December 31, 2025
A growth-style fund investing in mid-cap U.S. companies that seeks long-term development.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in equities of mid- to large-cap U.S. Companies
- You're comfortable with a medium level of risk.
RISK RATING
How is the fund invested? (as of October 31, 2025)
| Name | Percent |
|---|---|
| US Equity | 93.0 |
| International Equity | 4.6 |
| Cash and Equivalents | 2.5 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| United States | 93.0 |
| Canada | 2.5 |
| Cayman Islands | 1.1 |
| United Kingdom | 1.0 |
| Switzerland | 0.5 |
| France | 0.5 |
| Brazil | 0.4 |
| Bermuda | 0.3 |
| Ireland | 0.3 |
| Other | 0.4 |
| Name | Percent |
|---|---|
| Technology | 26.0 |
| Healthcare | 20.4 |
| Industrial Goods | 10.0 |
| Industrial Services | 8.8 |
| Consumer Services | 8.2 |
| Real Estate | 6.5 |
| Financial Services | 6.3 |
| Consumer Goods | 3.0 |
| Basic Materials | 2.8 |
| Other | 8.0 |
Growth of $10,000 (since inception)
For the period 12/16/2011 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $43,735
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Maximus Inc | 2.6 |
| Cash and Cash Equivalents | 2.5 |
| Cirrus Logic Inc | 2.4 |
| Charles River Laboratories Intl Inc | 2.4 |
| Bio-Techne Corp | 2.4 |
| Keysight Technologies Inc | 2.3 |
| Akamai Technologies Inc | 2.2 |
| Parsons Corp | 2.1 |
| Verra Mobility Corp Cl A | 2.0 |
| Exact Sciences Corp | 1.7 |
| Total allocation in top holdings | 22.6 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 14.4% |
| Dividend yield | 0.8% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $8,361.0 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -2.1 | 10.4 | 3.3 | 3.3 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 7.2 | 3.7 | 8.2 | 11.1 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 3.3 | 11.8 | 6.6 | -17.5 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -17.5 | 18.2 | 11.8 | 20.4 |
Range of returns over five years (January 01, 2012 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 18.2% | May 2017 | 3.4% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 10.9% | 100 | 109 | 0 |
Q3 2025 Fund Commentary
Market commentary
U.S. economic activity was resilient in the third quarter. Growth was supported by steady consumer spending. However, manufacturing faced pressures from trade uncertainty. Inflation was above the U.S. Federal Reserve Board’s (Fed) 2% target. At its September meeting, the Fed lowered its federal funds rate to the 4.00% to 4.25% range.
The U.S. unemployment rate was 4.3% at the end of August 2025. Job growth slowed, but wage gains and consumer demand were supportive. The Fed signaled two additional rate cuts by year-end, balancing inflation risks with employment concerns.
U.S. small- and mid-capitalization equities rose in the third quarter. The industrials and health care sectors led performance, supported by investor interest in biotechnology and manufacturing innovation. Information technology and consumer discretionary stocks posted mixed results. While AI-related names advanced, trade pressures weighed on retail and software companies.
Performance
The Fund’s relative exposure to Cognex Corp. and Maximus Inc. contributed to performance. Cognex benefited from higher demand in consumer electronics and factory automation, which led to higher profitability. Maximus’ shares rose because of its focus on efficiencies and reduced waste. New opportunities, like Medicaid redeterminations, allowed Maximus to increase organic growth by 2% for the first half of 2025.
Relative exposure to Align Technology Inc. and PROCEPT BioRobotics Corp. detracted from the Fund’s performance. Align Technology was affected by a lower revenue forecast for the busy summer months. PROCEPT’s shares were under pressure after the surprise retirement of Chief Executive Officer Dr. Reza Zadno in July.
At the sector level, stock selection with consumer discretionary and underweight exposure to financials contributed to the Fund’s performance. Stock selection within health care and communication services detracted from performance.
Portfolio activity
Portfolio activity is an outcome of the sub-advisor’s process, which is driven by a stock selection, optimization and vetting process that runs on a daily basis. The sub-advisor added Dana Inc., Global Industrial Co. and Garrett Motion Inc., while Energy Recovery Inc. and Adeia Inc. were increased. Sprouts Farmers Market Inc. and CareTrust REIT Inc. were sold and BGC Group Inc. was reduced.
Summary
For the period 12/16/2011 through 12/31/2025 with $10,000 CAD investment
Total returns performance
337.35%
Last price
$30.15 CAD
as of market close 12/31/2025
Value of $10,000 investment
$43,735.34 CAD
