December 31, 2025
A growth-style equity fund seeking strong long-term development by investing in Canadian energy and natural resource companies.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in Canadian energy and natural resource companies, with the oopportunity for foreign investments.
- You're comfortable with a high level of risk.
RISK RATING
How is the fund invested? (as of October 31, 2025)
| Name | Percent |
|---|---|
| Canadian Equity | 47.4 |
| International Equity | 34.9 |
| US Equity | 10.7 |
| Cash and Equivalents | 3.5 |
| Income Trust Units | 0.4 |
| Domestic Bonds | 0.3 |
| Other | 2.8 |
| Name | Percent |
|---|---|
| Canada | 51.2 |
| United Kingdom | 11.3 |
| United States | 10.7 |
| France | 5.9 |
| Brazil | 5.4 |
| Multi-National | 3.1 |
| Germany | 2.4 |
| Australia | 1.7 |
| Ireland | 1.4 |
| Other | 6.9 |
| Name | Percent |
|---|---|
| Basic Materials | 44.5 |
| Energy | 33.3 |
| Industrial Goods | 5.7 |
| Cash and Cash Equivalent | 3.5 |
| Mutual Fund | 2.3 |
| Real Estate | 1.8 |
| Utilities | 1.5 |
| Exchange Traded Fund | 0.8 |
| Technology | 0.4 |
| Other | 6.2 |
Growth of $10,000 (since inception)
For the period 11/24/2011 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $22,447
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Barrick Mining Corp | 4.3 |
| Cash and Cash Equivalents | 3.5 |
| Shell PLC - ADR | 3.3 |
| TotalEnergies SE - ADR | 3.2 |
| Endeavour Mining PLC | 3.1 |
| Tourmaline Oil Corp | 2.5 |
| Advantage Energy Ltd | 2.4 |
| Cenovus Energy Inc | 2.4 |
| Mackenzie Global Energy Opportunities Long/Short Fund | 2.3 |
| Alcoa Corp | 2.2 |
| Total allocation in top holdings | 29.2 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 13.3% |
| Dividend yield | 2.5% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $43,648.6 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 3.0 | 29.0 | 45.6 | 45.6 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 19.1 | 23.8 | 13.4 | 5.9 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 45.6 | 11.3 | 4.4 | 17.2 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 17.2 | 46.9 | 3.7 | 8.9 |
Range of returns over five years (December 01, 2011 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 30.1% | Mar 2025 | -11.3% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 5.0% | 58 | 64 | 46 |
Q3 2025 Fund Commentary
Market commentary
The global natural resources sector faced mixed conditions in the third quarter. While inflation moderated and central banks resumed interest rate cuts, geopolitical tensions and oversupply concerns weighed on sentiment. Oil prices declined modestly as global inventories rose.
The Canadian natural resources sector underperformed the broader market. The S&P/TSX Capped Energy Index rose 9.5%, benefiting from overall strong momentum in equity markets. However, weaker oil prices and trade-related issues weighed on the sector. Gains in gold and base metals supported the materials sector.
Globally, the MSCI World Energy Index increased 8.8%. Energy equities lagged broader markets, as concerns over excess supply and slowing demand. Investor focus shifted toward defensive sectors and other commodities, including gold, which reached new highs amid economic uncertainty.
Performance
The Fund’s relative exposure to Enerflex Ltd. and Cenovus Energy Inc. contributed to performance. Enerflex posted strong quarterly results, completed its Chief Executive Officer search, and benefited from strengthening fundamentals for gas compression and equipment providers. Cenovus benefited from improving fundamentals, positive quarterly results and asset sales in its downstream portfolio.
Relative exposure to Interfor Corp. and ARC Resources Ltd. detracted from the Fund’s performance. Interfor was under pressure from lumber prices and weak supply and demand fundamentals. ARC Resources faced operational challenges related to well performance and the ramp-up of its flagship asset, Attachie.
At the commodity level, overweight exposure to gold and copper companies contributed to the Fund’s performance, as did selection within copper firms. Overweight exposure to the oil and gas exploration segment detracted from performance.
Portfolio activity
The sub-advisor added Petroleo Brasileiro SA. Enerflex was increased as it continued to reduce debt and benefits from investment in natural gas and artificial intelligence. Coterra Energy Inc. was reduced in line with the Fund’s underweight exposure to oil.
Summary
For the period 11/24/2011 through 12/31/2025 with $10,000 CAD investment
Total returns performance
124.47%
Last price
$17.22 CAD
as of market close 12/31/2025
Value of $10,000 investment
$22,446.83 CAD
