9AT: PINESTONE ASSET MANAGEMENT INC.

other names

PINESTONE ASSET MANAGEMENT INC.
GESTION D'ACTIFS STONEPINE INC.
STONEPINE ASSET MANAGEMENT INC.
STONEPINE ASSET MANAGEMENT
GESTION D'ACTIFS PINESTONE INC.

Adviser Profile

As of Date	03/30/2026
Registration	SEC, Approved, 12/20/2021
ADV Location	MONTREAL, QUEBEC, Canada
Contact Info	438 xxxxxxx
Websites

AUM^*	54,134,531,229 22%
of that, discretionary	50,496,900,365 25%
Private Fund GAV^*	878,200,455 17%
Avg Account Size	546,813,447 15%
SMA’s	No
Private Funds	4 2

Adviser Type

- Large advisory firm
- Outside the United States
- An investment adviser (or subadviser) to an investment company

Number of Employees 46 70%

of those in investment advisory functions 13 30%

Client Types

- Investment companies
- Pooled investment vehicles
- Pension and profit sharing plans
- Charitable organizations
- State or municipal government entities
- Other investment advisers
- Corporations or other businesses not listed above
- Other

Advisory Activities

- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

SEC Fund Type	Count	GAV
Fund TypeOther Private Fund	Count4	GAV$878,200,455

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser CAPITAL GROUP PRIVATE CLIENT SERVICES, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund111.4m	Total Private Fund GAV111.4m	AUM42.7b	#Funds3
Adviser RUFFER LLP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund4.6b	Total Private Fund GAV4.6b	AUM24.2b	#Funds1
Adviser PACIFIC LIFE FUND ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund60.6m	Total Private Fund GAV60.6m	AUM42.8b	#Funds1
Adviser POLEN CAPITAL MANAGEMENT, LLC	Hedge Fund85.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund23.5m	Total Private Fund GAV108.6m	AUM24.1b	#Funds3
Adviser THORNBURG INVESTMENT MANAGEMENT INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund2.7m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund49.9m	Total Private Fund GAV52.6m	AUM54.5b	#Funds3
Adviser CALAMOS ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund215.1m	Total Private Fund GAV215.1m	AUM43.9b	#Funds5
Adviser BARROW HANLEY GLOBAL INVESTORS	Hedge Fund-	Liquidity Fund-	Private Equity Fund115.0m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund527.6m	Total Private Fund GAV642.6m	AUM59.0b	#Funds6
Adviser MONDRIAN INVESTMENT PARTNERS LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund5.2b	Total Private Fund GAV5.2b	AUM49.3b	#Funds30
Adviser JARISLOWSKY FRASER LTD	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM38.2b	#Funds-
Adviser SILCHESTER INTERNATIONAL INVESTORS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund33.3b	Total Private Fund GAV33.3b	AUM38.0b	#Funds4

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker874039100	Stock NameTAIWAN SEMICONDUCTOR MANUFAC	$ Position$1,787,553,408	% Position13.00%	$ Change-6.00%	# Change-15.00%
Stck Ticker02079K305	Stock NameALPHABET INC	$ Position$1,488,064,050	% Position10.00%	$ Change-17.00%	# Change-10.00%
Stck Ticker594918104	Stock NameMICROSOFT CORP	$ Position$1,060,974,961	% Position7.00%	$ Change-25.00%	# Change-2.00%
Stck Ticker615369105	Stock NameMOODYS CORP	$ Position$1,025,093,270	% Position7.00%	$ Change-16.00%	# Change-1.00%
Stck Ticker57636Q104	Stock NameMASTERCARD INCORPORATED	$ Position$904,604,950	% Position6.00%	$ Change-7.00%	# Change7.00%
Stck Ticker053332102	Stock NameAUTOZONE INC	$ Position$867,565,904	% Position6.00%	$ Change-5.00%	# Change-5.00%
Stck Ticker12572Q105	Stock NameCME GROUP INC	$ Position$766,318,359	% Position5.00%	$ Change7.00%	# Change-1.00%
Stck Ticker824348106	Stock NameSHERWIN WILLIAMS CO	$ Position$534,162,276	% Position4.00%	$ Change-4.00%	# Change-3.00%
Stck Ticker55354G100	Stock NameMSCI INC	$ Position$526,490,954	% Position4.00%	$ Change-8.00%	# Change-2.00%
Stck Ticker872540109	Stock NameTJX COS INC NEW	$ Position$624,157,107	% Position4.00%	$ Change-4.00%	# Change-8.00%

Brochure Summary

Overview

PineStone Asset Management Inc. (“PineStone” or the “Firm”) is a boutique investment manager based in Montreal, QC, Canada. Our Firm was founded in 2021 by Nadim Rizk who serves as PineStone’s Chief Executive Officer, Chief Investment Officer and Lead Portfolio Manager and is PineStone’s majority owner. PineStone also has an equity participation plan for key employees of the firm which is primarily comprised of members of the Firm’s investment team. PineStone was formed with the singular mission to provide our clients with what the Firm believes to be superior risk-adjusted returns over the long term through disciplined, rigorous fundamental analysis and portfolio management. PineStone provides investment advisory and sub-advisory services on a fully discretionary or non- discretionary basis. PineStone also provides investment management services to private investment funds that are offered to investors on a private placement basis (the PineStone Global Equity Fund LLC and the PineStone International Equity Fund LLC, both Delaware limited liability companies, together the “Funds”). PineStone also offers Collective Investment Trusts (CITs) for approved qualified retirement assets in the United States, including the PineStone U.S. Equity CIT and the PineStone International Equity CIT. Lastly, PineStone provides investment management services to separately managed accounts and pooled investment vehicles in Canada for

Canadian institutional investors. We focus primarily on managing four equity investment strategies: Global Equity, International (Non- U.S.) Equity, US Equity and Global Small Cap. Subject to client-driven restrictions, all portfolios in each strategy are managed similarly to limit the dispersion of returns across client portfolios. A client may customize its investments with investment guidelines, restrictions, and limitations (“guidelines”). These client-driven guidelines are typically set forth in the investment management agreement between our clients and us. Our management of the Funds consists of investment advice provided directly to the Funds; advice is not provided directly to investors in the Funds. Investors in the Funds may not restrict investments by the Funds in any capacity. PineStone also serves as a sub-adviser to pooled investment vehicles, investment companies, and CITS. This Brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. Persons reviewing this Brochure should not construe this as an offer to sell or solicitation of an offer to buy the securities of any of the Funds described herein. Any such offer of solicitation will be made only by means of a confidential private placement memorandum. As of December 31, 2023, PineStone managed US$40,473 billion in client assets on a discretionary basis, and $3,862 billion on a non-discretionary basis.

PINESTONE ASSET MANAGEMENT INC.

Adviser Profile

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