December 31, 2025
The Fund seeks to achieve long-term capital appreciation by investing primarily in equity securities of companies in any country outside of Canada and the United States.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in companies outside of Canada and the U.S.
- You're comfortable with a medium level of risk.
RISK RATING
How is the fund invested? (as of October 31, 2025)
| Name | Percent |
|---|---|
| International Equity | 95.8 |
| US Equity | 3.0 |
| Cash and Equivalents | 1.2 |
| Name | Percent |
|---|---|
| United Kingdom | 15.5 |
| France | 14.2 |
| Germany | 13.3 |
| Japan | 12.8 |
| Netherlands | 7.5 |
| Taiwan | 6.8 |
| Switzerland | 5.9 |
| India | 5.4 |
| Hong Kong | 3.8 |
| Other | 14.8 |
| Name | Percent |
|---|---|
| Technology | 21.1 |
| Consumer Goods | 15.5 |
| Financial Services | 14.5 |
| Industrial Goods | 14.1 |
| Healthcare | 10.4 |
| Real Estate | 8.8 |
| Consumer Services | 6.1 |
| Basic Materials | 2.9 |
| Industrial Services | 2.9 |
| Other | 3.7 |
Growth of $10,000 (since inception)
For the period 10/22/2018 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $22,115
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Taiwan Semiconductor Manufactrg Co Ltd - ADR | 6.8 |
| HDFC Bank Ltd - ADR | 5.4 |
| Hoya Corp | 4.4 |
| Siemens AG Cl N | 4.2 |
| Sony Group Corp | 4.1 |
| Prosus NV | 4.0 |
| AstraZeneca PLC | 3.8 |
| Sap SE | 3.8 |
| AIA Group Ltd | 3.8 |
| ASML Holding NV | 3.6 |
| Total allocation in top holdings | 43.9 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.3% |
| Dividend yield | 1.7% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $310,214.0 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -1.5 | 5.6 | 13.6 | 13.6 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 13.4 | 7.9 | - | 11.7 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 13.6 | 8.4 | 18.5 | -8.3 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -8.3 | 9.4 | 22.4 | 20.5 |
Range of returns over five years (November 01, 2018 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 12.5% | Aug 2024 | 7.9% | Dec 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 10.8% | 100 | 27 | 0 |
Q3 2025 Fund Commentary
Market commentary
Global equity markets rose in September as investor optimism around looser monetary policy and resilient corporate earnings was balanced against slowing growth and policy uncertainty. The U.S. Federal Reserve Board’s (Fed) interest-rate cut of 0.25% and expectations for further cuts supported equity markets. Both international and European equities lagged overall global equities despite positive returns.
Performance
The Fund’s relative exposure to Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) and Sony Group Corp. contributed to performance. TSMC was able to protect its margins by increasing prices and raised its forecast for 2025 to 30% growth. Sony reported that its operating profit grew 36% over the same period last year, driven by strength in its game and network services segment. Sony’s streaming revenues grew 7%, an acceleration compared to growth shown in preceding quarters.
Relative exposure to Deutsche Boerse AG detracted from performance. Like other financial data companies, the company was under pressure amid fears that artificial intelligence could disrupt its business. Deutsche Boerse was also affected by lower interest rates and weaker financial derivatives volumes.
At the sector level, stock selection in health care and consumer discretionary contributed to performance. Selection within industrials and financials detracted from performance.
At the regional level, overweight exposure to Taiwan contributed to performance. Overweight exposure to India detracted from performance.
Portfolio activity
There were no notable changes made to the Fund during the quarter.
Outlook
The Fund has a balanced exposure to companies in different parts of the growth spectrum. The sub-advisor is focused on growth companies with good cash flows and strong balance sheets.
Summary
For the period 10/22/2018 through 12/31/2025 with $10,000 CAD investment
Total returns performance
121.15%
Last price
$19.98 CAD
as of market close 12/31/2025
Value of $10,000 investment
$22,114.79 CAD
