December 31, 2025
The fund seeks long-term capital growth by investing primarily in equities of companies located anywhere in the world, either directly or through other investment funds.
Is this fund right for you?
- Investors who are looking for a global equity fund to hold as part of their portfolio
- Want a medium-to long-term investment
- Can handle the volatility of stockmarkets
RISK RATING
How is the fund invested? (as of October 31, 2025)
| Name | Percent |
|---|---|
| US Equity | 51.8 |
| International Equity | 46.0 |
| Cash and Equivalents | 2.2 |
| Name | Percent |
|---|---|
| United States | 51.8 |
| Ireland | 12.0 |
| France | 7.5 |
| Taiwan | 4.3 |
| Switzerland | 3.6 |
| United Kingdom | 2.8 |
| Denmark | 2.7 |
| Canada | 2.2 |
| Korea, Republic Of | 2.0 |
| Other | 11.1 |
| Name | Percent |
|---|---|
| Technology | 26.6 |
| Financial Services | 17.5 |
| Healthcare | 10.7 |
| Consumer Goods | 10.3 |
| Industrial Goods | 9.7 |
| Consumer Services | 8.2 |
| Industrial Services | 4.2 |
| Energy | 4.0 |
| Utilities | 2.9 |
| Other | 5.9 |
Growth of $10,000 (since inception)
For the period 08/07/2018 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $18,549
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Microsoft Corp | 4.3 |
| Taiwan Semiconductor Manufactrg Co Ltd - ADR | 4.3 |
| Alphabet Inc Cl A | 4.1 |
| Berkshire Hathaway Inc Cl B | 3.6 |
| Meta Platforms Inc Cl A | 3.1 |
| Booking Holdings Inc | 2.8 |
| Ryanair Holdings PLC - ADR | 2.6 |
| Crh PLC | 2.5 |
| Applied Materials Inc | 2.3 |
| Marsh & McLennan Cos Inc | 2.3 |
| Total allocation in top holdings | 31.9 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.4% |
| Dividend yield | 1.7% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $803,512.6 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -1.9 | 9.4 | 16.6 | 16.6 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 16.1 | 11.7 | - | 8.7 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 16.6 | 19.1 | 12.6 | -8.3 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -8.3 | 21.1 | 2.3 | 12.3 |
Range of returns over five years (September 01, 2018 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 14.8% | Oct 2025 | 4.5% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 9.5% | 100 | 29 | 0 |
Q3 2025 Fund Commentary
Market commentary
Global stock markets rose 9.4% in the third quarter of 2025 (in Canadian dollar terms), rebounding from lows in April related to tariff uncertainty. Information technology stocks led amid investor enthusiasm for companies perceived to be beneficiaries of artificial intelligence.
Performance
The Fund’s relative exposure to Oracle Corp., Alphabet Inc. and Taiwan Semiconductor Manufacturing Co. Ltd. contributed to performance. Relative exposure to Kerry Group PLC, Netflix Inc. and Demant AS detracted from performance.
At the sector level, stock selection in communication services and industrials contributed to performance. Underweight exposure to information technology and overweight exposure to consumer staples detracted from performance.
Portfolio activity
The sub-advisor added Dassault Systemes SE. Telefonaktiebolaget LM Ericsson and Equinix Inc. were sold.
Outlook
The sub-advisor looks to invest in attractively valued companies and is not driven by macroeconomic events. The sub-advisor doesn’t include any macroeconomic forecasting in the search or selection process.
Summary
For the period 08/07/2018 through 12/31/2025 with $10,000 CAD investment
Total returns performance
85.49%
Last price
$16.70 CAD
as of market close 12/31/2025
Value of $10,000 investment
$18,549.18 CAD
