December 31, 2025
A mid- and large-cap growth-style fund seeking long-term capital appreciation.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in Canadian equities and in short-term fixed income securities.
- You're comfortable with a medium level of risk.
RISK RATING
How is the fund invested? (as of October 31, 2025)
| Name | Percent |
|---|---|
| Canadian Equity | 95.8 |
| US Equity | 2.4 |
| Cash and Equivalents | 1.8 |
| Name | Percent |
|---|---|
| Canada | 97.6 |
| United States | 2.4 |
| Name | Percent |
|---|---|
| Financial Services | 32.2 |
| Basic Materials | 13.3 |
| Technology | 12.5 |
| Energy | 11.3 |
| Consumer Services | 8.3 |
| Industrial Services | 6.2 |
| Real Estate | 5.2 |
| Utilities | 4.4 |
| Consumer Goods | 2.1 |
| Other | 4.5 |
Growth of $10,000 (since inception)
For the period 01/15/2001 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $51,172
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Royal Bank of Canada | 7.8 |
| Shopify Inc Cl A | 7.2 |
| Toronto-Dominion Bank | 4.9 |
| Canadian Imperial Bank of Commerce | 4.0 |
| Brookfield Corp Cl A | 3.7 |
| Bank of Montreal | 3.1 |
| Constellation Software Inc | 2.6 |
| National Bank of Canada | 2.5 |
| Capital Power Corp | 2.5 |
| Canadian Pacific Kansas City Ltd | 2.4 |
| Total allocation in top holdings | 40.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.6% |
| Dividend yield | 1.7% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $107,358.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 1.0 | 13.0 | 24.9 | 24.9 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 16.6 | 14.1 | 10.5 | 6.8 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 24.9 | 17.3 | 8.2 | -1.0 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -1.0 | 23.2 | 3.3 | 19.6 |
Range of returns over five years (February 01, 2001 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 17.0% | Oct 2007 | -2.8% | May 2012 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 7.0% | 91 | 219 | 21 |
Q3 2025 Fund Commentary
Market commentary
Canada’s economy faced challenges in the third quarter as trade tensions with the U.S. continued. This weighed on trade activity and the manufacturing sector. Household spending demonstrated resiliency despite a slowing labour market and economic uncertainty.
The Bank of Canada (BoC) lowered its key interest rate to 2.50%, citing a weaker labour market and easing inflation. The BoC emphasized a cautious approach to balancing growth and price stability. Canada’s unemployment rate was 7.1%, the highest since 2021, with youth unemployment rising sharply.
The Canadian equity market posted strong gains, with the S&P/TSX Composite Index rising 12.5%. Materials, information technology, energy and financials outperformed. The energy sector performed largely in line with the market, challenged by lower oil prices and trade-related issues.
Performance
The Fund’s relative exposure to Capital Power Corp., AutoZone Inc. and Aritzia Inc. contributed to performance. Capital Power benefited from mergers and acquisitions, re-contracting and new projects. Both AutoZone and Aritzia posted strong quarterly results.
Relative exposure to Constellation Software Inc. and Celestica Inc. detracted from the Fund’s performance. Constellation Software’s stock fell amid concerns around artificial intelligence (AI) disintermediation. A lack of ownership in Celestica was a detractor as the stock rose on perceived growth from AI-related contract wins.
At the sector level, stock selection in utilities and consumer discretionary contributed to the Fund’s performance. Underweight exposure to materials and stock selection in information technology and energy detracted from performance.
Portfolio activity
Rogers Communications Inc. was added given an improving outlook for the wireless segment and the underappreciated valuation of its sports franchises. Equinox Gold Corp. was added based on its growth profile and valuation. StorageVault Canada Inc. was added for its above-average earnings growth and consolidation in the self-storage space.
Gold positions, including Alamos Gold Inc. and IAMGOLD Corp., were increased because of the strong outlook for gold. Shopify Inc. was increased based on solid execution and unique position in the ecommerce ecosystem. TC Energy Corp. was increased because of its growth program and positioning in the natural gas distribution space.
Definity Financial Corp. was sold as the sub-advisor views the stock as fully valued. Teck Resources Ltd. was sold amid concerns over the ramp-up of the Quebrada Blanca mine. Canadian Apartment Properties REIT was sold based on muted growth prospects.
Because of near-term weakness in natural gas pricing, ARC Resources Ltd. and Tourmaline Oil Corp. were reduced. Intact Financial Corp. and Fairfax Financial Holdings Ltd. were reduced based on a softening in several key insurance markets. Thomson Reuters Corp. and Descartes Systems Group Inc. were trimmed because of perceived AI challenges.
Summary
For the period 01/15/2001 through 12/31/2025 with $10,000 CAD investment
Total returns performance
411.72%
Last price
$32.25 CAD
as of market close 12/31/2025
Value of $10,000 investment
$51,171.59 CAD
