December 31, 2025
The Fund seeks to provide long-term capital growth by investing in equity securities of companies anywhere in the world
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in global equities with less volatility.
- You're comfortable with a medium level of risk.
RISK RATING
How is the fund invested? (as of October 31, 2025)
| Name | Percent |
|---|---|
| US Equity | 66.6 |
| International Equity | 31.3 |
| Cash and Equivalents | 2.1 |
| Name | Percent |
|---|---|
| United States | 66.6 |
| United Kingdom | 6.1 |
| Japan | 4.3 |
| France | 4.0 |
| Germany | 3.9 |
| Taiwan | 2.4 |
| Canada | 2.1 |
| Switzerland | 1.9 |
| Singapore | 1.6 |
| Other | 7.1 |
| Name | Percent |
|---|---|
| Technology | 33.3 |
| Financial Services | 15.1 |
| Consumer Services | 9.1 |
| Healthcare | 8.8 |
| Industrial Goods | 8.0 |
| Consumer Goods | 8.0 |
| Industrial Services | 4.9 |
| Energy | 4.1 |
| Cash and Cash Equivalent | 2.1 |
| Other | 6.6 |
Growth of $10,000 (since inception)
For the period 07/12/2016 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $20,144
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Microsoft Corp | 6.0 |
| NVIDIA Corp | 5.5 |
| Apple Inc | 4.6 |
| JPMorgan Chase & Co | 3.6 |
| Amazon.com Inc | 3.6 |
| Alphabet Inc Cl A | 3.6 |
| Taiwan Semiconductor Manufactrg Co Ltd - ADR | 2.4 |
| Meta Platforms Inc Cl A | 2.3 |
| Broadcom Inc | 2.3 |
| Philip Morris International Inc | 2.3 |
| Total allocation in top holdings | 36.2 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.3% |
| Dividend yield | 1.6% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $1,701,756.3 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -1.5 | 7.8 | 13.7 | 13.7 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 14.6 | 11.1 | - | 7.7 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 13.7 | 22.2 | 8.3 | -2.7 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -2.7 | 15.5 | 0.3 | 11.6 |
Range of returns over five years (August 01, 2016 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 12.7% | Oct 2025 | 3.9% | Jun 2022 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 7.0% | 100 | 54 | 0 |
Q3 2025 Fund Commentary
Market commentary
The global economy was resilient in the third quarter despite trade uncertainty and geopolitical issues. U.S. tariffs weighed on sentiment, but monetary easing in key regions supported growth. Developed markets underperformed, while emerging markets, particularly in Asia, benefited from a weaker U.S. dollar.
Inflation moderated in most regions. Central banks in Canada and the U.K. cut interest rates, while the U.S. Federal Reserve Board lowered its policy rate to 4.00%–4.25%. Trade tensions continued to hamper investment and industrial activity, which government spending in Europe and China helped offset.
Global equity markets rose. The MSCI World Index gained 9.7%, supported by strong earnings and enthusiasm for artificial intelligence (AI). U.S. large-cap technology stocks drove the S&P 500 Index and NASDAQ Composite Index to new highs. Emerging market equities outperformed their developed market peers.
Performance
The Fund’s relative exposure to Contemporary Amperex Technology Co. Ltd. (CATL) contributed to performance. CATL performed well amid optimism that it will benefit from its dominant position in the expanding energy storage battery system.
Relative exposure to Deutsche Boerse AG and SAP SE detracted from the Fund’s performance. Deutsche Boerse was affected by lower derivatives and cash-equity volumes because of shifting interest rate expectations. SAP’s stock price consolidated after a multi-quarter run as investors reassessed the cadence of the cloud transition and the company’s margin trajectory.
At the sector level, stock selection within health care and industrials contributed to the Fund’s performance. Stock selection in financials detracted from performance amid weakness in Europe. Overweight exposure to consumer staples detracted from performance because of weakness in tobacco companies.
Portfolio activity
The sub-advisor added British American Tobacco PLC to diversify the Fund’s tobacco exposure. The company is expanding its reduced-risk product/nicotine pouch franchise. NVIDIA Corp. was increased as it benefits from AI investment. Philip Morris International Inc. was reduced in favour of British American Tobacco.
Summary
For the period 07/12/2016 through 12/31/2025 with $10,000 CAD investment
Total returns performance
101.44%
Last price
$13.61 CAD
as of market close 12/31/2025
Value of $10,000 investment
$20,143.57 CAD
