Fiera Capital Inc. (Fiera) has been added to the SGMF U.S. Large Companies Fund (the Fund) as at 5 April 2017.

Addition of Fiera

What They Do

Fiera’s investment team seeks to identify best-of-breed companies in attractive industries by focusing on sustainable competitive advantages, high barriers to entry and defensible pricing power. Fiera believes that if its portfolio of companies compounds capital at a faster rate than the general market and with a multiple at or below the market, it can generate above-benchmark returns.

How They Do It

Fiera’s team employs a screening and ranking methodology that narrows the investable universe from 3,000 to 450 companies by focusing on minimum market capitalisation and liquidity constraints as well as minimum profitability and debt levels.

The team’s most prolific source of idea generation is conversations with its competitors, which either reinforce the team’s belief that it owns the leading company in an industry, or help to identify potential opportunities when there has been a shift in leadership.

Analysts assess a company’s valuation using several different methodologies. Weekly investment meetings give team members the chance to provide input on each holding. Portfolio manager Nadim Rizk makes the final investment decisions.

About Fiera

Fiera was founded in 2003 and is headquartered in Montreal, with offices across Canada as well as in New York City and Los Angeles. As at 31 December 2016, the firm had more than $116 billion in assets under management and over 500 employees.

Glossary of Financial Terms:

• Liquidity: Liquidity refers to the ease at which a holding can be bought or sold.

IMPORTANT NOTE: The opinions and views contained in this document are solely those of SEI and are subject to change; descriptions relating to organisational structure, teams, and investment processes herein may differ significantly from those prescribed by underlying managers regarding their own investment houses and investments.

Important Information:

Past performance is not a guarantee of future performance.

Investments in SEI Funds are generally medium to long term investments. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. Additionally, this investment may not be suitable for everyone. If you should have any doubt whether it is suitable for you, you should obtain expert advice.

No offer of any security is made hereby. Recipients of this information who intend to apply for shares in any SEI Fund are reminded that any such application may be made solely on the basis of the information contained in the Prospectus. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any stock in particular, nor should it be construed as a recommendation to purchase or sell a security, including futures contracts.

In addition to the normal risks associated with equity investing, international investments may involve risk of capital loss from unfavourable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. High yield bonds involve greater risks of default or downgrade and are more volatile than investment grade securities, due to the speculative nature of their investments. Narrowly focused investments and smaller companies typically exhibit higher volatility. SEI Funds may use derivative instruments such as futures, forwards, options, swaps, contracts for differences, credit derivatives, caps, floors and currency forward contracts. These instruments may be used for hedging purposes and/or investment purposes.

While considerable care has been taken to ensure the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information and no liability is accepted for any errors or omissions in such information or any action taken on the basis of this information.