December 31, 2025
The fund seeks long-term capital growth by investing primarily in equities of global small- to mid-capitalization companies, either directly or through other investment funds.
Is this fund right for you?
- 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 the stock market.
RISK RATING
How is the fund invested? (as of October 31, 2025)
| Name | Percent |
|---|---|
| US Equity | 59.9 |
| International Equity | 32.6 |
| Cash and Equivalents | 5.7 |
| Canadian Equity | 1.8 |
| Name | Percent |
|---|---|
| United States | 59.9 |
| United Kingdom | 8.5 |
| Canada | 7.5 |
| Bermuda | 4.9 |
| Japan | 4.7 |
| Singapore | 2.4 |
| Jordan | 2.1 |
| France | 1.8 |
| Switzerland | 1.4 |
| Other | 6.8 |
| Name | Percent |
|---|---|
| Financial Services | 27.7 |
| Industrial Services | 13.9 |
| Industrial Goods | 11.3 |
| Technology | 9.5 |
| Basic Materials | 9.2 |
| Consumer Goods | 7.6 |
| Consumer Services | 5.9 |
| Cash and Cash Equivalent | 5.7 |
| Healthcare | 3.6 |
| Other | 5.6 |
Growth of $10,000 (since inception)
For the period 09/09/2020 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $13,011
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Cash and Cash Equivalents | 5.7 |
| Assured Guaranty Ltd | 2.4 |
| Academy Sports and Outdoors Inc | 2.4 |
| Hackett Group Inc | 2.2 |
| International General Insurnce Hdg Ltd | 2.1 |
| Advance Auto Parts Inc | 2.1 |
| Barrett Business Services Inc | 2.0 |
| MSC Industrial Direct Co Inc Cl A | 2.0 |
| Healthcare Services Group Inc | 2.0 |
| FTAI Aviation Ltd | 2.0 |
| Total allocation in top holdings | 24.9 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 11.7% |
| Dividend yield | 2.0% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $5,080.3 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.8 | 4.5 | -1.0 | -1.0 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 4.9 | 2.5 | - | 5.1 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| -1.0 | 5.1 | 10.9 | -17.4 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -17.4 | 18.5 | - | - |
Range of returns over five years (October 01, 2020 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 5.8% | Sep 2025 | 2.5% | Dec 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 4.2% | 100 | 4 | 0 |
Q3 2025 Fund Commentary
Market commentary
Global equities rose during the period led by emerging markets as enthusiasm for artificial intelligence investment strengthened Chinese information technology stocks. Developed market equities rose, notably in North America and Japan. U.S. stocks were supported by the macroeconomic backdrop and expectations interest-rate cuts, while Japanese equities were fueled by expectations of fiscal support.
U.S. equity markets brushed aside labour market weakness and persistent inflation to focus on strong earnings and fading recession fears. European equities declined as political volatility in France, fiscal concerns in Germany and weaker growth in peripheral economies lowered regional returns. The European Central Bank remained cautious, with markets pricing in limited monetary easing because of inflation.
Emerging market equities outperformed developed market equities, led by China. Despite weak domestic demand, a strong rebound in large-capitalization information technology stocks led markets higher.
Performance
The Fund’s overweight exposure to FTAI Aviation Ltd., Sapiens International Corp. NV and Bel Fuse Inc. contributed to performance. Overweight exposure to Kyndryl Holdings Inc., Nomad Foods Ltd. and Marex Group PLC detracted from the Fund’s performance.
At the stock level, selection within U.S. and international small-capitalization stocks detracted from performance, as did underweight exposure to international small-caps equities.
Portfolio activity
The sub-advisor added Fidelis Insurance Holdings Ltd., GlobalData PLC, Accelleron Industries AG, Cellebrite DI Ltd., Business Engineering Corp. and Bath & Body Works Inc. Atkore Inc., Sapiens and Tecan Group AG were sold. Tel Aviv Stock Exchange Ltd., Insperity Inc., Franklin Covey Co. and Pason Systems Inc. were reduced.
Outlook
U.S. tariffs increased costs for importers and squeezed the margins of exporting companies, forcing them to absorb some of the costs of sending goods abroad. Higher yields in many countries have increased the cost of debt funding, which may impact small- and medium-sized companies with higher proportional debt. Monetary policy easing from some central banks has put downward pressure on yields at the short end of the curve. The sub-advisor believes this could assist businesses with shorter debt maturations.
Summary
For the period 09/09/2020 through 12/31/2025 with $10,000 CAD investment
Total returns performance
30.11%
Last price
$11.63 CAD
as of market close 12/31/2025
Value of $10,000 investment
$13,010.74 CAD
