Dear Fellow Shareholders,
As Blake Walker, CEO, mentioned in his Annual Letter, as of January 1, 2025, we will be temporarily reopening all of our soft-closed funds including the Grandeur Peak Global Opportunities Fund (GPGOX/GPGIX), Grandeur Peak International Opportunities Fund (GPIOX/GPIIX), Grandeur Peak Emerging Markets Opportunities Fund (GPEOX/GPEIX), Grandeur Peak Global Reach Fund (GPROX/GPRIX), Grandeur Peak Global Micro Cap Fund (GPMCX), and the Grandeur Peak International Stalwarts Fund (GISOX/GISYX). We look to reopen our funds for the benefit of investors when the market gives us a compelling investment opportunity and we have the capacity to take on additional assets. Clients may remember us doing so for a few months in early 2020 after the sharp market pullback brought on by the COVID pandemic. As you know, we are big believers in “eating our own cooking,” so Grandeur Peak will also be adding more of our balance sheet capital into our Funds.
Also, while we could never expect to consistently outperform over short timeframes, we do feel like a three-year window is typically enough time to overcome spurious short-term headwinds. Unfortunately, our growth funds have failed to do so. You, our clients, have been remarkably patient, perhaps more so than we deserved. As a demonstration of our gratitude and in acknowledgement that we haven’t lived up to our own expectations, we will be applying a modest fee waiver to our small- and mid-cap growth funds for the full 2025 calendar year.
Funds with a 10 basis point waiver
- Emerging Markets Opportunities
- Global Explorer
- Global Opportunities
- Global Reach
- International Opportunities
Funds with a 5 basis point waiver
- Global Stalwarts
- International Stalwarts
- US Stalwarts
Juliette Douglas will be added as a Co-Portfolio Manager (PM) of the Grandeur Peak Emerging Markets Opportunities Fund with Blake Walker. Juliette will remain as a PM of the International Opportunities Fund and the Global Reach Fund. Also, Ben Gardiner will be added as a Portfolio Manager of the Grandeur Peak Global Reach Fund, as part of the Health Care team. Ben will remain a Co-PM with Blake Walker on the Global Opportunities Fund. Additional Portfolio Managers continuing their management assignment on the Global Reach Fund include Brad Barth, Liping Cai, Tyler Glauser, Mark Madsen, Phil Naylor, and Amy Hu Sunderland.
Best Regards,
Todd, Jesse, & Amy
Todd Matheny, CAIA®
Head of Client Relations
801.384.0095
Jesse Pricer, CFA®
Exec. Director, Client Relations
801.384.0010
Amy Johnson, CFP®
Sr. Manager, Client Relations
801.384.0044
An investment in Grandeur Peak Funds involves risk, including loss of principal. An investor should consider investment objectives, risks, charges, and expenses carefully before investing. To obtain a prospectus containing this and other information, visit grandeurpeakglobal.com or call 1-855-377-PEAK (7325). Please read it carefully before investing.
CFA® is a trademark owned by CFA Institute. The Chartered Financial Analyst (CFA) designation is issued by the CFA Institute. Candidates must meet one of the following prerequisites: undergraduate degree and 4 years of professional experience involving investment decision-making, or 4 years qualified work experience (full time, but not necessarily investment related). Candidates are then required to undertake extensive self-study programs (250 hours of study for each of the 3 levels) and pass examinations for all 3 levels.
Grandeur Peak Funds are distributed by Northern Lights Distributors, LLC (Member FINRA). Todd Matheny, Jesse Pricer and Amy Johnson are registered representatives of Foreside Financial Services, LLC. Northern Lights Distributors, LLC, Foreside Financial Services, LLC, and Grandeur Peak Global Advisors, LLC are not affiliated. ©2025 Grandeur Peak Global Advisors, LLC.
