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 are looking for an environmental, social and governance ("ESG") focused U.S. equity fund
- You want a medium to long-term investment
- You can handle the volatility of stock markets
RISK RATING
How is the fund invested? (as of October 31, 2025)
| Name | Percent |
|---|---|
| US Equity | 96.4 |
| International Equity | 3.6 |
| Cash and Equivalents | 0.1 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| United States | 96.4 |
| Ireland | 2.3 |
| United Kingdom | 0.6 |
| Netherlands | 0.4 |
| Switzerland | 0.2 |
| Bermuda | 0.1 |
| Canada | 0.1 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Technology | 43.9 |
| Financial Services | 13.0 |
| Consumer Services | 11.0 |
| Healthcare | 8.8 |
| Consumer Goods | 5.7 |
| Industrial Goods | 4.6 |
| Energy | 2.8 |
| Utilities | 2.7 |
| Real Estate | 2.5 |
| Other | 5.0 |
Growth of $10,000 (since inception)
For the period 07/18/2023 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $15,275
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| NVIDIA Corp | 8.9 |
| Microsoft Corp | 7.0 |
| Apple Inc | 7.0 |
| Amazon.com Inc | 4.3 |
| Broadcom Inc | 3.0 |
| Alphabet Inc Cl A | 2.8 |
| Meta Platforms Inc Cl A | 2.7 |
| Tesla Inc | 2.1 |
| Alphabet Inc Cl C | 2.1 |
| Berkshire Hathaway Inc Cl B | 1.5 |
| Total allocation in top holdings | 41.4 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | - |
| Dividend yield | 1.1% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $2,160,654.0 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -1.7 | 10.4 | 9.0 | 9.0 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| - | - | - | 18.8 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 9.0 | 32.9 | - | - |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| - | - | - | - |
Range of returns over five years
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| Data not available based on date of inception | |||
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| Data not available based on date of inception | |||
Q3 2025 Fund Commentary
Market commentary
The S&P 500 Index rose 8.1%, driven by strong earnings, trade agreements, policy developments and the U.S. Federal Reserve Board’s (Fed) interest-rate cut. The rise of artificial intelligence was a catalyst for market growth. Economic indicators, including upward revisions to gross domestic product and a cooling labour market, tempered expectations for additional interest-rate cuts. Despite concerns regarding the U.S. government shutdown, the market response was subdued, with many investors viewing the risk as temporary and manageable.
Performance
The Fund’s overweight exposure to Seagate Technology Holdings PLC contributed to performance. It reported revenue growth and gross margins driven by demand for its high-capacity drives and execution of its heat-assisted magnetic recording technology roadmap. The company maintained confidence in its strategic objectives, supported by demand visibility and ongoing customer qualifications for its new products.
Overweight exposure to Chipotle Mexican Grill Inc. detracted from performance. The stock fell because of a lowered full-year forecast and ongoing consumer-value concerns. Despite positive June and July trends, macroeconomic pressures contributed to uncertainty, impacting investor confidence.
At a sector level, stock selection within the technology hardware and semiconductors, pharmaceuticals and health care technology and retailing segments contributed to performance. Selection in industrials and the communication services and media industries detracted from performance.
Portfolio activity
There were no significant trades made in the Fund for the period.
Outlook
The sub-advisor is focused on fundamentals of the economy and company earnings. The sub-advisor projects S&P 500 Index earnings to rise 8% for 2025 and 14% for 2026.
The sub-advisor is cautiously optimistic about U.S. equity markets, with further potential Fed interest-rate cuts and trade negotiations offering support. However, geopolitical tensions and evolving fiscal policies in the U.S. and globally could introduce volatility. The sub-advisor will monitor market developments and adjust strategies as needed to navigate potential uncertainties.
Summary
For the period 07/18/2023 through 12/31/2025 with $10,000 CAD investment
Total returns performance
52.75%
Last price
$15.01 CAD
as of market close 12/31/2025
Value of $10,000 investment
$15,274.52 CAD
