Raleigh, NC—March 8, 2023 — Cardinal Capital Management, Inc. has been awarded PSN Manager of the Decade and Top Guns designations for its Small Cap Core equity portfolio by Zephyr’s PSN manager database, North America’s longest running database of investment managers. This is the Second Year in a row for Cardinal Capital’s Small Cap Portfolio earning the Manager of the Decade honor. Cardinal Capital’s U.S. Large Cap Core and Balanced portfolios each have been awarded Manager of the Decade Designation in the past. The highly anticipated list, published by Zephyr, remains one of the most important references for investors and asset managers.
The Manager of the Decade criteria require returns that must be greater than the style benchmark for the ten-year period, and standard deviation (volatility) less than the style benchmark for the ten-year period. At this point, the top ten performers for the latest ten-year period become the PSN Top Guns Manager of the Decade.
“We are pleased to receive this recognition again for our Small Cap Core equity portfolio. The PSN award recognizes Cardinal Capital’s enduring performance with respect to superior risk-adjusted returns versus the benchmark on a consistent basis over a period of ten years.” said Glenn C. Andrews, President and Chief Investment Officer.
Cardinal Capital Management’s Small Cap Core equity portfolio is comprised of high-quality small cap companies, generally up to $4 billion in market capitalization at the time of investment, trading at attractive prices. The Small Cap Core equity portfolio seeks long-term capital appreciation with lower volatility in an effort to enhance the portfolio’s overall risk-adjusted returns.
“With the growing interest in separately managed accounts (SMA), the PSN Top Guns List has attracted greater attention,” says Margaret Tobiasen, SVP of Data Distribution who cites PSN’s pioneering efforts as the first SMA database as the reason for the list’s popularity. “Cardinal Capital has done remarkable work and we are pleased to include them as a top performer.”
Through a combination of PSN’s proprietary performance screens, the PSN Top Guns List ranks products in six proprietary categories in over 75 universes based on continued performance over time. The complete list of PSN Top Guns and an overview of the methodology can be located on https://psn.fi.informais.com/. Registration is required.
About Cardinal Capital Management, Inc.
Cardinal Capital Management Inc. is an independent registered investment management firm established in 1992, that manages equity, fixed income and balanced assets for U.S. clients. The company’s clients include individuals, trusts, corporations, and foundations. Cardinal Capital Management claims compliance with the Global Investment Performance Standards (GIPS®). A complete list of composite descriptions and compliant presentations are available by calling (919) 532-7500 or contacting Wes Andrews at wandrews@cardinalcapitalmanagement.com. For more information, please visit http:// www.cardinalcapitalmanagement.com.
About PSN
For nearly four decades, PSN has been a top resource for investment professionals. Asset managers rely on Zephyr’s PSN to effectively reach institutional and retail investors. Over 2,800 firms, 285 universes, and more than 21,000 products comprise the PSN SMA database showing asset breakdowns, compliance, key personnel, ownership diversity, ESG, business objectives and strategy, style, fees, GIC sectors, fixed income ranges and full holdings. Unique to PSN is its robust historical database of nearly 40 Years of Data Including Net and Gross-of-Fee Returns. For more details on the methodology behind the PSN Top Guns Rankings or to purchase PSN Top Guns Reports, contact Margaret Tobiasen at Margaret.tobiasen@informa.com. Visit PSN online to learn more.


Cardinal Capital Management Disclaimer
Performance results represent composite results for the Small Capitalization strategy managed by Cardinal Capital Management, Inc. (“Cardinal”) during the corresponding time periods. The performance results reflect the reinvestment of dividends and other account earnings, and are net account transaction and custodial charges, and Cardinal’ s investment management fee except for those performance returns that are compared to other similarly benchmarked managers (for example, managers whose performance is compared to the FTSE Russell 2,000 index) in charts which results were prepared utilizing investment managers database and the PSN investment managers database which are reported gross of investment management fees, including Cardinal management fee- (see Gross of Fees disclosure below).
Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that future performance will be profitable, or equal either the Cardinal performance results reflected or any corresponding historical benchmark index. FTSE Russell provides float-adjusted, market capitalization weighted indices for a precise picture of the market. FTSE Russell chooses the member companies for the Russell 2,000 based on the market size, liquidity, and industry group representation. Included are the common stocks of industrial, financial, utility, and transportation companies. The historical performance results of the Russell 2,000 (and those of or all indices) do not reflect the deduction of transaction and custodial charges, nor the deduction of an investment management fee, the incurrence of which would have the effect of decreasing indicated historical performance results. The historical Russell 2,000 performance results (and those of all other indices) are provided exclusively for comparison purposes only, so as to provide general comparative information to assist an individual client or prospective client in determining whether the performance of a Cardinal portfolio meets, or continues to meet, his/her investment objective(s). It should not be assumed that Cardinal account holdings will correspond directly to the Russell 2,000 or any other comparative index. The Cardinal performance results do not reflect the impact of taxes.
For reasons including variances in portfolio account holdings, variances in the investment management fee incurred, market fluctuation, the date on which a client engaged Cardinal’s investment management services, and account contributions or withdrawals, the performance of a specific client’s account may have varied substantially from the indicated Cardinal portfolio performance results. Cardinal Capital Management’s compliance with the GIPS standards has been verified for the period April 1, 2017 through December 31, 2022 by ACA Performance Services LLC and between the periods April 1, 1992 through March 31, 2017 by Ashland Partners & Company LLP. In addition, a performance examination was conducted on the Small Cap composite beginning December 31, 2010 through December 31, 2022. A copy of the verification report is available upon request. Information pertaining to Cardinal’s advisory operations, services, and fees is set forth in Cardinal’s current disclosure statement a copy of which is available from Cardinal upon request.
Gross of Fees (charts from PSN investment managers database) Comparative managers’ investment performance is shown in these charts gross of their management fees and Cardinal’s investment performance is shown gross of Cardinal’s investment management fees (as described in Cardinal’s written disclosure statement), the incurrence of which will have the effect decreasing the composite performance results (for example: an advisory fee of 1.5% compounded over a 10-year period would reduce a 10% return to an 8.5% annual return).