National Bank Financial Group

National Bank Financial Group
Meritage Portfolios(TM)

Meritage Portfolios(TM)

March 02, 2010 14:12 ET

Changes to the Makeup of the Meritage Portfolios®

MONTREAL, QUEBEC--(Marketwire - March 2, 2010) - (TSX:NA) - Around March 31, 2010, National Bank Securities Inc. will proceed in initiating changes to the composition of the Meritage Portfolios®.

On October 31, 2006, Finance Minister Jim Flaherty announced the implementation of a tax fairness plan which will impose a distribution tax on income trusts as of 2011. Since this declaration, the income trust universe of mutual funds has evolved significantly. With the due date approaching, National Bank Securities Inc. conducted an analysis of the underlying funds in collaboration with Aon Consulting. In order to maintain an optimal diversification among the various asset classes in the Meritage Portfolios®, a decision was made regarding the removal of the BMO Guardian Monthly High Income II Fund from the Meritage Income Portfolios®. The assets invested in this fund will be redistributed to other existing funds in the Canadian equity class.

In addition, further to an optimization of the potential investment returns and the reduction in the volatility associated with global equities, the Brandes Global Small Cap Fund will also be removed from the Meritage Portfolios® and will be replaced by the AGF Emerging Markets Fund.

Funds are selected with the help of a quantitative approach known as the Select Rating System™. In order to ensure complete objectivity in the fund selection process, it is important to note that no National Bank Securities funds are included in the Meritage Portfolios®. Moreover, the fund selection and monitoring process for Meritage Portfolios® is approved and supervised by Aon Consulting.

The 14 Meritage Portfolios® were built to suit the needs of investors with varying risk tolerance levels and investment horizons. They offer a complete investment solution with optimal diversification across asset classes, regions, market capitalizations and management styles in an integrated fund-of-funds structure.

Each portfolio contains a blend of the best funds on the market. From a total of 5,000 funds available to investors, 23 were carefully selected based on their potential return, sustained performance over time and the synergy of their managers' investment approaches. The asset under management in the Meritage Portfolios® currently amount to more than $720 million. Further information is available at

About National Bank of Canada

National Bank of Canada is an integrated group that provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has over $134 billion in assets and, together with its subsidiaries, employs 17,946 people. The Bank's securities are listed on the Toronto Stock Exchange (TSX:NA). For more information, visit the Bank's website at

About Meritage Portfolios®

Meritage Portfolios® (the "Portfolios") are offered by National Bank Securities Inc., a wholly owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with Portfolios investments. Please read the prospectus before investing. The Portfolios securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Portfolios are not guaranteed, their values change frequently and past performance may not be repeated. "Meritage Portfolios®" and the Meritage Portfolios logo are trademarks of National Bank of Canada, used under license by National Bank Securities. AGF: The AGF logo and "What are you doing after work?" are trademarks of AGF Management Limited and are used under licence.

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Contact Information

  • National Bank Financial Group
    Denis Dube
    Director, Public Relations