ADDITIONAL INFORMATION
This contains important information about the NorthQuest Capital Fund, Inc. - NQCFX for the period January 1, 2025 to June 30, 2025.
You can find additional information about the Fund at www.NorthQuestFund.com. You can also request this information by contacting us at 1-800-239-9136.
expense Information
What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| NorthQuest Capital Fund, Inc. | $73 | 1.44% |
*Annualized
managment’s discussion of fund performance
To the Shareholders of NorthQuest Capital Fund, Inc:
Our Fund began the year at a share price of $26.16 and ended at a share price of $27.53 for the first six-months of 2025. The Fund’s total return for this period increased 5.24%. Please see the following performance comparison chart.
| 2025 Performance | |
| The Fund and Other Indexes | Year-To-Date |
| NorthQuest Capital Fund | 5.24% |
| Dow Jones Industrial Average | 3.64% |
| NASDAQ Composite | 5.48% |
| S&P500 Index with dividends reinvested | 6.20% |
Portfolio Adjustments
During the first half of 2025 the Fund purchased 200 shares of Caterpillar Inc. (CAT), 200 shares of Nvidia Corp. (NVDA), and 1,000 shares of Veeva Systems Inc. (VEEV).
The Fund sold all of its shares of Pool Corp, Advanced Drainage Systems Inc. and UnitedHealth Group. A slowdown in residential and commercial construction activity throughout the U.S negatively impacted the financial performances of Pool Corp. and Advanced Drainage Systems Inc. Additionally, the management team at UnitedHealth Group failed to recognize and calculate the higher costs in accepting new clients with complex pre-existing medical conditions.
VEEV is a new addition to our portfolio. The following paragraph is a profile of VEEV. “Veeva Systems Inc. is a leading provider of industry-specific, cloud-based software solutions for the life sciences industry. VEEV offers solutions to enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.” Basically, VEEV has technology that help medical companies develop, research, market, and sell new products quickly and efficiently while at the same time meeting required government regulations and patient safety guidelines.
Fund Performance and Strategy
The U.S. stock markets were extremely volatile during the first six-months of 2025. Trump policies, the advancement of Artificial Intelligence (AI), and several wars overseas scared many investors. The Fund made minor adjustments as stated above but remained fully invested with minimal cash or cash equivalents. The Fund’s investment strategy stayed constant with a focus on individual companies that are consistently growing their revenues, earnings, and efficiently reinvesting those earnings back into their businesses.
You will find enclosed the Fund’s financial report. Please do not hesitate to call or write me with regard to any comments or questions about this report. Thank you for investing with us.
Sincerely,
Peter J. Lencki, President
Performance graph
AVERAGE ANNUAL RETURNS
| 1 Year | 5 Years | 10 Year | |
| NorthQuest Capital Fund, Inc. | 10.96% | 12.73% | 11.85% |
| S&P 500 Index with dividends reinvested | 15.16% | 16.63% | 13.63% |
Fund statistics
| PORTFOLIO | PORTFOLIO | ADVISORY FEES | |
| NET ASSETS: | HOLDINGS: | TURNOVER: | PAID BY FUND: |
| $8,923,474 | 22 | 4.56% | $42,174 |
top ten holdings
| 1. | Arthur J. Gallagher & Co. | 6.82% |
| 2. | Fortinet, Inc. | 5.92% |
| 3. | Monolithic Power Systems, Inc. | 5.74% |
| 4. | Mastercard, Inc. Class A | 5.67% |
| 5. | Microsoft Corp. | 5.57% |
| 6. | Apple, Inc. | 5.52% |
| 7. | Intuit, Inc. | 5.30% |
| 8. | Arista Networks, Inc. | 5.04% |
| 9. | S&P Global, Inc. | 4.73% |
| 10. | Parker-Hannifin Corp. | 4.70% |
| Total % of Net Assets | 55.01% |
How has the fund changed
The Fund has not had any material changes during the period ended June 30, 2025.