December 31, 2025
The fund seeks long-term capital growth by investing mainly in Canadian equities. The fund uses a value equity style of investing and may hold up to 30% of its assetsin foreign investments.
Is this fund right for you?
- Are looking for a Canadian equity fund to hold as part of their portfolio.
- Want a medium- to long-term investment.
- Can handle the volatility of stock markets.
RISK RATING
How is the fund invested? (as of October 31, 2025)
| Name | Percent |
|---|---|
| Canadian Equity | 90.0 |
| US Equity | 5.5 |
| Income Trust Units | 3.3 |
| Cash and Equivalents | 0.9 |
| International Equity | 0.2 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| Canada | 94.2 |
| United States | 5.5 |
| Australia | 0.1 |
| Ireland | 0.1 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| Financial Services | 29.5 |
| Basic Materials | 13.0 |
| Energy | 11.1 |
| Industrial Services | 9.5 |
| Technology | 8.5 |
| Consumer Services | 6.9 |
| Real Estate | 5.8 |
| Consumer Goods | 4.9 |
| Utilities | 3.1 |
| Other | 7.7 |
Growth of $10,000 (since inception)
For the period 05/25/2020 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $26,054
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Royal Bank of Canada | 6.3 |
| Agnico Eagle Mines Ltd | 4.5 |
| Toronto-Dominion Bank | 4.4 |
| Shopify Inc Cl A | 3.4 |
| Kinross Gold Corp | 3.1 |
| Canadian Natural Resources Ltd | 2.9 |
| Brookfield Corp Cl A | 2.8 |
| Canadian Pacific Kansas City Ltd | 2.8 |
| Canadian National Railway Co | 2.8 |
| Suncor Energy Inc | 2.4 |
| Total allocation in top holdings | 35.4 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 11.4% |
| Dividend yield | 2.2% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $158,403.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.9 | 13.7 | 23.0 | 23.0 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 14.5 | 15.8 | - | 18.6 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 23.0 | 12.9 | 8.1 | 2.0 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 2.0 | 36.1 | - | - |
Range of returns over five years (June 01, 2020 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 19.4% | Oct 2025 | 15.8% | Dec 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 17.4% | 100 | 8 | 0 |
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 Kinross Gold Corp., Agnico Eagle Mines Ltd. and Constellation Software Inc. contributed to performance. Both Kinross and Agnico Eagle Mines benefited from high free cash flow and stable operations. A lack of exposure to Constellation Software was a contributor as its stock underperformed the market after its founder stepped down for health reasons.
Relative exposure to Shopify Inc., Barrick Mining Corp. and Wheaton Precious Metals Corp. detracted from the Fund’s performance. Underweight exposure to Shopify detracted as the stock rose, reflecting solid growth, higher transaction volumes and enterprise wins. A lack of exposure to Barrick Mining and Wheaton Precious Metals detracted as both companies benefited from strength in precious metal prices.
At the sector level, stock selection in industrials and utilities contributed to the Fund’s performance. Exposure to materials and stock selection in materials and energy detracted from performance.
Portfolio activity
The sub-advisor added Waste Connections Inc. for its stable fundamentals and ability to generate returns on capital and expand margins through efficiency improvements. ARC Resources Ltd., CGI Inc. and Canadian National Railway Co. were increased based on their risk-reward profiles. Empire Co. Ltd., The Toronto-Dominion Bank and Bombardier Inc. were reduced based on their risk-reward profiles.
Summary
For the period 05/25/2020 through 12/31/2025 with $10,000 CAD investment
Total returns performance
160.54%
Last price
$20.61 CAD
as of market close 12/31/2025
Value of $10,000 investment
$26,054.48 CAD
