December 31, 2025
The fund seeks long-term capital growth by investing primarily in equities of U.S.companies of any size. The fund uses a growth style of investing. It may invest up to 30% of its assetsin non-U.S. issuers
Is this fund right for you?
- Are looking for a U.S. 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 |
|---|---|
| US Equity | 92.9 |
| International Equity | 3.9 |
| Canadian Equity | 2.0 |
| Cash and Equivalents | 1.3 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| United States | 92.9 |
| Canada | 3.3 |
| Switzerland | 1.4 |
| Ireland | 0.9 |
| Luxembourg | 0.8 |
| Cayman Islands | 0.8 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Technology | 57.0 |
| Consumer Services | 10.9 |
| Healthcare | 7.9 |
| Financial Services | 6.0 |
| Industrial Goods | 5.0 |
| Consumer Goods | 4.8 |
| Real Estate | 2.3 |
| Basic Materials | 1.6 |
| Industrial Services | 1.4 |
| Other | 3.1 |
Growth of $10,000 (since inception)
For the period 07/12/2016 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $47,864
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| NVIDIA Corp | 11.7 |
| Microsoft Corp | 9.1 |
| Apple Inc | 8.4 |
| Broadcom Inc | 6.5 |
| Amazon.com Inc | 5.3 |
| Tesla Inc | 4.1 |
| Alphabet Inc Cl C | 3.8 |
| Eli Lilly and Co | 2.8 |
| Meta Platforms Inc Cl A | 2.8 |
| Mastercard Inc Cl A | 2.5 |
| Total allocation in top holdings | 57.0 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 14.4% |
| Dividend yield | 0.4% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $2,644,572.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -3.0 | 8.3 | 7.0 | 7.0 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 29.3 | 13.8 | - | 18.0 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 7.0 | 44.4 | 40.1 | -25.4 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -25.4 | 18.3 | 34.5 | 30.0 |
Range of returns over five years (August 01, 2016 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 22.9% | Aug 2021 | 11.1% | Jan 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 15.8% | 100 | 54 | 0 |
Q3 2025 Fund Commentary
Market commentary
The U.S. equity market reached record highs across major indices in the third quarter of 2025. The S&P 500 Index rose about 8.1%, propelled by robust technology and stocks related to artificial intelligence (AI). The Nasdaq rose 11.2% and the Russell 2000 Index rose 12.4%, supported by U.S. Federal Reserve Board interest-rate cuts and positive corporate earnings.
Growth stocks outperformed value stocks while small-capitalization stocks outperformed large-capitalization stocks. The Fund’s primary benchmark, the Russell 3000 Growth Index, returned over 10%.
Performance
The Fund’s overweight exposure to AppLovin Corp. and Credo Technology Group Holding Ltd. contributed to performance. Underweight exposure to Alphabet Inc. and Apple Inc. detracted from performance, as did overweight exposure to Chipotle Mexican Grill Inc.
At the sector level, stock selection in information technology and real estate contributed to performance. Underweight exposure to consumer staples also contributed to performance. Stock selection within communication services, financials and consumer discretionary detracted from performance. Given the positive performance of U.S. equities, the Fund’s cash balance also detracted from performance.
Portfolio activity
The sub-advisor added GE Vernova Inc. and increased AppLovin. Salesforce Inc. and The Progressive Corp. were sold, while Alphabet was reduced.
Outlook
In the sub-advisor's view, the U.S. economy has been resilient, despite higher volatility and uncertainty regarding the U.S. administration’s tariff policies.
The sub-advisor’s investment process is driven by stock selection and growth themes. A new theme of “Closer to Home” was added, based on many of the world’s largest economies prioritizing domestic economic growth versus a globalized approach. Areas of the growth universe likely to benefit from this theme include domestic manufacturing and U.S. consumer companies. Vulcan Materials Co. is an example of a new holding the sub-advisor believes could be a long-term beneficiary.
The Fund’s largest sector weight is information technology but with an underweight exposure. The Fund also has underweight exposure to consumer staples.
Summary
For the period 07/12/2016 through 12/31/2025 with $10,000 CAD investment
Total returns performance
378.64%
Last price
$46.84 CAD
as of market close 12/31/2025
Value of $10,000 investment
$47,863.62 CAD
