9AT: PINESTONE ASSET MANAGEMENT INC.

other names

Adviser Profile

As of Date	03/28/2025
Adviser Type - Large advisory firm - Outside the United States - An investment adviser (or subadviser) to an investment company
Number of Employees	36 63.64%
of those in investment advisory functions	10 11.11%
Registration	SEC, Approved, 12/20/2021

AUM^*	50,775,494,391 26.05%
of that, discretionary	46,336,499,546 24.99%
Private Fund GAV^*	750,952,860 66.96%
Avg Account Size	518,117,290 -84.57%
SMA’s	No
Private Funds	2
Contact Info	438 xxxxxxx
Websites

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

Fund Type	Count	GAV
Fund TypeOther Private Fund	Count2	GAV$750,952,860

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 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
Adviser MARATHON-LONDON	Hedge Fund7.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV7.1b	AUM37.4b	#Funds8
Adviser SANDS CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund511.9m	Total Private Fund GAV511.9m	AUM45.2b	#Funds6
Adviser HARBOR CAPITAL ADVISORS, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund921.9m	Total Private Fund GAV921.9m	AUM64.8b	#Funds1
Adviser THORNBURG INVESTMENT MANAGEMENT INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund3.3m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund36.7m	Total Private Fund GAV40.1m	AUM45.3b	#Funds3
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	AUM41.5b	#Funds30
Adviser GLOBAL X MANAGEMENT COMPANY LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM55.7b	#Funds-
Adviser POLEN CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund72.5m	Total Private Fund GAV72.5m	AUM37.7b	#Funds1
Adviser FUNDSMITH, LLP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.2b	Total Private Fund GAV1.2b	AUM37.5b	#Funds3
Adviser PACIFIC LIFE FUND ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund57.9m	Total Private Fund GAV57.9m	AUM41.1b	#Funds1

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker874039100	Stock NameTAIWAN SEMICONDUCTOR MFG LTD	$ Position$1,126,363,286	% Position9.00%	$ Change23.00%	# Change46.00%
Stck Ticker02079K305	Stock NameALPHABET INC	$ Position$1,010,360,852	% Position8.00%	$ Change8.00%	# Change33.00%
Stck Ticker053332102	Stock NameAUTOZONE INC	$ Position$1,034,167,009	% Position8.00%	$ Change51.00%	# Change27.00%
Stck Ticker594918104	Stock NameMICROSOFT CORP	$ Position$1,099,694,119	% Position8.00%	$ Change16.00%	# Change31.00%
Stck Ticker615369105	Stock NameMOODYS CORP	$ Position$975,838,959	% Position7.00%	$ Change34.00%	# Change36.00%
Stck Ticker57636Q104	Stock NameMASTERCARD INCORPORATED	$ Position$814,977,703	% Position6.00%	$ Change30.00%	# Change25.00%
Stck Ticker12572Q105	Stock NameCME GROUP INC	$ Position$627,459,929	% Position5.00%	$ Change62.00%	# Change42.00%
Stck Ticker872540109	Stock NameTJX COS INC NEW	$ Position$550,942,568	% Position4.00%	$ Change35.00%	# Change34.00%
Stck Ticker824348106	Stock NameSHERWIN WILLIAMS CO	$ Position$523,954,008	% Position4.00%	$ Change37.00%	# Change33.00%
Stck Ticker91324P102	Stock NameUNITEDHEALTH GROUP INC	$ Position$588,186,439	% Position4.00%	$ Change34.00%	# Change30.00%

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.

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PINESTONE ASSET MANAGEMENT INC.

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