December 31, 2025
The Fund seeks to achieve long-term capital growth by investing primarily in a portfolio of equity securities of large-capitalization securities companies in emerging markets.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in equity securities of the developing countries in Latin America, Asia, Africa, Europe and the Middle East.
- You're comfortable with a medium to high level of risk.
RISK RATING
How is the fund invested? (as of October 31, 2025)
| Name | Percent |
|---|---|
| International Equity | 98.8 |
| Cash and Equivalents | 1.2 |
| Name | Percent |
|---|---|
| China | 26.0 |
| Taiwan | 18.9 |
| India | 15.4 |
| Korea, Republic Of | 11.3 |
| Hong Kong | 4.9 |
| Saudi Arabia | 4.2 |
| Mexico | 3.9 |
| South Africa | 3.8 |
| Brazil | 2.6 |
| Other | 9.0 |
| Name | Percent |
|---|---|
| Technology | 40.4 |
| Financial Services | 20.8 |
| Consumer Goods | 8.9 |
| Basic Materials | 5.3 |
| Healthcare | 4.2 |
| Telecommunications | 4.1 |
| Industrial Goods | 2.7 |
| Industrial Services | 2.5 |
| Energy | 2.4 |
| Other | 8.7 |
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 $19,892
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Taiwan Semiconductor Manufactrg Co Ltd | 13.3 |
| Tencent Holdings Ltd | 6.4 |
| Samsung Electronics Co Ltd | 3.7 |
| Alibaba Group Holding Ltd | 2.2 |
| SK Hynix Inc | 1.8 |
| Grupo Mexico SAB de CV Cl B | 1.7 |
| MTN Group Ltd | 1.6 |
| Korea Shipbuilding Offshre Engr Co Ltd | 1.6 |
| Saudi National Bank | 1.5 |
| Accton Technology Corp | 1.5 |
| Total allocation in top holdings | 35.3 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 10.7% |
| Dividend yield | 2.1% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $400,526.0 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.5 | 14.2 | 28.4 | 28.4 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 20.1 | 8.1 | - | 10.0 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 28.4 | 19.5 | 12.8 | -16.3 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -16.3 | 1.8 | 20.0 | 14.0 |
Range of returns over five years (November 01, 2018 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 11.1% | Mar 2025 | 4.3% | Jan 2024 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 7.7% | 100 | 27 | 0 |
Q3 2025 Fund Commentary
Market commentary
Emerging markets navigated a mixed environment in the third quarter. While global trade issues continued, monetary easing and a weaker U.S. dollar supported capital flows into emerging economies. Central banks in several regions cut interest rates to support growth.
Emerging markets equities gained. The MSCI Emerging Markets Index rose 13.3%, outperforming developed markets. Latin American markets posted solid returns. Strong corporate earnings and easing monetary conditions supported Brazil and Mexico. Asian markets, including China, Taiwan and South Korea, benefited from demand for artificial intelligence and foreign investment.
The industrials and financials sectors outperformed, supported by infrastructure spending and strong domestic consumption. Information technology stocks led gains in Asia, while consumer discretionary names were mixed given tariff pressures.
Performance
The Fund’s overweight exposure to Sino Biopharmaceutical Ltd., Gold Fields Ltd. and Grupo Mexico SAB de CV contributed to performance. Sino Biopharmaceutical’s stock rose because of its interim results and drug growth. Gold Fields benefited from higher gold prices and investor interest in gold producers. Grupo Mexico gained because of rising copper pricing and supportive operational updates.
Exposure to Alibaba Group Holding Ltd., although underweight, detracted from performance because of mixed results and a cautious outlook for consumer activity in China. Lack of exposure to Delta Electronics Inc. and PDD Holdings Inc. detracted from performance as both stocks rose. Delta Electronics benefited from demand in its electric vehicle and data centre segments. PDD Holdings’ results were supported by the success of its core ecommerce platforms, Pinduoduo and Temu.
At the sector level, security selection within financials, health care and materials contributed to the Fund’s performance. Stock selection in consumer staples detracted from performance.
At a regional level, selection within China, India and Mexico contributed to the Fund’s performance. Stock selection in Brazil, South Korea and the Philippines detracted from performance. At a factor level, growth stocks and informed investor contributed to the Fund’s performance. Quality stocks detracted from performance.
Portfolio activity
Portfolio activity was an outcome of the sub-advisor’s process, which is driven by a stock selection, optimization and vetting process that runs daily.
Summary
For the period 10/22/2018 through 12/31/2025 with $10,000 CAD investment
Total returns performance
98.92%
Last price
$16.92 CAD
as of market close 12/31/2025
Value of $10,000 investment
$19,892.42 CAD
