthalmic lenses, frames and sunglasses, Essilor Luxottica, its stock was up over the quarter as the company reported overall solid results, delivering strong organic growth. The Asia-Pacific region delivered particularly strong growth aided by China seeing strong demand for one of the company’s latest products, Stellest, offering myopia correcting glasses for children. Furthermore, the company’s premium brand portfolio of frames and sunglasses brands such as Prada eyewear are continuing to see strong demand.

 

During the quarter, we did not exit or initiate any new positions.

 

For the January 1 to March 31, 2023 period, the Fiera Capital International Equity fund was up in absolute performance and outperformed its benchmark the MSCI EAFE Index over the quarter. Global equity markets started the year with a continuation of the fourth quarter’s risk-on sentiment, however the banking sector was front and center after the failures of Silicon Valley Bank (SVB) and Signature Bank, as well as UBS’s rescue acquisition of Credit Suisse. Despite heightened volatility, swift actions from policymakers and indications that the Fed may soon pause rate hikes helped the equity market finish higher for the quarter.

 

As for the International strategy’s outperformance, security selection in the Information Technology, Consumer Discretionary, and Industrials sectors were primary drivers. Additionally, being underweight Energy contributed to the quarter’s relative performance.

 

Among the largest individual contributors over the quarter were Taiwan Semiconductor Manufacturing (TSMC) and LVMH Moet Hennessy Louis Vuitton (LVMH). TSMC’s stock recovered meaningfully after being depressed from both geopolitical and cyclical risks in the second half of 2022. The company reported quarterly results and despite a slight miss vs. consensus on revenue, strong margins and margin guidance amidst a cyclical downturn helped the stock higher. As for LVMH, the stock outperformed significantly as the luxury goods conglomerate reported solid 4th quarter results led by their Fashion & Leather Goods division. An optimistic tone from management, namely on China post-reopening as well as strong tourism spending in Europe helped propel the stock higher.

 

Among the detractors over the quarter were EssilorLuxottica and HDFC Bank. After outperforming in the fourth quarter of 2022, EssilorLuxottica lagged the broader market. A global leader in ophthalmic lenses, frames and sunglasses reported earnings, which missed consensus estimates on bottom and topline measures. The margin miss due to wage inflation was seen as the primary negative factor. As for HDFC, the company slightly underperformed following global banking pressures, however the retail bank is well capitalized, has a culture of conservative underwriting, strong risk management, granular asset-liability matching, and has a healthy liquidity coverage ratio. Importantly, the bank also has a diversified clientele and benefits from the under-penetration of traditional banking in India.

 

6

 

 

Fiera Capital Series Trust – International Equity Fund

 

Management Discussion and Fund Performance – Continued
March 31, 2023 (Unaudited)

 

International Equity Fund

 

Results of a $1,000,000 Investment

 

 

Share Class

Ticker

Cusip

Inception
Date

Expense Ratios

Gross

Net

Institutional

FCIUX

31660Q306

09/29/17

1.24%

1.00%

Investor

FCIRX

31660Q504

09/29/17

1.49%

1.25%

Z

FCIWX

31660Q405

09/29/17

1.24%

0.80%

 

The table references expense ratios per the prospectus dated July 29, 2022. The net expense ratios reflect contractual expense limitations agreed to by the Adviser which will continue through October 31, 2023. Returns would be lower without these contractual expense limitations in effect.

 

Annualized Total Return Information

 

Share Class

1 Year

3 Year

5 Year

Since
Inception

Institutional Class

(0.33)%

14.82%

8.50%

8.18%

Investor Class

(0.57)%

14.63%

8.29%

7.97%

Class Z

(0.10)%

15.05%

8.73%

8.41%

Fund Benchmark

       

MSCI ACWI Index

(7.44)%

15.36%

6.93%

7.17%

MSCI EAFE Index(1)

(1.38)%

12.99%

3.52%

3.69%

MSCI World Index

(7.02)%

16.40%

8.01%

8.05%

 

(1)

Primary benchmark.

 

Performance of Investor Class and Z Class shares will vary from the performance of the Institutional Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $1,000,000 in the Institutional Class shares of the Fund from inception date to March 31, 2023.

 

The Morgan Stanley Capital International (“MSCI”) All Country World Index (“ACWI”) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

 

The MSCI EAFE Index is a stock market index made up of approximately 909 constituents. It is used as a common benchmark for international stock funds. The index comprises the MSCI country indexes capturing large and mid-cap equities across developed markets in Europe, Australasia and the Far East, excluding the U.S. and Canada.

 

The MSCI World Index is a stock market index made up of approximately 1,600 global stocks. It is used as a common benchmark for ‘world’ or ‘global’ stock funds. The index comprises a collection of stocks of all the developed markets in the world, as defined by MSCI and includes stocks from 23 countries, but excludes stocks from emerging and frontier economies.

 

Index results assume the re-investment of all dividends and capital gains. The Fund’s holdings may differ significantly from the securities that comprise the index. The index is not a projection, prediction or guarantee of performance. It is not possible to invest directly in the index.

 

The performance quoted represents past performance. Past performance does not guarantee future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data that is current to the most recent month end is available by calling 1-855-771-7119.

 

Mutual fund investing involves risk. Principal loss is possible. The Fund invests in foreign securities, which involve greater volatility and political, economic, including military action or conflict, and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets.

 

7

 

 

Fiera Capital Series Trust – Global Equity Fund

 

Management Discussion and Fund Performance
March 31, 2023 (Unaudited)

 

For the period April 1, 2022 to March 31, 2023, the Fiera Capital Global Equity Fund returned -1.92% for Institutional class, and -2.19% for Investor class (net of fees). The Fund outperformed its category benchmark, the MSCI World Index, which returned -7.02% for the same period.

 

Investment Philosophy

 

The Fund seeks to achieve capital appreciation. It is invested in a concentrated portfolio of the Global Equity Team’s highest conviction ideas from across global, developed, and select emerging markets. We seek to generate returns with lower than market volatility, achieved by investing in companies we believe hold unique competitive advantages, operate with high barriers to entry and are able to consistently generate attractive returns on invested capital (ROIC) with little dependence on financial leverage.

 

Market Review and Positioning

 

For the April 1 to June 30, 2022 period, the Fiera Capital Global Equity Fund was down in absolute performance and outperformed the index over the quarter. Global equity markets continued to decline, dominated by concerns of stagflation, as China’s lockdowns exacerbated supply chain constraints after having already been under increased pressure with the Ukraine conflict. Furthermore, rate hikes accelerated at an aggressive pace to combat inflation. The strategy’s outperformance over the quarter was primarily driven by security selection, which was particularly successful in the Consumer Discretionary and Information Technology sectors.

 

Among the largest contributors over the quarter were AutoZone and Johnson & Johnson. AutoZone’s stock outperformed primarily driven by the impressive acceleration of the company’s commercial business, posting same-store sales growth far exceeding expectations. The leading retailer and distributor of automotive replacement parts and accessories remains committed to its mega-hub strategy, having significantly increased its mega-hub expansion targets. While the company’s retail division posted relatively muted results, sales were better than feared, considering the previous year’s tough comparables. Regarding inflation, the company and industry have effectively been able to price in the increased cost of goods sold. As for Johnson & Johnson, the company posted overall strong results. The Medical Devices division continued to show a strong broad-based recovery with the easing of Covid-related restrictions. Whereas Johnson & Johnson’s Covid vaccine sales fell below consensus, as the company slowly realizes revenues for their largely not-for-profit vaccine, the bulk of the company’s key drugs continue to demonstrate attractive growth.

 

Among the most significant detractors over the quarter were Moody’s and Keyence. Moody’s stock continued to underperform as issuance volumes were down over the quarter following record levels in 2021. The company subsequently negatively revised its guidance in its Investors Service division. Moody’s Analytics division, however, posted strong organic growth, seeing strong demand for regulatory products such as Know Your Client rules. Regarding Keyence, although the stock underperformed the market given its relatively higher valuation, the company delivered solid results. The Japanese-based company benefits from the secular demand for automation, being well-positioned due to its strong products, distribution capabilities, and solid management.

 

During the quarter, we did not exit or initiate any new positions in the fund. We did, however, trim our position in Sherwin Williams while adding to our position in Microsoft.

 

For the July 1 to September 30, 2022 period, the Fiera Capital Global Equity fund was down in absolute performance and performed relatively in line with the index. Despite starting off strong, global equity markets experienced wild swings over the quarter as fears of a global recession persisted. Interest rates continued to rise at a faster pace as policymakers attempted to combat inflation, and the soar in the US dollar propelled global currencies to decline, with the British pound plunging to all-time relative lows. As for the strategy’s performance, security selection in the Consumer Staples sector was positive, while selection within the Information Technology sector was particularly challenging.

 

Among the largest contributors over the quarter were TJX and AutoZone. Despite HomeGoods experiencing sales pressure due to high comparables during the pandemic and margin pressure driven by higher freight costs, TJX’s Marmaxx division, on the other hand, is performing well. The off-price retailer is poised to benefit from the challenging market environment, which has historically increased customer appetite for its unique value proposition. Furthermore, the company is in a strong inventory position, as supply chain disruptions have positively impacted the company’s ability to source great products and increase its inventory levels. As for Autozone,

 

8

 

 

Fiera Capital Series Trust – Global Equity Fund

 

Management Discussion and Fund Performance – Continued
March 31, 2023 (Unaudited)

 

its stock outperformed as its Commercial business continues to deliver stellar growth, while its retail segment’s Same Store Sales have climbed back into positive territory, following exceptional strength in recent pandemic years. The company has also demonstrated an ability to price in inflationary pressures.

 

Among the most significant detractors over the quarter were Taiwan Semiconductor and Alphabet. Taiwan Semiconductor underperformed alongside its peers due to the challenging macroeconomic environment and looming correction in the semiconductor industry. The company, however, reported strong results with the underlying business continuing to perform very well, driven by their technology leadership, manufacturing capabilities, and overall strong execution. As for Alphabet, its stock underperformed as its results came in slightly below expectations with a negative earnings revision due to macroeconomic and FX headwinds. Google Search still fared better than its “ads business” peers. As the most popular search engine, it has increasingly gained performance-based ads, less economically sensitive than brand ads. Furthermore, its material travel exposure experienced a very strong recovery following years of covid-related weakness. Despite the more challenging landscape, the company continues to execute well, with strong cost controls in place.

 

During the quarter, we did not exit or initiate any new positions in the fund.

 

For the October 1 to December 31, 2022 period, the Fiera Capital Global Equity fund was up in absolute performance and outperformed the MSCI World Index over the quarter. While global equity markets continued to fluctuate over the quarter with the persistent energy crisis in Europe, signs of hope arose as US inflation seemingly peaked, leading investors to believe that the Fed may ease its rate hikes. China’s announcement of new stimulus measures and less restrictive covid policy also spurred further excitement in the markets. As for the strategy’s outperformance, it was predominantly driven by security selection, which was particularly successful in the Consumer Discretionary and Information Technology sectors. Not owning FAANG mega-caps, Amazon and Apple as well as EV giant Tesla, also contributed to the strategy’s relative outperformance.

 

Among the largest contributors over the quarter was TJX. Strong margin execution drove the stock’s outperformance even though the company is experiencing freight costs headwinds. The company furthermore is continuing to benefit from strong merchandise availability as supply chain disruptions have increased their selection from suppliers, while the inflationary environment has enabled the off-price retailer to strategically increase its pricing.

 

Among the most significant detractors over the quarter were Alphabet and Roche. Alphabet’s stock underperformed as the company reported results that came in below expectations and negatively revised earnings. The USbased multinational tech giant continues to be faced with short term macro challenges and FX headwinds. The company remains committed to spending on innovation throughout the market cycle, while at the same time have not meaningfully slowed down hirings, staying focused on the business long-term, despite the impact being negative on margins short term. As for Roche, the company’s pharmaceutical division reported results that came in below consensus, while the beat in diagnostics was partially driven by better than anticipated covid testing revenue. Furthermore, the company announced that its experimental Alzheimer’s drug, Gantenerumab failed in phase 3 of its trial, proving to not be significant, leading Roche to terminate its program. During the quarter, we did not exit or initiate any new positions in the fund. We did, however, trim our positions in AutoZone and Alphabet.

 

For the January 1 to March 31, 2023 period, the Fiera Capital Global Equity fund was up in absolute performance and outperformed its benchmark the MSCI World Index over the quarter. Global equity markets started the year with a continuation of the fourth quarter’s risk-on sentiment, however the banking sector was front and center after the failures of Silicon Valley Bank (SVB) and Signature Bank, as well as UBS’s rescue acquisition of Credit Suisse. Despite heightened volatility, swift actions from policymakers and indications that the Fed may soon pause rate hikes helped the equity market finish higher for the quarter.

 

As for the strategy’s outperformance, security selection in Financials was a primary driver given no US bank exposure and a preference for names such as Moody’s and MSCI. Additionally, being underweight Energy and security selection in Industrials contributed. On the counter side, selection in Consumer Discretionary and Health Care as well as not owning Apple and NVIDIA detracted from a relative performance perspective.

 

Among the largest individual contributors over the quarter were LVMH Moet Hennessy Louis Vuitton (LVMH) and Taiwan Semiconductor Manufacturing (TSMC). LVMH outperformed significantly as the luxury goods conglomerate reported solid fourth quarter results led by their Fashion & Leather Goods division. An optimistic tone from management, namely on China post-reopening as well as strong

 

9

 

 

Fiera Capital Series Trust – Global Equity Fund

 

Management Discussion and Fund Performance – Continued
March 31, 2023 (Unaudited)

 

tourism spending in Europe helped propel the stock higher. As for TSMC, the stock recovered meaningfully after being depressed from both geopolitical and cyclical risks in the second half of 2022. The company reported quarterly results and despite a slight miss vs. consensus on revenue, strong margins and margin guidance amidst a cyclical downturn helped the stock higher.

 

Among the more significant detractors over the quarter were Johnson & Johnson (JNJ) and UnitedHealth Group (UNH). JNJ’s quarter showed softening in their pharmaceuticals division ex-COVID vaccines, subpar earnings quality, and a soft margin outlook amid inflationary pressures and an upcoming spin-off of their consumer unit. A significant pending liability related to talc in their baby powder also weighed on the stock as the U.S. appeals court denied an attempt to handle the subsidiary’s lawsuits in bankruptcy court. As for UNH, rulings around risk adjustments to Medicare Advantage as well as slightly underwhelming rate increases were an overhang on the stock in the short-term.

 

10

 

 

Fiera Capital Series Trust – Global Equity Fund

 

Management Discussion and Fund Performance – Continued
March 31, 2023 (Unaudited)

 

Global Equity Fund

 

Results of a $1,000,000 Investment

 

 

Share Class

Ticker

Cusip

Inception
Date

Expense Ratios

Gross

Net

Institutional

FCGIX

31660Q207

04/28/17

1.70%

0.90%

Investor

FCGEX

31660Q108

04/28/17

1.95%

1.15%

 

The table references expense ratios per the prospectus dated July 29, 2022. The net expense ratios reflect contractual expense limitations agreed to by the Adviser which will continue through October 31, 2023. Returns would be lower without these contractual expense limitations in effect.

 

Annualized Total Return Information

 

Share Class

1 Year

3 Year

5 Year

Since
Inception

Institutional Class

(1.92)%

17.03%

11.09%

12.10%

Investor Class

(2.19)%

16.74%

10.79%

11.82%

Fund Benchmark

       

MSCI ACWI Index

(7.44)%

15.36%

6.93%

8.04%

MSCI World Index(1)

(7.02)%

16.40%

8.01%

8.77%

 

(1)

Primary benchmark.

 

Performance of Investor Class shares will vary from the performance of the Institutional Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $1,000,000 in the Institutional Class shares of the Fund from inception date to March 31, 2023.

 

The Morgan Stanley Capital International (“MSCI”) All Country World Index (“ACWI”) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

 

The MSCI World Index is a stock market index made up of approximately 1,600 global stocks. It is used as a common benchmark for ‘world’ or ‘global’ stock funds. The index comprises a collection of stocks of all the developed markets in the world, as defined by MSCI and includes stocks from 23 countries but excludes stocks from emerging and frontier economies.

 

Index results assume the re-investment of all dividends and capital gains. The Fund’s holdings may differ significantly from the securities that comprise the index. The index is not a projection, prediction or guarantee of performance. It is not possible to invest directly in the index.

 

The performance quoted represents past performance. Past performance does not guarantee future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data that is current to the most recent month end is available by calling 1-855-771-7119.

 

Mutual fund investing involves risk. Principal loss is possible. The Fund invests in foreign securities which involve greater volatility and political, economic, including military action or conflict, and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings or geographical areas than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.

 

11

 

 

Fiera Capital Series Trust – U.S. Equity Long-Term Quality Fund

 

Management Discussion and Fund Performance
March 31, 2023 (Unaudited)

 

For the period April 1, 2022 to March 31, 2023, the Fiera Capital U.S. Equity Long-Term Quality Fund returned -1.26% for Institutional class, and -1.45% for Investor class (net of fees). The Fund outperformed its category benchmark, the S&P 500 Index, which returned -7.73% for the same period.

 

Investment Philosophy

 

The Fund seeks to achieve long-term capital appreciation. It seeks to achieve the Fund’s investment objective by investing substantially in a portfolio of US equities. We seek to invest in what we believe are quality companies that we believe have an ability to consistently generate attractive returns on invested capital (ROIC) with little dependence on financial leverage.

 

Market Review and Positioning

 

For the April 1 to June 30, 2022 period, the Fiera Capital U.S. Equity Long-Term Quality Fund was down in absolute performance and outperformed the index over the quarter. Global equity markets continued to decline, dominated by concerns of stagflation, as China’s lockdowns exacerbated supply chain constraints after having already been under increased pressure with the Ukraine conflict. Furthermore, rate hikes accelerated at an aggressive pace to combat inflation. The strategy’s outperformance over the quarter was primarily driven by security selection, which was particularly successful in the Consumer Discretionary and Information Technology sectors.

 

Among the largest contributors over the quarter were AutoZone and Johnson & Johnson. AutoZone’s stock outperformed primarily driven by the impressive acceleration of the company’s commercial business, posting same-store sales growth far exceeding expectations. The leading retailer and distributor of automotive replacement parts and accessories remains committed to its mega-hub strategy, having significantly increased its mega-hub expansion targets. While the company’s retail division posted relatively muted results, sales were better than feared, considering the previous year’s tough comparables. Regarding inflation, the company and industry as a whole have effectively been able to price in the increase in the cost of goods sold. As for Johnson & Johnson, the company posted overall strong results. The Medical Devices division continued to show a strong broad-based recovery with the easing of Covid-related restrictions. Whereas Johnson & Johnson’s Covid vaccine sales fell below consensus, as the company begins to slowly realize revenues for their largely not-forprofit vaccine, the bulk of the company’s key drugs continue to demonstrate attractive growth.

 

Among the largest detractors over the quarter were Moody’s and Middleby. Moody’s stock continued to underperform as issuance volumes were down over the quarter following record levels in 2021. The company subsequently negatively revised its guidance in its Investors Service division. Moody’s Analytics division, however, posted strong organic growth, seeing strong demand for regulatory products such as Know Your Client rules. As for Middleby, the company reported lower than anticipated margins across divisions, driven by supply chain constraints and rising costs. While orders remain healthy, seeing double-digit growth, order trends relatively slowed down, creating concerns among investors. Despite the more challenging macro environment, the company has historically demonstrated its ability to navigate difficult periods.

 

During the quarter, we did not exit or initiate any new positions in the fund. We did, however, trim our positions in PepsiCo and Colgate Palmolive while adding to our positions in Microsoft and Alphabet.

 

For the July 1 to September 30, 2022 period, the Fiera Capital U.S. Equity Long-Term Quality Fund was down in absolute performance and underperformed the index over the quarter. Despite starting off strong, global equity markets experienced wild swings over the quarter as fears of a global recession persisted. Interest rates continued to rise at a faster pace as policymakers attempted to combat inflation, and the soar in the US dollar propelled global currencies to decline, with the British pound plunging to all-time relative lows. As for the strategy’s underperformance, it was primarily driven by security selection in the Information Technology, Consumer Discretionary, and Financials sectors.

 

Among the largest contributors over the quarter were Lowe’s and TJX. Lowe’s stock outperformed as the company’s management has demonstrated its ability to execute and effectively manage selling, general and administrative expenses. Furthermore, the company’s Pro customer sales saw doubt-digit growth for the ninth consecutive quarter, which partially offset the relatively more difficult DIY sales, considering its recent strength last year. As for TJX, despite HomeGoods experiencing sales pressure due to high comparables during the pandemic and margin pressure driven by higher freight costs, its Marmaxx division, on the other hand, is performing well. The off-price

 

12

 

 

Fiera Capital Series Trust – U.S. Equity Long-Term Quality Fund

 

Management Discussion and Fund Performance – Continued
March 31, 2023 (Unaudited)

 

retailer is poised to benefit from the challenging market environment, which has historically increased customer appetite for its unique value proposition. Furthermore, the company is in a strong inventory position, as supply chain disruptions have positively impacted the company’s ability to source great products and increase its inventory levels.

 

Among the largest detractors over the quarter were Adobe and Moody’s. Adobe’s stock sharply dropped following the announcement of the acquisition of Figma, a collaborative web-based tool for user experience design. While Adobe paid a sizeable price to acquire the business, it is believed that Figma’s web-based technology will accelerate Adobe’s ability to move its products to the cloud, a task that would be very challenging to do organically, as well as enable it to further tap into the extremely vast communicators/consumers total addressable market, with ambitions of driving future growth. As for Moody’s, its stock underperformed as the company reported results that came in below expectations, negatively revising its guidance. The company’s Investors Service division continues to be challenged due to uncertainty in the markets after two years of exceptional issuance volumes fueled by low rates. Moody’s Analytics division, however, posted strong organic growth as they continue to see positive demand for regulatory (know your clients) as well as risk-related products, providing a degree of stability to their earnings.

 

During the quarter, we did not exit or initiate any new positions in the fund.

 

For the October 1 to December 31, 2022 period, the Fiera Capital U.S. Equity Long-Term Quality Fund was up in absolute performance and outperformed the S&P 500 Index over the quarter. While global equity markets continued to fluctuate over the quarter with the persistent energy crisis in Europe, signs of hope arose as US inflation seemingly peaked, leading investors to believe that the Fed may ease its rate hikes. China’s announcement of new stimulus measures and less restrictive covid policy also spurred further excitement in the markets. As for the strategy’s outperformance, it was predominantly driven by security selection, which was particularly successful in the Consumer Discretionary and Information Technology sectors. Not owning FAANG mega-caps, Amazon and Apple as well as EV giant Tesla, also contributed to the strategy’s relative outperformance.

 

Among the largest contributors over the quarter was Nike. Nike’s stock outperformed over the quarter, as the multinational apparel and footwear player proved its ability to navigate through a challenging inventory environment, faring better than its main competitors. The company believes itself to be efficiently managing its end-to-end supply chain while not slowing down on their innovative pipeline of products. Nike believes the inventory peak to have passed and have seen encouraging results in Greater China showing a stronger inventory position. The company further anticipates their margins to increase next year as the transitory pressures necessitating greater promotional activity to resume a healthy inventory level, are behind them. Nike furthermore continues to be able to attract some of the world’s best roster of athletes while continuing to focus on retail experience and digital growth.

 

Among the largest detractors over the quarter were Alphabet and CME Group. Alphabet’s stock underperformed as the company reported results that came in below expectations and negatively revised earnings. The US-based multinational tech giant continues to be faced with short term macro challenges and FX headwinds. The company remains committed to spending on innovation throughout the market cycle, while at the same time has not meaningfully slowed down hirings, staying focused on the business long-term, despite the impact being negative on margins short term.

 

While CME reported fairly in-line results and all product categories posting strong volume growth with the exception of the Energy complex, the stock nonetheless underperformed as pricing was down due to temporary concessions made by the company. CME Group, however, continues to deliver strong execution, launching new products and further expanding their client base internationally.

 

During the quarter, we did not exit or initiate any new positions in the fund. We did, however, trim our positions in AutoZone while adding to our position in CME Group.

 

For the January 1 to March 31, 2023 period, the Fiera Capital U.S. Equity Long-Term Quality Fund was up in absolute performance and underperformed its benchmark the S&P 500 Index over the quarter. Equity markets started the year with a continuation of the fourth quarter’s risk-on sentiment, however the banking sector was front and center after the failures of Silicon Valley Bank (SVB) and Signature Bank, as well as UBS’s rescue acquisition of Credit Suisse. Despite heightened volatility, swift actions from policymakers and indications that the Fed may soon pause rate hikes helped the equity market finish higher for the quarter.

 

13

 

 

Fiera Capital Series Trust – U.S. Equity Long-Term Quality Fund

 

Management Discussion and Fund Performance – Continued
March 31, 2023 (Unaudited)

 

As for the strategy’s underperformance, security selection in Consumer Discretionary as well as allocation and security selection within Information Technology were the primary detractors. Specifically, not owning Apple nor NVIDIA negatively impacted from a relative sense. On the positive side, security selection in Financials contributed given no US bank exposure and a preference for names such as Moody’s and MSCI. Additionally, being underweight Energy aided the strategy.

 

Among the more significant detractors over the quarter were Johnson & Johnson (JNJ) and UnitedHealth Group (UNH). JNJ’s quarter showed softening in their pharmaceuticals division ex-COVID vaccines, subpar earnings quality, and a soft margin outlook amid inflationary pressures and an upcoming spin-off of their Consumer unit. A significant pending liability related to talc in their baby powder also weighed on the stock as the U.S. appeals court denied an attempt to handle the subsidiary’s lawsuits in bankruptcy court. As for UNH, rulings around risk adjustments to Medicare Advantage as well as slightly underwhelming rate increases were an overhang on the stock in the short-term.

 

Among positive contributors, MSCI and Microsoft (MSFT) helped the fund over the quarter. MSCI outperformed following strong quarterly results and guidance. Margins improved slightly, and the company benefitted from broader market performance as well as their ESG/Climate division. As for Microsoft, market attention on AI tools, ChatGPT and Alphabet’s recently launched, Bard continued. MSFT stock performed well in the quarter following a challenged 2022. There were a variety of announcements around OpenAI integration, including a new partnership with Salesforce and their Einstein AI product. We continue to stay focused on developments and believe AI will be a complimentary tool to existing platforms such as Search and Office. Microsoft’s 4th quarter earnings announcement was largely in-line, however deceleration in Azure, their cloud division and lowered guidance offset an initially positive market reaction.

 

14

 

 

Fiera Capital Series Trust – U.S. Equity Long-Term Quality Fund

 

Management Discussion and Fund Performance – Continued
March 31, 2023 (Unaudited)

 

U.S. Equity Long-Term Quality Fund

 

Results of a $1,000,000 Investment

 

 

Share Class

Ticker

Cusip

Inception
Date

Expense Ratios

Gross

Net

Investor

FCUEX

31660Q868

09/30/19

1.13%

1.00%

Institutional

FCUIX

31660Q850

09/30/19

0.88%

0.75%

 

The table references expense ratios per the prospectus dated July 29, 2022. The net expense ratios reflect contractual expense limitations agreed to by the Adviser which will continue through October 31, 2023. Returns would be lower without these contractual expense limitations in effect.

 

Cumulative Total Return Information

 

Share Class

1 Year

3 Year

Since
Inception

Institutional Class

(1.26)%

20.25%

14.74%

Investor Class

(1.45)%

19.96%

14.49%

Fund Benchmark

     

S&P 500 Index(1)

(7.73)%

18.60%

11.48%

 

(1)

Primary benchmark.

 

Performance of Investor Class shares will vary from the performance of the Institutional Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $1,000,000 in the Institutional Class shares of the Fund from inception date to March 31, 2023.

 

The S&P 500 Index is a registered trademark of Standard & Poor’s and is an unmanaged broadly-based index of the common stock prices of 500 large U.S. companies that includes the reinvestment of dividends.

 

Index results assume the re-investment of all dividends and capital gains. The Fund’s holdings may differ significantly from the securities that comprise the index. The index is not a projection, prediction or guarantee of performance. It is not possible to invest directly in the index.

 

The performance quoted represents past performance. Past performance does not guarantee future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data that is current to the most recent month end is available by calling 1-855-771-7119.

 

Mutual fund investing involves risk. Principal loss is possible.

 

15

 

 

Fiera Capital Series Trust

 

Portfolio Composition

March 31, 2023 (Unaudited)

 

Small/Mid-Cap Growth Fund

 

Sector

 

% of Total
Net Assets

 

Common Stocks*

       

Communications

    10.4 %

Consumer, Cyclical

    15.6  

Consumer, Non-cyclical

    27.2  

Energy

    2.7  

Financial

    5.0  

Industrial

    15.4  

Technology

    22.1  

Total Common Stocks

    98.4  

Other Assets and Liabilities

    1.6  

Total Net Assets

    100.0 %

 

Industry

 

Value

   

% of Total
Net Assets

 

Common Stocks

               

Apparel

  $ 1,342,356       1.8 %

Banks

    1,371,691       1.8  

Biotechnology

    8,204,786       11.1  

Commercial Services

    3,243,534       4.4  

Distribution/Wholesale

    707,952       1.0  

Diversified Financial Services

    1,159,644       1.6  

Engineering & Construction

    4,380,789       5.9  

Hand/Machine Tools

    1,112,471       1.5  

Healthcare-Products

    5,315,809       7.2  

Healthcare-Services

    2,305,232       3.1  

Home Builders

    1,229,184       1.7  

Home Furnishings

    1,290,269       1.7  

Internet

    3,406,414       4.6  

Leisure Time

    1,543,638       2.1  

Lodging

    1,757,227       2.4  

Machinery-Construction & Mining

    1,165,294       1.6  

Machinery-Diversified

    3,348,595       4.5  

Media

    2,114,355       2.8  

Miscellaneous Manufacturing

    1,412,181       1.9  

Oil & Gas

    1,055,826       1.4  

Oil & Gas Services

    950,147       1.3  

Pharmaceuticals

    1,046,210       1.4  

Private Equity

    1,194,861       1.6  

Retail

    2,444,683       3.3  

Semiconductors

    5,173,245       7.0  

Software

    11,207,228       15.1  

Telecommunications

    2,200,812       3.0  

Textiles

    1,210,557       1.6  

Total Common Stocks

    72,894,990       98.4  

Other Assets and Liabilities

    1,154,585       1.6  

Total Net Assets

  $ 74,049,575       100.0 %

 

International Equity Fund

 

Sector

 

% of Total
Net Assets

 

Common Stocks*

       

Basic Materials

    2.7 %

Consumer, Cyclical

    19.7  

Consumer, Non-cyclical

    40.5  

Financial

    9.9  

Industrial

    17.8  

Technology

    8.6  

Total Common Stocks

    99.2  

Other Assets and Liabilities

    0.8  

Total Net Assets

    100.0 %

 

Industry

 

Value

   

% of Total
Net Assets

 

Common Stocks

               

Apparel

  $ 12,995,523       5.4 %

Banks

    13,789,578       5.7  

Beverages

    10,187,304       4.2  

Building Materials

    5,696,409       2.4  

Chemicals

    6,629,819       2.7  

Commercial Services

    14,087,776       5.8  

Cosmetics/Personal Care

    20,518,704       8.5  

Distribution/Wholesale

    5,125,662       2.1  

Diversified Financial Services

    10,019,175       4.1  

Electronics

    3,377,128       1.4  

Food

    14,639,163       6.1  

Hand/Machine Tools

    5,987,373       2.5  

Healthcare-Products

    14,423,976       6.0  

Home Furnishings

    7,860,630       3.3  

Leisure Time

    5,187,876       2.1  

Lodging

    8,248,382       3.4  

Machinery-Diversified

    19,712,007       8.2  

Pharmaceuticals

    24,019,128       9.9  

Retail

    8,132,822       3.4  

Semiconductors

    13,749,658       5.7  

Software

    6,938,569       2.9  

Transportation

    8,134,857       3.4  

Total Common Stocks

    239,461,519       99.2  

Other Assets and Liabilities

    2,004,841       0.8  

Total Net Assets

  $ 241,466,360       100.0 %

 

 

16

 

 

Fiera Capital Series Trust

 

Portfolio Composition – Continued
March 31, 2023 (Unaudited)

 

Global Equity Fund

 

Sector

 

% of Total
Net Assets

 

Common Stocks*

       

Basic Materials

    2.5 %

Communications

    5.0  

Consumer, Cyclical

    19.5  

Consumer, Non-cyclical

    26.8  

Financial

    9.8  

Industrial

    17.7  

Technology

    18.1  

Total Common Stocks

    99.4  

Other Assets and Liabilities

    0.6  

Total Net Assets

    100.0 %

 

Industry

 

Value

   

% of Total
Net Assets

 

Common Stocks

               

Apparel

  $ 1,980,888       7.0 %

Banks

    640,365       2.2  

Beverages

    1,721,016       6.1  

Building Materials

    1,199,262       4.2  

Chemicals

    703,530       2.5  

Commercial Services

    1,920,908       6.8  

Diversified Financial Services

    2,139,052       7.5  

Electronics

    739,091       2.6  

Food

    1,037,817       3.7  

Hand/Machine Tools

    312,629       1.1  

Healthcare-Services

    986,768       3.5  

Internet

    1,408,239       5.0  

Lodging

    675,046       2.4  

Machinery-Diversified

    2,775,289       9.8  

Pharmaceuticals

    1,926,141       6.8  

Retail

    2,873,050       10.1  

Semiconductors

    1,340,976       4.7  

Software

    3,805,875       13.4  

Total Common Stocks

    28,185,942       99.4  

Other Assets and Liabilities

    174,394       0.6  

Total Net Assets

  $ 28,360,336       100.0 %

 

 

U.S. Equity Long-Term Quality Fund

 

Sector

 

% of Total
Net Assets

 

Common Stocks*

       

Basic Materials

    7.1 %

Communications

    8.0  

Consumer, Cyclical

    16.2  

Consumer, Non-cyclical

    18.3  

Financial

    17.9  

Industrial

    13.2  

Technology

    19.1  

Total Common Stocks

    99.8  

Other Assets and Liabilities

    0.2  

Total Net Assets

    100.0 %

 

Industry

 

Value

   

% of Total
Net Assets

 

Common Stocks

               

Apparel

  $ 2,509,337       2.8 %

Beverages

    3,651,287       4.1  

Building Materials

    2,261,605       2.6  

Chemicals

    6,374,106       7.1  

Cosmetics/Personal Care

    1,304,078       1.5  

Diversified Financial Services

    15,933,114       17.9  

Electronics

    2,503,424       2.8  

Healthcare-Services

    5,000,947       5.6  

Internet

    5,271,973       5.9  

Machinery-Diversified

    6,987,976       7.8  

Media

    1,884,509       2.1  

Pharmaceuticals

    6,387,124       7.1  

Retail

    11,972,463       13.4  

Semiconductors

    3,210,347       3.6  

Software

    13,827,940       15.5  

Total Common Stocks

    89,080,230       99.8  

Other Assets and Liabilities

    188,564       0.2  

Total Net Assets

  $ 89,268,794       100.0 %

 

Portfolio composition changes due to the ongoing management of the Funds. The percentages are based on net assets as of March 31, 2023.

 

*

At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector. Companies in the ame economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector that funds that invest more broadly. Generally, the more broadly a Fund invests, the more it spreads risk and potentially reduces the risk of loss and volatility.

 

17

 

 

Small/Mid-Cap Growth Fund

 

Schedule of Investments
March 31, 2023

 

Description

 

Shares

   

Value

 

Common Stocks — 98.4%

Communications — 10.4%

               

Internet — 4.6%

               

Etsy, Inc.(1)

    14,518     $ 1,616,289  

GoDaddy, Inc., Class A(1)

    23,033       1,790,125  

 

            3,406,414  

Media — 2.8%

               

New York Times Co., Class A

    34,380       1,336,694  

Nexstar Media Group, Inc.

    4,504       777,661  

 

            2,114,355  

Telecommunications — 3.0%

               

Arista Networks, Inc.(1)

    13,111       2,200,812  

Total Communications

            7,721,581  
                 

Consumer, Cyclical — 15.6%

               

Apparel — 1.8%

               

Deckers Outdoor Corp.(1)

    2,986       1,342,356  
                 

Distribution/Wholesale — 1.0%

Avient Corp.

    17,200       707,952  
                 

Home Builders — 1.7%

               

PulteGroup, Inc.

    21,091       1,229,184  
                 

Home Furnishings — 1.7%

               

Dolby Laboratories, Inc., Class A

    15,105       1,290,269  
                 

Leisure Time — 2.1%

               

Harley-Davidson, Inc.

    15,425       585,687  

Royal Caribbean Cruises, Ltd.(1)

    14,670       957,951  

 

            1,543,638  

Lodging — 2.4%

               

Hyatt Hotels Corp., Class A(1)

    15,719       1,757,227  
                 

Retail — 3.3%

               

Lithia Motors, Inc., Class A

    5,148       1,178,532  

Wingstop, Inc.

    6,897       1,266,151  

 

            2,444,683  

Textiles — 1.6%

               

Mohawk Industries, Inc.(1)

    12,079       1,210,557  

Total Consumer, Cyclical

            11,525,866  
                 

Consumer, Non-cyclical — 27.2%

               

Biotechnology — 11.1%

               

Amicus Therapeutics, Inc.(1)

    135,230     $ 1,499,700  

Apellis Pharmaceuticals, Inc.(1)

    14,372       947,977  

Argenx SE, ADR(1)

    4,426       1,649,039  

BioMarin Pharmaceutical, Inc.(1)

    11,745       1,142,084  

Guardant Health, Inc.(1)

    14,410       337,770  

Karuna Therapeutics, Inc.(1)

    6,448       1,171,215  

Mirati Therapeutics, Inc.(1)

    18,600       691,548  

SpringWorks Therapeutics, Inc.(1)

    16,370       421,364  

Veracyte, Inc.(1)

    15,430       344,089  

 

            8,204,786  

Commercial Services — 4.4%

               

Insperity, Inc.

    10,891       1,323,801  

Ritchie Bros Auctioneers, Inc.

    7,950       447,506  

United Rentals, Inc.

    3,720       1,472,227  

 

            3,243,534  
                 

Healthcare-Products — 7.2%

               

AtriCure, Inc.(1)

    17,873       740,836  

Inari Medical, Inc.(1)

    9,314       575,046  

iRhythm Technologies, Inc.(1)

    18,285       2,267,889  

Shockwave Medical, Inc.(1)

    7,988       1,732,038  

 

            5,315,809  
                 

Healthcare-Services — 3.1%

               

ICON PLC(1)

    3,320       709,119  

Molina Healthcare, Inc.(1)

    5,967       1,596,113  

 

            2,305,232  
                 

Pharmaceuticals — 1.4%

               

Neurocrine Biosciences, Inc.(1)

    10,336       1,046,210  

Total Consumer, Non-Cyclical

            20,115,571  
                 

Energy — 2.7%

               

Oil & Gas — 1.4%

               

Devon Energy Corp.

    20,862       1,055,826  
                 

Oil & Gas Services — 1.3%

               

ChampionX Corp.

    35,022       950,147  

Total Energy

            2,005,973  
                 

Financial — 5.0%

               

Banks — 1.8%

               

Citizens Financial Group, Inc.

    45,166       1,371,691  
                 

 

See accompanying Notes to the Financial Statements.

 

18

 

 

Small/Mid-Cap Growth Fund

 

Schedule of Investments – Continued
March 31, 2023

 

Description

 

Shares

   

Value

 

Diversified Financial Services — 1.6%

       

Invesco, Ltd.

    70,710     $ 1,159,644  
                 

Private Equity — 1.6%

               

Ares Management Corp., Class A

    14,320       1,194,861  

Total Financial

            3,726,196  
                 

Industrial — 15.4%

               

Engineering & Construction — 5.9%

EMCOR Group, Inc.

    12,184       1,980,997  

Jacobs Solutions, Inc.

    9,690       1,138,672  

TopBuild Corp.(1)

    6,059       1,261,120  
              4,380,789  
                 

Hand/Machine Tools — 1.5%

               

Regal Rexnord Corp.

    7,905       1,112,471  
                 

Machinery-Construction & Mining — 1.6%

BWX Technologies, Inc.

    18,485       1,165,294  
                 

Machinery-Diversified — 4.5%

               

Cognex Corp.

    22,193       1,099,663  

Graco, Inc.

    12,839       937,376  

Nordson Corp.

    5,901       1,311,556  
              3,348,595  
                 

Miscellaneous Manufacturing — 1.9%

AO Smith Corp.

    20,422       1,412,181  

Total Industrial

            11,419,330  
                 

Technology — 22.1%

               

Semiconductors — 7.0%

               

Entegris, Inc.

    23,736       1,946,589  

Lattice Semiconductor Corp.(1)

    22,291       2,128,791  

Power Integrations, Inc.

    12,971       1,097,865  
              5,173,245  
                 

Software — 15.1%

               

ACI Worldwide, Inc.(1)

    24,321     $ 656,181  

Gitlab, Inc., Class A(1)

    31,947       1,095,463  

HubSpot, Inc.(1)

    4,765       2,042,994  

Jack Henry & Associates, Inc.

    5,621       847,197  

JFrog, Ltd.(1)

    41,280       813,216  

MongoDB, Inc., Class A(1)

    6,471       1,508,520  

Outset Medical, Inc.(1)

    14,690       270,296  

Paycom Software, Inc.(1)

    5,246       1,594,836  

PubMatic, Inc., Class A(1)

    35,820       495,032  

Tyler Technologies, Inc.(1)

    5,311       1,883,493  

 

            11,207,228  

Total Technology

            16,380,473  
                 
                 

Total Common Stocks (identified cost $56,559,327)

            72,894,990  
                 

Total Investments — 98.4% (identified cost $56,559,327)

            72,894,990  

Other Assets and Liabilities — 1.6%

            1,154,585  
                 

Total Net Assets — 100.0%

          $ 74,049,575  

 

(1)

Non-income producing.

 

ADR – American Depositary Receipt

 

PLC – Public Limited Company

 

See accompanying Notes to the Financial Statements.

 

19

 

 

International Equity Fund

 

Schedule of Investments
March 31, 2023

 

Description

 

Shares

   

Value

 

Common Stocks — 99.2%

               

Australia — 2.2%

               

Commonwealth Bank of Australia

    78,741     $ 5,198,906  
                 

Canada — 3.4%

               

Canadian National Railway Co.

    68,957       8,134,858  
                 

Denmark — 7.2%

               

Novo Nordisk A/S, Class B

    109,331       17,363,975  
                 

France — 16.0%

               

Air Liquide SA

    39,608       6,629,819  

EssilorLuxottica SA

    48,000       8,655,351  

L’Oreal SA

    23,286       10,404,999  

LVMH Moet Hennessy Louis Vuitton SE

    14,158       12,995,522  

 

            38,685,691  

Germany — 4.0%

               

Rational AG

    3,910       2,628,198  

SAP SE

    54,951       6,938,569  

 

            9,566,767  

India — 2.5%

               

HDFC Bank, Ltd., ADR

    91,124       6,075,237  
                 

Japan — 9.9%

               

FANUC Corp.

    100,005       3,611,400  

Keyence Corp.

    21,220       10,400,108  

Shimano, Inc.

    29,921       5,187,876  

Unicharm Corp.

    114,311       4,698,839  

 

            23,898,223  

Sweden — 1.0%

               

Svenska Handelsbanken AB, Class A

    290,437       2,515,435  
                 

Switzerland — 19.4%

               

Alcon, Inc.

    81,267       5,768,625  

Cie Financiere Richemont SA

    50,720       8,132,822  

Geberit AG

    10,201       5,696,409  

Nestle SA

    120,068       14,639,163  

Roche Holding AG

    23,292       6,655,153  

Schindler Holding AG

    27,023       5,987,372  

 

            46,879,544  

Taiwan — 5.7%

               

Taiwan Semiconductor Manufacturing Co., Ltd., ADR

    147,814       13,749,658  

United Kingdom — 23.9%

               

Bunzl PLC

    135,692     $ 5,125,662  

Diageo PLC

    228,253       10,187,304  

Howden Joinery Group PLC

    605,959       5,232,433  

InterContinental Hotels Group PLC

    125,990       8,248,382  

Intertek Group PLC

    89,790       4,497,309  

London Stock Exchange Group PLC

    103,148       10,019,175  

Rotork PLC

    866,654       3,377,128  

Spirax-Sarco Engineering PLC

    38,824       5,700,499  

Unilever PLC

    104,605       5,414,866  

 

            57,802,758  

United States — 4.0%

               

S&P Global, Inc.

    27,817       9,590,467  
                 

Total Common Stocks (identified cost $181,644,962)

            239,461,519  
                 

Total Investments — 99.2% (identified cost $181,644,962)

            239,461,519  

Other Assets and Liabilities — 0.8%

            2,004,841  
                 

Total Net Assets — 100.0%

          $ 241,466,360  

 

ADR — American Depositary Receipt

 

PLC — Public Limited Company

 

See accompanying Notes to the Financial Statements.

 

20

 

 

Global Equity Fund

 

Schedule of Investments
March 31, 2023

 

Description

 

Shares

   

Value

 

Common Stocks — 99.4%

               

Denmark — 0.8%

               

Novo Nordisk A/S, Class B

    1,493     $ 237,119  
                 

France — 4.7%

               

LVMH Moet Hennessy Louis Vuitton SE

    1,443       1,324,519  
                 

India — 2.3%

               

HDFC Bank, Ltd., ADR

    9,605       640,365  
                 

Japan — 3.4%

               

Keyence Corp.

    1,942       951,791  
                 

Switzerland — 9.1%

               

Cie Financiere Richemont SA

    3,884       622,790  

Geberit AG

    1,095       611,466  

Nestle SA

    8,512       1,037,817  

Schindler Holding AG

    1,411       312,629  

 

            2,584,702  

Taiwan — 4.7%

               

Taiwan Semiconductor Manufacturing Co., Ltd., ADR

    14,416       1,340,976  
                 

United Kingdom — 8.5%

               

Diageo PLC

    20,519       915,796  

InterContinental Hotels Group PLC

    10,311       675,046  

Intertek Group PLC

    7,436       372,447  

Spirax-Sarco Engineering PLC

    3,010       441,956  

 

            2,405,245  

United States — 65.9%

               

Alphabet, Inc., Class A (1)

    13,576     $ 1,408,239  

AutoZone, Inc. (1)

    554       1,361,815  

Becton, Dickinson and Co.

    2,926       724,302  

Carrier Global Corp.

    12,848       587,796  

CME Group, Inc.

    4,186       801,703  

Graco, Inc.

    8,492       620,001  

Johnson & Johnson

    6,224       964,720  

Mastercard, Inc., Class A

    3,680       1,337,349  

Mettler-Toledo International, Inc. (1)

    483       739,091  

Microsoft Corp.

    7,373       2,125,636  

Moody’s Corp.

    5,060       1,548,461  

MSCI, Inc.

    1,569       878,154  

NIKE, Inc., Class B

    5,352       656,369  

Oracle Corp.

    8,632       802,085  

Otis Worldwide Corp.

    9,023       761,541  

PepsiCo, Inc.

    4,417       805,219  

Sherwin-Williams Co.

    3,130       703,530  

TJX Cos., Inc.

    11,338       888,446  

UnitedHealth Group, Inc.

    2,088       986,768  

 

            18,701,225  

Total Common Stocks (identified cost $20,608,576)

            28,185,942  
                 

Total Investments — 99.4% (identified cost $20,608,576)

            28,185,942  

Other Assets and Liabilities — 0.6%

            174,394  

Total Net Assets — 100.0%

          $ 28,360,336  

 

(1)

Non-income producing.

 

ADR — American Depositary Receipt

 

PLC — Public Limited Company

 

See accompanying Notes to the Financial Statements.

 

21

 

 

U.S. Equity Long-Term Quality Fund

 

Schedule of Investments
March 31, 2023

 

Description

 

Shares

   

Value

 

Common Stocks — 99.8%

               

Basic Materials — 7.1%

               

Chemicals — 7.1%

               

Linde PLC

    10,748     $ 3,820,269  

Sherwin-Williams Co.

    11,362       2,553,837  

Total Basic Materials

            6,374,106  
                 

Communications — 8.0%

               

Internet — 5.9%

               

Alphabet, Inc., Class A(1)

    50,824       5,271,973  
                 

Media — 2.1%

               

FactSet Research Systems, Inc.

    4,540       1,884,509  

Total Communications

            7,156,482  
                 

Consumer, Cyclical — 16.2%

               

Apparel — 2.8%

               

NIKE, Inc., Class B

    20,461       2,509,337  
                 

Retail — 13.4%

               

AutoZone, Inc.(1)

    2,146       5,275,190  

Lowe’s Cos., Inc.

    17,607       3,520,872  

TJX Cos., Inc.

    40,536       3,176,401  

 

            11,972,463  

Total Consumer, Cyclical

            14,481,800  
                 

Consumer, Non-cyclical — 18.3%

Beverages — 4.1%

               

PepsiCo, Inc.

    20,029       3,651,287  
                 

Cosmetics/Personal Care — 1.5%

Colgate-Palmolive Co.

    17,353       1,304,078  
                 

Healthcare-Services — 5.6%

               

UnitedHealth Group, Inc.

    10,582       5,000,947  
                 

Pharmaceuticals — 7.1%

               

Becton, Dickinson and Co.

    10,226       2,531,344  

Johnson & Johnson

    24,876       3,855,780  

 

            6,387,124  

Total Consumer, Non-Cyclical

            16,343,436  
                 

Financial — 17.9%

               

Diversified Financial Services — 17.9%

CME Group, Inc.

    14,816     $ 2,837,560  

Mastercard, Inc., Class A

    12,466       4,530,269  

Moody’s Corp.

    17,237       5,274,867  

MSCI, Inc.

    5,879       3,290,418  

Total Financial

            15,933,114  
                 

Industrial — 13.2%

               

Building Materials — 2.6%

               

Carrier Global Corp.

    49,434       2,261,605  
                 

Electronics — 2.8%

               

Mettler-Toledo International, Inc.(1)

    1,636       2,503,424  
                 

Machinery-Diversified — 7.8%

               

Graco, Inc.

    33,252       2,427,729  

Middleby Corp.(1)

    14,722       2,158,392  

Otis Worldwide Corp.

    28,458       2,401,855  

 

            6,987,976  

Total Industrial

            11,753,005  
                 

Technology — 19.1%

               

Semiconductors — 3.6%

               

Analog Devices, Inc.

    16,278       3,210,347  
                 

Software — 15.5%

               

Adobe Systems, Inc.(1)

    5,430       2,092,559  

Microsoft Corp.

    31,037       8,947,967  

Oracle Corp.

    29,998       2,787,414  

 

            13,827,940  

Total Technology

            17,038,287  
                 

Total Common Stocks (identified cost $61,890,203)

            89,080,230  
                 

Total Investments — 99.8% (identified cost $61,890,203)

            89,080,230  

Other Assets and Liabilities — 0.2%

            188,564  
                 

Total Net Assets — 100.0%

          $ 89,268,794  

 

(1)

Non-income producing.

 

PLC — Public Limited Company

 

See accompanying Notes to the Financial Statements.

 

22

 

 

Fiera Capital Series Trust

 

Statements of Assets and Liabilities

March 31, 2023

 

   

Small/Mid-Cap
Growth Fund

   

International
Equity Fund

   

Global
Equity Fund

   

U.S. Equity
Long-Term
Quality Fund

 

Assets:

                               

Investments in unaffiliated issuers, at value

  $ 72,894,990     $ 239,461,519     $ 28,185,942     $ 89,080,230  

Cash

    1,261,961       1,176,189       4,603       445,740  

Cash denominated in foreign currencies(1)

          136,880       139,004        

Dividends and interest receivable

    10,399       1,180,059       92,627       7,048  

Receivable for investments sold

                62,024        

Receivable for capital stock sold

    5,283       85,851              

Due from Adviser

                5,982        

Prepaid expenses

    20,850       30,601       5,259       16,843  

Total assets

    74,193,483       242,071,099       28,495,441       89,549,861  

Liabilities:

                               

Payables:

                               

Investments purchased

                75,268       194,823  

Capital stock redeemed

    41,146       382,679              

Adviser for management fees (Note 3)

    38,050       101,780             24,849  

Shareholder servicing fees

          32,452              

Trustee fees

    12,500       12,500       12,500       12,500  

Transfer agent fees

    10,558       15,441       7,464       8,470  

Audit and tax fees

    11,425       11,425       11,425       11,425  

Legal fees

    10,712       10,712       10,712       10,712  

12b-1 fees

    25       1,012       225       3  

Other liabilities

    19,492       36,738       17,511       18,285  

Total liabilities

    143,908       604,739       135,105       281,067  

Total net assets

  $ 74,049,575     $ 241,466,360     $ 28,360,336     $ 89,268,794  

Net assets consist of:

                               

Paid-in capital

  $ 56,931,455     $ 188,767,736     $ 21,615,570     $ 56,807,577  

Total distributable earnings (loss)

    17,118,120       52,698,624       6,744,766       32,461,217  

Total net assets

    74,049,575       241,466,360       28,360,336       89,268,794  

Net asset value per share (unlimited shares authorized, $0.001 par value)

                               

Investor class

  $ 13.96     $ 14.51     $ 16.87     $ 15.16  

Institutional class

    14.28       14.53       16.93       15.17  

Z class

          14.60              

Net assets:

                               

Investor class

  $ 122,361     $ 5,161,640     $ 1,103,663     $ 17,398  

Institutional class

    73,927,214       196,961,601       27,256,673       89,251,396  

Z class

          39,343,119              

Total net assets

  $ 74,049,575     $ 241,466,360     $ 28,360,336     $ 89,268,794  

Shares outstanding:

                               

Investor class

    8,765       355,822       65,431       1,148  

Institutional class

    5,175,172       13,556,668       1,609,945       5,882,667  

Z class

          2,695,105              

Total shares outstanding

    5,183,937       16,607,595       1,675,376       5,883,815  

Investments, at cost:

                               

Investments in unaffiliated issuers, at cost

  $ 56,559,327     $ 181,644,962     $ 20,608,576     $ 61,890,203  

 

(1)

Identified cost of cash denominated in foreign currencies are $0, $137,647, $136,419 and $0, respectively.

 

See accompanying Notes to the Financial Statements.

 

23

 

 

Fiera Capital Series Trust

 

Statements of Operations

Year Ended March 31, 2023

 

   

Small/Mid-Cap
Growth Fund

   

International
Equity Fund

   

Global
Equity Fund

   

U.S. Equity
Long-Term
Quality Fund

 

Investment income:

                               

Dividend income from:

                               

Unaffiliated issuers(1)

  $ 659,966     $ 3,837,046     $ 371,582     $ 1,100,931  

Total income

    659,966       3,837,046       371,582       1,100,931  
                                 

Expenses:

                               

Investment advisory (Note 3)

    759,285       1,756,691       222,282       481,055  

Fund accounting and administration

    74,094       145,407       50,979       72,274  

Transfer agent

    62,999       94,739       45,259       51,847  

Registration

    38,776       55,908       37,023       36,123  

Trustees

    50,000       50,000       50,000       50,000  

Miscellaneous

    34,150       51,534       25,614       23,602  

Audit and tax

    36,400       36,400       36,400       37,513  

Chief compliance officer

    21,000       21,000       21,000       21,000  

Legal

    49,291       49,291       49,291       49,309  

Custodian

    5,049       18,874       16,790       6,402  

Licensing

    13,314       30,691       4,021       12,613  

12b-1 (Note 2):

                               

Investor Class

    286       8,523       2,639       38  

Shareholder servicing (Note 2):

                               

Investor Class

          8,523              

Institutional Class

          451,416              

Z Class

          89,027              

Total expenses

    1,144,644       2,868,024       561,298       841,776  
                                 

Deduct:

                               

Expense waiver of fees and reimbursement of expenses (Note 2 & Note 4)

    (258,525 )     (735,852 )     (308,591 )     (185,754 )

Net expenses

    886,119       2,132,172       252,707       656,022  

Net investment income (loss)

    (226,153 )     1,704,874       118,875       444,909  
                                 

Net realized and unrealized gain (loss) on investments and foreign currency:

                               

Net realized gain (loss) on transactions from:

                               

Investments in unaffiliated issuers

    2,498,316       (4,376,112 )     (635,915 )     (109,569 )

Foreign currency transactions

          (43,460 )     (5,835 )      

Total net realized gain (loss) on transactions

    2,498,316       (4,419,572 )     (641,750 )     (109,569 )

Net change in unrealized appreciation (depreciation) on:

                               

Investments in unaffiliated issuers

    (19,943,100 )     (1,720,301 )     (489,668 )     (1,944,603 )

Foreign currency translations

          (1,177 )     4,948        

Total net change in unrealized depreciation

    (19,943,100 )     (1,721,478 )     (484,720 )     (1,944,603 )

Net realized and unrealized loss on investments and foreign currency

    (17,444,784 )     (6,141,050 )     (1,126,470 )     (2,054,172 )

Change in net assets resulting from operations

  $ (17,670,937 )   $ (4,436,176 )   $ (1,007,595 )   $ (1,609,263 )

 

(1)

Net of foreign taxes withheld of $2,360, $409,516, $16,140, and $0, respectively.

 

See accompanying Notes to the Financial Statements.

 

24

 

 

Fiera Capital Series Trust

 

Statements of Changes in Net Assets

 

   

Small/Mid-Cap Growth Fund

   

International Equity Fund

 
   

Year Ended
March 31,
2023

   

Year Ended
March 31,
2022

   

Year Ended
March 31,
2023

   

Year Ended
March 31,
2022

 

Change in net assets resulting from:

                               

Operations:

                               

Net investment income (loss)

  $ (226,153 )   $ (438,359 )   $ 1,704,874     $ 1,382,909  

Net realized gain (loss) on investments

    2,498,316       21,029,499       (4,419,572 )     (47,869 )

Net change in unrealized appreciation (depreciation) on investments

    (19,943,100 )     (16,580,668 )     (1,721,478 )     6,991,827  

Change in net assets resulting from operations

    (17,670,937 )     4,010,472       (4,436,176 )     8,326,867  
                                 

Dividends to Shareholders:

                               

Investor Class

    (15,686 )     (12,304 )     (26,566 )     (6,405 )

Institutional Class

    (10,744,946 )     (15,810,834 )     (1,392,547 )     (1,297,837 )

Z Class

                (371,742 )     (357,311 )

Change in net assets resulting from distributions to shareholders

    (10,760,632 )     (15,823,138 )     (1,790,855 )     (1,661,553 )
                                 

Capital stock transactions:

                               

Proceeds from sale of shares:

                               

Investor Class

    52,602       43,389       4,026,503       870,828  

Institutional Class

    9,976,759       11,756,964       44,915,874       63,255,976  

Net proceeds from sale of shares

    10,029,361       11,800,353       48,942,377       64,126,804  

Net asset value of shares issued to shareholders in payment of distributions declared:

                               

Investor Class

    15,686       12,304       26,553       6,404  

Institutional Class

    9,754,349       14,521,528       1,312,291       1,112,195  

Z Class

                371,742       357,311  

Net proceeds from shares issued

    9,770,035       14,533,832       1,710,586       1,475,910  

Cost of shares redeemed:

                               

Investor Class

    (20,731 )     (7,703 )     (1,322,961 )     (201,352 )

Institutional Class

    (40,824,278 )     (40,664,584 )     (61,011,193 )     (11,857,765 )

Z Class

                (4,000,000 )      

Net cost of shares redeemed

    (40,845,009 )     (40,672,287 )     (66,334,154 )     (12,059,117 )

Change in net assets resulting from capital stock transactions

    (21,045,613 )     (14,338,102 )     (15,681,191 )     53,543,597  

Change in net assets

    (49,477,182 )     (26,150,768 )     (21,908,222 )     60,208,911  
                                 

Net Assets:

                               

Beginning of period

    123,526,757       149,677,525       263,374,582       203,165,671  

End of period

  $ 74,049,575     $ 123,526,757     $ 241,466,360     $ 263,374,582  
                                 

 

See accompanying Notes to the Financial Statements.

 

25

 

 

Fiera Capital Series Trust

 

Statements of Changes in Net Assets – Continued

 

   

Small/Mid-Cap Growth Fund

   

International Equity Fund

 
   

Year Ended
March 31,
2023

   

Year Ended
March 31,
2022

   

Year Ended
March 31,
2023

   

Year Ended
March 31,
2022

 

Capital Stock Transactions in Shares:

                               

Sale of shares:

                               

Investor Class

    3,267       2,016       299,422       58,499  

Institutional Class

    640,282       561,183       3,340,494       4,107,023  

Net sale of shares

    643,549       563,199       3,639,916       4,165,522  

Shares issued to shareholder in payment of distributions declared:

                               

Investor Class

    1,182       610       2,036       394  

Institutional Class

    718,817       707,677       100,559       68,401  

Z Class

                28,377       21,867  

Net shares issued

    719,999       708,287       130,972       90,662  

Shares redeemed:

                               

Investor Class

    (1,306 )     (351 )     (99,359 )     (13,017 )

Institutional Class

    (2,528,183 )     (2,006,116 )     (4,691,151 )     (779,689 )

Z Class

                (274,348 )      

Net shares redeemed

    (2,529,489 )     (2,006,467 )     (5,064,858 )     (792,706 )

Net change resulting from fund share transactions in shares

    (1,165,941 )     (734,981 )     (1,293,970 )     3,463,478  

 

See accompanying Notes to the Financial Statements.

 

26

 

 

Fiera Capital Series Trust

 

Statements of Changes in Net Assets

 

   

Global Equity Fund

   

U.S. Equity Long-Term
Quality Fund

 
   

Year Ended
March 31,
2023

   

Year Ended
March 31,
2022

   

Year Ended
March 31,
2023

   

Year Ended
March 31,
2022

 

Change in net assets resulting from:

                               

Operations:

                               

Net investment income (loss)

  $ 118,875     $ 80,067     $ 444,909     $ 317,654  

Net realized gain (loss) on investments

    (641,750 )     2,052,189       (109,569 )     2,164,104  

Net change in unrealized appreciation (depreciation) on investments

    (484,720 )     210,223       (1,944,603 )     10,205,524  

Change in net assets resulting from operations

    (1,007,595 )     2,342,479       (1,609,263 )     12,687,282  
                                 

Dividends to Shareholders:

                               

Investor Class

    (55,479 )     (39,388 )     (508 )     (170 )

Institutional Class

    (1,427,637 )     (1,007,823 )     (3,144,318 )     (1,092,787 )

Change in net assets resulting from distributions to shareholders

    (1,483,116 )     (1,047,211 )     (3,144,826 )     (1,092,957 )
                                 

Capital stock transactions:

                               

Proceeds from sale of shares:

                               

Investor Class

    37,695       361,730       1,300       2,300  

Institutional Class

    1,082,460       10,717,266       4,977,200       10,362,923  

Net proceeds from sale of shares

    1,120,155       11,078,996       4,978,500       10,365,223  

Net asset value of shares issued to shareholders in payment of distributions declared:

                               

Investor Class

    52,775       37,403       507       171  

Institutional Class

    702,371       611,145       1,975,226       646,981  

Net proceeds from shares issued

    755,146       648,548       1,975,733       647,152  

Cost of shares redeemed:

                               

Investor Class

    (62,689 )     (293,399 )           (2,414 )

Institutional Class

    (3,290,324 )     (7,757,657 )     (10,015,209 )     (7,180,066 )

Net cost of shares redeemed

    (3,353,013 )     (8,051,056 )     (10,015,209 )     (7,182,480 )

Change in net assets resulting from capital stock transactions

    (1,477,712 )     3,676,488       (3,060,976 )     3,829,895  

Change in net assets

    (3,968,423 )     4,971,756       (7,815,065 )     15,424,220  
                                 

Net Assets:

                               

Beginning of period

    32,328,759       27,357,003       97,083,859       81,659,639  

End of period

  $ 28,360,336     $ 32,328,759     $ 89,268,794     $ 97,083,859  
                                 

 

See accompanying Notes to the Financial Statements.

 

27

 

 

Fiera Capital Series Trust

 

Statements of Changes in Net Assets – Continued

 

   

Global Equity Fund

   

U.S. Equity Long-Term
Quality Fund

 
   

Year Ended
March 31,
2023

   

Year Ended
March 31,
2022

   

Year Ended
March 31,
2023

   

Year Ended
March 31,
2022

 

Capital Stock Transactions in Shares:

                               

Sale of shares:

                               

Investor Class

    2,307       19,210       88       147  

Institutional Class

    66,898       531,081       335,273       624,195  

Net sale of shares

    69,205       550,291       335,361       624,342  

Shares issued to shareholder in payment of distributions declared:

                               

Investor Class

    3,392       1,865       36       10  

Institutional Class

    45,024       30,375       138,905       37,463  

Net shares issued

    48,416       32,240       138,941       37,473  

Shares redeemed:

                               

Investor Class

    (3,723 )     (16,051 )           (148 )

Institutional Class

    (205,976 )     (398,341 )     (681,833 )     (425,670 )

Net shares redeemed

    (209,699 )     (414,392 )     (681,833 )     (425,818 )

Net change resulting from fund share transactions in shares

    (92,078 )     168,139       (207,531 )     235,997  

 

See accompanying Notes to the Financial Statements.

 

28

 

 

Fiera Capital Series Trust

 

Financial Highlights – Investor Class

 

For a Share Outstanding Throughout the Period

 

Period Ended
March 31

 

Net asset
value,
beginning
of period

   

Net
investment
income (loss)
value

   

Net realized
and
unrealized
gain (loss)

   

Total from
investment
operations

   

Dividends to
shareholders
from net
investment
income

   

Dividends to
shareholders
from net
realized gain

   

Total
dividends

   

Net asset
value, end
of period

 

Small/Mid-Cap Growth Fund

20231

  $ 19.12     $ (0.08 )   $ (2.79 )   $ (2.87 )   $     $ (2.29 )   $ (2.29 )   $ 13.96  

20221

  $ 20.85     $ (0.12 )   $ 0.80     $ 0.68     $     $ (2.41 )   $ (2.41 )   $ 19.12  

20211

  $ 12.68     $ (0.15 )   $ 12.52     $ 12.37     $     $ (4.20 )   $ (4.20 )   $ 20.85  

20201

  $ 16.71     $ (0.12 )   $ (2.00 )   $ (2.12 )   $     $ (1.91 )   $ (1.91 )   $ 12.68  

2019

  $ 21.20     $ (0.11 )   $ (0.38 )   $ (0.49 )   $     $ (4.00 )   $ (4.00 )   $ 16.71  

International Equity Fund

20231

  $ 14.70     $ 0.07     $ (0.16 )   $ (0.09 )   $ (0.10 )   $     $ (0.10 )   $ 14.51  

20221

  $ 14.06     $ 0.04     $ 0.65     $ 0.69     $ (0.03 )   $ (0.02 )   $ (0.05 )   $ 14.70  

20211

  $ 9.92     $ 0.03     $ 4.37     $ 4.40     $ (0.04 )   $ (0.22 )   $ (0.26 )   $ 14.06  

20201

  $ 10.48     $ 0.05     $ (0.50 )   $ (0.45 )   $ (0.08 )   $ (0.03 )   $ (0.11 )   $ 9.92  

20191

  $ 10.24     $ 0.08     $ 0.26     $ 0.34     $ (0.08 )   $ (0.02 )   $ (0.10 )   $ 10.48  

Global Equity Fund

20231

  $ 18.23     $ 0.03     $ (0.51 )   $ (0.48 )   $ (0.03 )   $ (0.85 )   $ (0.88 )   $ 16.87  

20221

  $ 17.05     $ 0.00 3    $ 1.83     $ 1.83     $ (0.01 )   $ (0.64 )   $ (0.65 )   $ 18.23  

20211

  $ 11.63     $ 0.02     $ 5.49     $ 5.51     $ (0.03 )   $ (0.06 )   $ (0.09 )   $ 17.05  

20201

  $ 12.73     $ 0.05     $ (0.63 )   $ (0.58 )   $ (0.11 )   $ (0.41 )   $ (0.52 )   $ 11.63  

2019

  $ 11.60     $ 0.04     $ 1.19     $ 1.23     $ (0.07 )   $ (0.03 )   $ (0.10 )   $ 12.73  

U.S. Equity Long-Term Quality Fund

20231

  $ 15.92     $ 0.04     $ (0.31 )   $ (0.27 )   $ (0.03 )   $ (0.46 )   $ (0.49 )   $ 15.16  

20221

  $ 13.93     $ 0.02     $ 2.12     $ 2.14     $ (0.02 )   $ (0.13 )   $ (0.15 )   $ 15.92  

20211

  $ 9.28     $ 0.03     $ 4.78     $ 4.81     $ (0.03 )   $ (0.13 )   $ (0.16 )   $ 13.93  

20201,2

  $ 10.00     $ 0.03     $ (0.72 )   $ (0.69 )   $ (0.03 )   $ (0.00 )3   $ (0.03 )   $ 9.28  

 

1

Per share calculations are based on average shares outstanding throughout the period.

2

Reflects operations for the period from September 30, 2019 (inception date) to March 31, 2020.

3

Less than $0.01 per share.

4

Based on net asset value as of end of period date.

5

Not annualized for periods less than one year.

6

Annualized, with the exception of non-recurring organizational costs.

7

The contractual and voluntary expense waivers pursuant to Note 2 and Note 4 of the financial statements are reflected in both the net expense and net investment income (loss) ratios.

 

 

 

 

 

See accompanying Notes to the Financial Statements.

 

29

 

 

Fiera Capital Series Trust

 

Financial Highlights – Investor Class – Continued

 

For a Share Outstanding Throughout the Period

 

Period Ended March 31

 

Total
return
4,5

   

Gross
Expenses
6

   

Net
Expenses
6,7

   

Net
investment
income (loss)
6,7

   

Net assets,
end of period
(000 omitted)

   

Portfolio
turnover rate
5

 

Small/Mid-Cap Growth Fund

                                               

20231

    (14.38 )%     1.61 %     1.30 %     (0.52 )%   $ 122       88 %

20221

    2.64 %     1.40 %     1.30 %     (0.55 )%   $ 108       24 %

20211

    99.38 %     1.41 %     1.30 %     (0.78 )%   $ 70       53 %

20201

    (15.36 )%     1.36 %     1.30 %     (0.70 )%   $ 11       38 %

2019

    2.44 %     1.36 %     1.30 %     (0.73 )%   $ 11       50 %

International Equity Fund

20231

    (0.57 )%     1.55 %     1.25 %     0.50 %   $ 5,162       11 %

20221

    4.91 %     1.49 %     1.25 %     0.27 %   $ 2,260       2 %

20211

    44.38 %     1.55 %     1.25 %     0.19 %   $ 1,516       12 %

20201

    (4.48 )%     1.56 %     1.25 %     0.44 %   $ 324       8 %

20191

    3.51 %     1.73 %     1.25 %     0.83 %   $ 94       38 %

Global Equity Fund

20231

    (2.19 )%     2.26 %     1.15 %     0.19 %   $ 1,104       11 %

20221

    10.39 %     1.95 %     1.15 %     0.01 %   $ 1,157       25 %

20211

    47.37 %     2.30 %     1.15 %     0.10 %   $ 996       16 %

20201

    (5.26 )%     2.39 %     1.15 %     0.35 %   $ 340       45 %

2019

    10.75 %     3.59 %     1.15 %     0.72 %   $ 144       28 %

U.S. Equity Long-Term Quality Fund

20231

    (1.45 )%     1.21 %     1.00 %     0.27 %   $ 17       6 %

20221

    15.20 %     1.13 %     1.00 %     0.09 %   $ 16       10 %

20211

    52.04 %     1.29 %     1.00 %     0.24 %   $ 14       8 %

20201,2

    (6.96 )%     1.73 %     1.00 %     0.48 %   $ 9       6 %

 

1

Per share calculations are based on average shares outstanding throughout the period.

2

Reflects operations for the period from September 30, 2019 (inception date) to March 31, 2020.

3

Less than $0.01 per share.

4

Based on net asset value as of end of period date.

5

Not annualized for periods less than one year.

6

Annualized, with the exception of non-recurring organizational costs.

7

The contractual and voluntary expense waivers pursuant to Note 2 and Note 4 of the financial statements are reflected in both the net expense and net investment income (loss) ratios.

 

 

 

See accompanying Notes to the Financial Statements.

 

30

 

 

Fiera Capital Series Trust

 

Financial Highlights – Institutional Class

 

For a Share Outstanding Throughout the Period

 

Period Ended
March 31

 

Net asset
value,
beginning
of period

   

Net
investment
income (loss)
value

   

Net realized
and
unrealized
gain (loss)

   

Total from
investment
operations

   

Dividends to
shareholders
from net
investment
income

   

Dividends to
shareholders
from net
realized gain

   

Total
dividends

   

Net asset
value, end
of period

 

Small/Mid-Cap Growth Fund

20231

  $ 19.45     $ (0.04 )   $ (2.84 )   $ (2.88 )   $     $ (2.29 )   $ (2.29 )   $ 14.28  

20221

  $ 21.13     $ (0.06 )   $ 0.79     $ 0.73     $     $ (2.41 )   $ (2.41 )   $ 19.45  

20211

  $ 12.78     $ (0.10 )   $ 12.65     $ 12.55     $     $ (4.20 )   $ (4.20 )   $ 21.13  

20201

  $ 16.79     $ (0.08 )   $ (2.02 )   $ (2.10 )   $     $ (1.91 )   $ (1.91 )   $ 12.78  

2019

  $ 21.21     $ (0.10 )   $ (0.32 )   $ (0.42 )   $     $ (4.00 )   $ (4.00 )   $ 16.79  

International Equity Fund

20231

  $ 14.70     $ 0.10     $ (0.16 )   $ (0.06 )   $ (0.11 )   $     $ (0.11 )   $ 14.53  

20221

  $ 14.06     $ 0.08     $ 0.65     $ 0.73     $ (0.07 )   $ (0.02 )   $ (0.09 )   $ 14.70  

20211

  $ 9.92     $ 0.06     $ 4.34     $ 4.40     $ (0.04 )   $ (0.22 )   $ (0.26 )   $ 14.06  

20201

  $ 10.48     $ 0.08     $ (0.50 )   $ (0.42 )   $ (0.11 )   $ (0.03 )   $ (0.14 )   $ 9.92  

20191

  $ 10.25       0.12     $ 0.24     $ 0.36     $ (0.10 )   $ (0.03 )   $ (0.13 )   $ 10.48  

Global Equity Fund

20231

  $ 18.29     $ 0.07     $ (0.50 )   $ (0.43 )   $ (0.08 )   $ (0.85 )   $ (0.93 )   $ 16.93  

20221

  $ 17.11     $ 0.05     $ 1.82     $ 1.87     $ (0.05 )   $ (0.64 )   $ (0.69 )   $ 18.29  

20211

  $ 11.66     $ 0.05     $ 5.52     $ 5.57     $ (0.06 )   $ (0.06 )   $ (0.12 )   $ 17.11  

20201

  $ 12.74     $ 0.08     $ (0.62 )   $ (0.54 )   $ (0.13 )   $ (0.41 )   $ (0.54 )   $ 11.66  

2019

  $ 11.60     $ 0.11     $ 1.15     $ 1.26     $ (0.09 )   $ (0.03 )   $ (0.12 )   $ 12.74  

U.S. Equity Long-Term Quality Fund

20231

  $ 15.94     $ 0.07     $ (0.31 )   $ (0.24 )   $ (0.07 )   $ (0.46 )   $ (0.53 )   $ 15.17  

20221

  $ 13.95     $ 0.05     $ 2.13     $ 2.18     $ (0.06 )   $ (0.13 )   $ (0.19 )   $ 15.94  

20211

  $ 9.28     $ 0.06     $ 4.79     $ 4.85     $ (0.05 )   $ (0.13 )   $ (0.18 )   $ 13.95  

20201,2

  $ 10.00     $ 0.04     $ (0.73 )   $ (0.69 )   $ (0.03 )   $ (0.00 )3   $ (0.03 )   $ 9.28  

 

1

Per share calculations are based on average shares outstanding throughout the period.

2

Reflects operations for the period from September 30, 2019 (inception date) to March 31, 2020.

3

Less than $0.01 per share.

4

Based on net asset value as of end of period date.

5

Not annualized for periods less than one year.

6

Annualized, with the exception of non-recurring organizational costs.

7

The contractual and voluntary expense waivers pursuant to Note 2 and Note 4 of the financial statements are reflected in both the net expense and net investment income (loss) ratios.

 

 

 

See accompanying Notes to the Financial Statements.

 

31

 

 

Fiera Capital Series Trust

 

Financial Highlights – Institutional Class – Continued

 

For a Share Outstanding Throughout the Period

 

Period Ended March 31

 

Total
return
4,5

   

Gross
Expenses
6

   

Net
Expenses
6,7

   

Net
investment
income (loss)
6,7

   

Net assets,
end of period
(000 omitted)

   

Portfolio
turnover rate
5

 

Small/Mid-Cap Growth Fund

                                               

20231

    (14.18 )%     1.36 %     1.05 %     (0.27 )%   $ 73,927       88 %

20221

    2.85 %     1.15 %     1.05 %     (0.30 )%   $ 123,419       24 %

20211

    100.06 %     1.16 %     1.05 %     (0.53 )%   $ 149,608       53 %

20201

    (15.16 )%     1.11 %     1.05 %     (0.45 )%   $ 108,356       38 %

2019

    2.81 %     1.11 %     1.05 %     (0.49 )%   $ 190,348       50 %

International Equity Fund

                                               

20231

    (0.33 )%     1.30 %     1.00 %     0.75 %   $ 196,962       11 %

20221

    5.16 %     1.24 %     1.00 %     0.52 %   $ 217,664       2 %

20211

    44.43 %     1.30 %     1.00 %     0.44 %   $ 160,421       12 %

20201

    (4.23 )%     1.31 %     1.00 %     0.69 %   $ 79,543       8 %

20191

    3.72 %     1.48 %     1.00 %     1.21 %   $ 45,193       38 %

Global Equity Fund

                                               

20231

    (1.92 )%     2.01 %     0.90 %     0.44 %   $ 27,257       11 %

20221

    10.58 %     1.70 %     0.90 %     0.26 %   $ 31,172       25 %

20211

    47.78 %     2.05 %     0.90 %     0.35 %   $ 26,361       16 %

20201

    (4.97 )%     2.14 %     0.90 %     0.60 %   $ 15,613       45 %

2019

    11.07 %     3.34 %     0.90 %     0.96 %   $ 12,478       28 %

U.S. Equity Long-Term Quality Fund

                                               

20231

    (1.26 )%     0.96 %     0.75 %     0.51 %   $ 89,251       6 %

20221

    15.49 %     0.88 %     0.75 %     0.33 %   $ 97,068       10 %

20211

    52.48 %     1.04 %     0.75 %     0.48 %   $ 81,645       8 %

20201,2

    (6.91 )%     1.48 %     0.75 %     0.73 %   $ 43,299       6 %

 

1

Per share calculations are based on average shares outstanding throughout the period.

2

Reflects operations for the period from September 30, 2019 (inception date) to March 31, 2020.

3

Less than $0.01 per share.

4

Based on net asset value as of end of period date.

5

Not annualized for periods less than one year.

6

Annualized, with the exception of non-recurring organizational costs.

7

The contractual and voluntary expense waivers pursuant to Note 2 and Note 4 of the financial statements are reflected in both the net expense and net investment income (loss) ratios.

 

See accompanying Notes to the Financial Statements.

 

32

 

 

Fiera Capital Series Trust

 

Financial Highlights – Z Class

 

For a Share Outstanding Throughout the Period

 

Period Ended
March 31

 

Net asset
value,
beginning
of period

   

Net
investment
income (loss)
value

   

Net realized
and
unrealized
gain (loss)

   

Total from
investment
operations

   

Dividends to
shareholders
from net
investment
income

   

Dividends to
shareholders
from net
realized gain

   

Total
dividends

   

Net asset
value, end
of period

 

International Equity Fund

20231

  $ 14.77     $ 0.13     $ (0.16 )   $ (0.03 )   $ (0.14 )   $     $ (0.14 )   $ 14.60  

20221

  $ 14.12     $ 0.11     $ 0.66     $ 0.77     $ (0.10 )   $ (0.02 )   $ (0.12 )   $ 14.77  

20211

  $ 9.96     $ 0.08     $ 4.36     $ 4.44     $ (0.06 )   $ (0.22 )   $ (0.28 )   $ 14.12  

20201

  $ 10.52     $ 0.10     $ (0.51 )   $ (0.41 )   $ (0.12 )   $ (0.03 )   $ (0.15 )   $ 9.96  

20191

  $ 10.26     $ 0.13     $ 0.26     $ 0.39     $ (0.10 )   $ (0.03 )   $ (0.13 )   $ 10.52  

 

1

Per share calculations are based on average shares outstanding throughout the period.

2

Based on net asset value as of end of period date.

3

Not annualized for periods less than one year.

4

Annualized, with the exception of non-recurring organizational costs.

5

The contractual and voluntary expense waivers pursuant to Note 2 and Note 4 of the financial statements are reflected in both the net expense and net investment income (loss) ratios.

 

 

See accompanying Notes to the Financial Statements.

 

33

 

 

Fiera Capital Series Trust

 

Financial Highlights – Z Class – Continued

 

For a Share Outstanding Throughout the Period

 

Period Ended March 31

 

Total
return
2,3

   

Gross
Expenses
4

   

Net
Expenses
4,5

   

Net
investment
income (loss)
4,5

   

Net assets,
end of period
(000 omitted)

   

Portfolio
turnover rate
3

 

International Equity Fund

                                               

20231

    (0.10 )%     1.30 %     0.80 %     0.95 %   $ 39,343       11 %

20221

    5.39 %     1.24 %     0.80 %     0.72 %   $ 43,451       2 %

20211

    44.65 %     1.30 %     0.80 %     0.64 %   $ 41,229       12 %

20201

    (4.07 )%     1.31 %     0.80 %     0.89 %   $ 45,405       8 %

20191

    4.02 %     1.48 %     0.80 %     1.23 %   $ 57,026       38 %

 

1

Per share calculations are based on average shares outstanding throughout the period.

2

Based on net asset value as of end of period date.

3

Not annualized for periods less than one year.

4

Annualized, with the exception of non-recurring organizational costs.

5

The contractual and voluntary expense waivers pursuant to Note 2 and Note 4 of the financial statements are reflected in both the net expense and net investment income (loss) ratios.

 

 

 

See accompanying Notes to the Financial Statements.

 

34

 

 

Fiera Capital Series Trust

 

Notes to the Financial Statements

March 31, 2023

 

1. Organization

 

The Fiera Capital Series Trust (the “Trust”) was organized on December 8, 2016, as a statutory trust under the laws of the State of Delaware and is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. As of the close of business on March 31, 2023, the Trust consisted of four series: Fiera Capital Small/Mid-Cap Growth Fund (the “Small/Mid-Cap Growth Fund”), Fiera Capital International Equity Fund (the “International Equity Fund”), Fiera Capital Global Equity Fund (the “Global Equity Fund”), and Fiera Capital U.S. Equity Long-Term Quality Fund (the “U.S. Equity Long-Term Quality Fund”) (each a “Fund” and collectively the “Funds”). Inception dates displayed throughout this report represent the beginning performance measurement date by which the original NAV (“Net Asset Value”) was used for subscription placement. The funds’/class’ commencement of investment operations date began on the business day following the inception date.

 

Small/Mid-Cap Growth Fund – The investment objective of the Small/Mid-Cap Growth Fund is to achieve long-term capital growth. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of common stocks of companies believed to be small- and mid-cap growth-oriented companies that are selected for their long-term capital appreciation potential and which the Adviser expects to grow faster than the U.S. economy. The Fund considers an issuer to be a small- or mid-capitalization issuer if it has a market capitalization, at the time of purchase, within the range of the largest and smallest capitalized issuers included in the Russell 2500 Growth Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. The Fund’s inception date was June 29, 2012.

 

International Equity Fund – The investment objective of the International Equity Fund is to achieve capital appreciation. The Fund seeks to achieve its investment objective by investing in a portfolio of international equities. Under normal market conditions, the International Equity Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in equity securities of companies located in at least three countries other than the U.S, including emerging market countries. For these purposes, a company is considered located in a country outside the United States if: (i) the company’s securities are principally traded on such country’s exchange or (ii) the company’s securities are included in the MSCI World Ex-US Index. In addition, the Fund considers countries represented in the MSCI Emerging Markets Index to be emerging market countries. The Fund may invest in issuers with market capitalizations of any size, though it generally expects to focus on issues with market capitalization in excess of $1 billion. The Fund’s inception date was September 29, 2017.

 

Global Equity Fund – The investment objective of the Global Equity Fund is to achieve capital appreciation. The Fund seeks to achieve its investment objective by investing in a portfolio of global equities. Under normal market conditions, the Global Equity Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purpose) in equity securities. Equity securities include common stock, preferred stock, convertible securities and depositary receipts. Under normal market conditions, the Fund generally invests at least 40% of its net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S., companies that have their securities traded on non-U.S. exchanges or that have securities that trade in the form of depositary receipts, or companies that have formed under the laws of non-U.S. countries. The Fund may invest in issuers with market capitalizations of any size, though it generally expects to focus on issues with market capitalization in excess of $1 billion. The Fund’s inception date was April 28, 2017.

 

U.S. Equity Long-Term Quality Fund – The investment objective of the U.S. Equity Long-Term Quality Fund is to achieve long-term capital appreciation. The Fund seeks to achieve its investment objective by investing substantially in a portfolio of U.S. equities. The Fund seeks to invest in what the Fund believes are quality companies, i.e., companies that the Fund considers to have, among other things, an ability to generate an elevated level of return on invested capital significantly above the cost of capital. Under normal market conditions, the U.S. Equity Long-Term Quality Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purpose) in equity securities located in the United States. For these purposes, a company is considered located in the United States if: (i) the company’s securities are principally traded on a U.S. securities exchange or (ii) the company is organized in the United States. Equity securities include common stock, preferred stock, convertible debt securities and depositary receipts. The Fund may invest in issuers with market capitalizations of any size, though it generally expects to focus on issues with market capitalization in excess of $1 billion. The Fund’s inception date was September 30, 2019.

 

Fiera Capital Inc. (the “Adviser”) serves as the investment adviser of the Funds. The Board of Trustees of the Trust (the “Board”) has the overall responsibility for monitoring the operations of the Trust and the Funds, including the Adviser.

 

35

 

 

Fiera Capital Series Trust

 

Notes to the Financial Statements
March 31, 2023

 

2. Significant Accounting Policies

 

The Funds are investment companies; as such, these financial statements have applied the guidance set forth in the Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies. The policies are in conformity with the United States Generally Accepted Accounting Principles (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

 

Expenses – Expenses are accrued daily. Non-class specific expenses are allocated daily to each class of Shares based on the total Shares outstanding without distinction between Share classes. Expenses attributable to a particular class of Shares are allocated directly to that class. Expenses are subject to the Funds’ respective Expense Limitation Agreements (See Note 4).

 

Investment Valuation – Each Fund’s securities are generally valued at current market prices. Domestic exchange traded equity securities (other than those that trade on NASDAQ) are valued at their last reported composite sale prices as reported on such exchanges or, in the absence of any reported sale on a particular day, at their composite bid prices (for securities held long) or their composite ask prices (for securities held short), as reported by such exchanges. Securities traded on NASDAQ are valued: (i) at the NASDAQ Official Closing Price (“NOCP”) (which is the last trade price at or before 4:00 p.m. New York time adjusted up to NASDAQ’s best offer price if the last trade is below such bid and down to NASDAQ’s best offer price if the last trade is above such offer price); (ii) if no NOCP is available, at the last sale price on NASDAQ prior to the calculation of each Fund’s net asset value; (iii) if no sale is shown on NASDAQ, at the bid price; or (iv) if no sale is shown and no bid price is available for a period of seven business days, the price will be deemed “stale” and the value will be determined at fair value as determined in good faith by the Adviser, pursuant to policies adopted by the Board and under the supervision of the Board. Securities traded on a foreign securities exchange are valued at their last sale prices on the exchange where the securities are primarily traded, or in the absence of a reported sale on a particular day, at their bid prices (in the case of securities held long) or ask prices (in the case of securities held short) as reported by that exchange. The Funds do not separately isolate the foreign currency translation for investments, and as such, any impact of foreign exchange is recorded through net realized and unrealized gain (loss) on investments and foreign currency.

 

Other securities for which market quotations are readily available are valued at their bid prices (or ask prices in the case of securities held short) as obtained from one or more dealers making markets for those securities. If market quotations are not readily available, the security must be valued at fair value (the amount which a Fund might reasonably expect to receive for the security upon its current sale) (“Fair Value Pricing”). The Board has delegated to the Trust’s Valuation Designee, the Fund’s Adviser, the responsibility for making all Fair Value Pricing determinations, subject to the oversight of the Board.

 

Any debt securities (other than convertible securities) are valued in accordance with the procedures described above which, with respect to these securities, may include the use of valuations furnished by a pricing service which employs a matrix to determine valuations for normal institutional size trading units. The Adviser monitors the reasonableness of valuations provided by the pricing service. Such debt securities with remaining maturities of 60 days or less may, absent unusual circumstances, be valued at amortized cost.

 

If, in the view of the Adviser, the bid price of a debt security (or ask price in the case of any such security held short), or the bid, ask, or price of any other type of security, does not fairly reflect the market value of the security, the Adviser may value the security at fair value. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars using foreign exchange rates provided by a pricing service compiled as of 4:00 p.m. New York time. Trading in foreign securities generally is completed, and the values of foreign securities are determined prior to the close of securities markets in the U.S. Foreign exchange rates are also determined, prior to such close. On occasion, the values of foreign securities and exchange rates may be materially affected by events occurring before each Fund calculates its net asset value per share but after the close of the primary markets or exchanges on which foreign securities are traded. These intervening events might be country-specific (e.g., natural disaster, economic or political developments, interest-rate change), issuer-specific (e.g., earnings report, merger announcement), or U.S. market- specific (e.g., a significant movement in the U.S. markets that is deemed to affect the value of foreign securities). When such an event materially affects the values of securities held by the Funds or their liabilities (including foreign securities for which there is a readily available market price), such securities and liabilities may be

 

36

 

 

Fiera Capital Series Trust

 

Notes to the Financial Statements
March 31, 2023

 

valued at fair value as determined in good faith by the Adviser, pursuant to procedures adopted by the Board. The Funds have retained an independent fair value pricing service to assist in fair valuing foreign securities. The service utilizes statistical data based on historical performance of securities, markets, and other data in developing factors used to estimate fair value.

 

GAAP defines fair value by establishing a three-tier framework for measuring fair value based on a hierarchy of inputs, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly and how that information must be incorporated into a fair value measurement. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and each Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the fair value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:

 

 

Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities.

 

 

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc. and quoted prices for identical or similar assets in markets that are not active).

 

 

Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the valuation inputs, representing 100% of the Funds’ investments, used to value the Funds’ assets and liabilities as of March 31, 2023:

 

   

Small/Mid-Cap Growth Fund

         

 

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Common Stocks*

  $ 72,894,990     $     $     $ 72,894,990  

Total

  $ 72,894,990     $     $     $ 72,894,990  

 

   

International Equity Fund

         

 

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Common Stocks

                               

Australia

  $     $ 5,198,906     $     $ 5,198,906  

Canada

    8,134,858                   8,134,858