April 30, 2026
A growth-style equity fund seeking strong long-term development by investing in Canadian energy and natural resource companies.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in Canadian energy and natural resource companies, with the oopportunity for foreign investments.
- You're comfortable with a high level of risk.
RISK RATING
How is the fund invested? (as of February 28, 2026)
| Name | Percent |
|---|---|
| Canadian Equity | 40.6 |
| International Equity | 31.7 |
| US Equity | 18.2 |
| Cash and Equivalents | 4.9 |
| Foreign Bonds | 0.9 |
| Income Trust Units | 0.5 |
| Other | 3.2 |
| Name | Percent |
|---|---|
| Canada | 45.5 |
| United States | 19.1 |
| United Kingdom | 9.9 |
| France | 5.7 |
| Brazil | 4.5 |
| Multi-National | 2.7 |
| Germany | 2.4 |
| Australia | 1.8 |
| Netherlands | 1.0 |
| Other | 7.4 |
| Name | Percent |
|---|---|
| Basic Materials | 43.4 |
| Energy | 37.3 |
| Cash and Cash Equivalent | 4.9 |
| Industrial Goods | 4.1 |
| Mutual Fund | 1.7 |
| Real Estate | 1.4 |
| Exchange Traded Fund | 1.0 |
| Fixed Income | 0.9 |
| Utilities | 0.4 |
| Other | 4.9 |
Growth of $10,000 (since inception)
For the period 08/09/2002 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $107,535
Fund details (as of February 28, 2026)
| Top holdings | Percent (%) |
|---|---|
| Cash and Cash Equivalents | 4.9 |
| TotalEnergies SE | 3.0 |
| Endeavour Mining PLC | 3.0 |
| Barrick Mining Corp | 2.7 |
| Ovintiv Inc | 2.6 |
| Keyera Corp | 2.5 |
| Shell PLC - ADR | 2.5 |
| Alcoa Corp | 2.4 |
| GOLD 100 OZ FUTR May/2000 CO | 2.3 |
| Anglogold Ashanti PLC | 2.3 |
| Total allocation in top holdings | 28.2 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 14.0% |
| Dividend yield | 2.4% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $46,751.3 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.8 | 33.3 | 19.8 | 73.0 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 26.4 | 24.7 | 13.6 | 10.5 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 47.2 | 12.5 | 5.5 | 18.3 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 48.1 | 4.6 | 9.8 | -21.6 |
Range of returns over five years (September 01, 2002 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 33.2% | May 2008 | -12.2% | Feb 2016 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 6.3% | 66 | 148 | 77 |
Q1 2026 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
The global natural resources sector experienced a dramatic shift in the first quarter, driven by escalating geopolitical tensions in the Middle East. Crude oil prices rose steadily through January and February as the risk of a broader conflict increased, then surged sharply in March after the conflict in the region intensified and the Strait of Hormuz was effectively closed in early March, disrupting a significant portion of global oil supply.
Brent crude began the quarter at about USD$61 per barrel and surpassed USD$100 per barrel in mid-March, ending the quarter near USD$118 per barrel, one of the largest quarterly supply disruptions in global oil market history. Natural gas prices also rose as LNG exports through the Strait of Hormuz were constrained. Gold offered a different story, reaching an all-time high of USD$5,589 per ounce in January as investors sought lower-risk assets amid rising geopolitical uncertainty, before pulling back to close the quarter near USD$4,600 per ounce.
Canadian energy equities rose substantially as oil prices surged, with producers and pipeline companies benefiting from the sharp improvement in commodity prices. International energy equities also advanced, though the magnitude of gains varied by region and company. Canadian and international gold mining companies saw mixed performance in line with gold’s volatile quarter, strong early gains followed by a sharp correction in March. Base metals were broadly stable as industrial demand signals remained mixed.
Performance
An overweight allocation to Brazil contributed to the Fund’s performance. An underweight allocation to Switzerland also contributed.
Saturn Oil & Gas Inc. was the top contributor to performance, benefiting from rapid balance sheet improvement. SM Energy Co. also contributed to performance after integrating recently acquired assets and resetting production levels.
An underweight allocation to the energy sector and stock selection within energy detracted the most from performance.
Exxon Mobil Corp. was the primary detractor from performance. Metals and mining equities including Capstone Copper Corp. and Rio2 Ltd. also detracted as strong prior gains reversed following the onset of conflict in the Middle East.
Portfolio activity
The sub-advisor added SM Energy as part of a repositioning from gold and copper exposure toward energy. The sub-advisor also increased Ovintiv Inc. as part of the same repositioning.
Lundin Gold Inc. was sold and Barrick Mining Corp. was reduced
Summary
For the period 08/09/2002 through 04/30/2026 with $10,000 CAD investment
Total returns performance
975.35%
Last price
$44.60 CAD
as of market close 04/30/2026
Value of $10,000 investment
$107,535.14 CAD
