December 31, 2025
An all-cap equity fund investing in precious metals for long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in precious metals and equity or other securities of companies engaged in the precious metals business.
- You're comfortable with a high level of risk.
RISK RATING
How is the fund invested? (as of October 31, 2025)
| Name | Percent |
|---|---|
| Canadian Equity | 62.9 |
| International Equity | 23.6 |
| US Equity | 4.5 |
| Cash and Equivalents | 3.4 |
| Domestic Bonds | 0.2 |
| Other | 5.4 |
| Name | Percent |
|---|---|
| Canada | 66.5 |
| Australia | 13.8 |
| United Kingdom | 7.3 |
| United States | 4.5 |
| Multi-National | 3.1 |
| South Africa | 2.4 |
| Belgium | 0.1 |
| Other | 2.3 |
| Name | Percent |
|---|---|
| Basic Materials | 89.3 |
| Cash and Cash Equivalent | 3.4 |
| Exchange Traded Fund | 3.1 |
| Fixed Income | 0.2 |
| Other | 4.0 |
Growth of $10,000 (since inception)
For the period 08/16/2013 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $86,681
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Barrick Mining Corp | 9.9 |
| Agnico Eagle Mines Ltd | 6.6 |
| Anglogold Ashanti PLC | 4.1 |
| Cash and Cash Equivalents | 3.4 |
| Discovery Silver Corp | 3.3 |
| Artemis Gold Inc | 3.1 |
| iShares Silver Trust ETF (SLV) | 3.1 |
| OceanaGold Corp | 2.9 |
| OR Royalties Inc | 2.5 |
| Perpetua Resources Corp | 2.4 |
| Total allocation in top holdings | 41.3 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 32.5% |
| Dividend yield | 0.7% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $26,437.8 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 6.9 | 87.5 | 179.1 | 179.1 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 56.8 | 27.5 | 27.9 | 19.1 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 179.1 | 31.5 | 5.1 | -8.6 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -8.6 | -4.4 | 45.3 | 44.5 |
Range of returns over five years (September 01, 2013 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 31.6% | Jul 2020 | 1.6% | Aug 2018 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 14.3% | 100 | 89 | 0 |
Q3 2025 Fund Commentary
Market commentary
The global economy was resilient in the third quarter despite trade uncertainty and geopolitical issues. U.S. tariffs weighed on sentiment, but monetary easing in key regions supported growth. Developed markets underperformed, while emerging markets, particularly in Asia, benefited from a weaker U.S. dollar.
Inflation moderated in most regions. Central banks in Canada and the U.K. cut interest rates, while the U.S. Federal Reserve Board lowered its policy rate to 4.00%–4.25%. Trade tensions continued to hamper investment and industrial activity, which government spending in Europe and China helped offset.
Global equity markets rose. The MSCI World Index gained 9.7%, supported by strong earnings and enthusiasm for artificial intelligence. U.S. large-cap technology stocks drove the S&P 500 Index and NASDAQ Composite Index to new highs. Emerging market equities outperformed their developed market peers.
Gold prices rose to a record high of over US$3,800 per ounce as investors sought safety amid trade tensions and inflation concerns.
Performance
The Fund’s relative exposure to Omai Gold Mines Corp. and Discovery Silver Corp. contributed to performance. Omai Gold Mines announced a large economic resource, which had been drilled off over the past couple of years. Discovery Silver offers a combination of operationally leveraged mining facilities with a large, underdeveloped resource base in both gold and silver.
Relative exposure to K92 Mining Inc. detracted from the Fund’s performance. The company underperformed as it worked through the construction and start-up stages of its expanded mine and mill.
Exposure to gold contributed to the Fund’s performance. Gold bullion prices rose 16.8% (in U.S. dollar terms), supported by central bank purchases and demand as the U.S. dollar’s reserve currency status was questioned.
Portfolio activity
The sub-advisor added Newmont Corp. and Gold Fields Ltd. and increased Magna Mining Inc. Alamos Gold Inc. was sold and Endeavour Silver Corp. was reduced. All trades were based on the holdings’ risk-reward profiles.
Summary
For the period 08/16/2013 through 12/31/2025 with $10,000 CAD investment
Total returns performance
766.81%
Last price
$40.77 CAD
as of market close 12/31/2025
Value of $10,000 investment
$86,681.23 CAD
