January 31, 2026
The Fund seeks to provide long-term capital growth by investing in equity securities of companies anywhere in the world
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in global equities with less volatility.
- You're comfortable with a medium level of risk.
RISK RATING
How is the fund invested? (as of November 30, 2025)
| Name | Percent |
|---|---|
| US Equity | 67.6 |
| International Equity | 31.3 |
| Cash and Equivalents | 1.1 |
| Name | Percent |
|---|---|
| United States | 67.6 |
| United Kingdom | 6.4 |
| Japan | 4.3 |
| France | 4.0 |
| Germany | 3.9 |
| Taiwan | 2.3 |
| Switzerland | 2.1 |
| Singapore | 1.6 |
| Sweden | 1.2 |
| Other | 6.6 |
| Name | Percent |
|---|---|
| Technology | 31.9 |
| Financial Services | 15.2 |
| Healthcare | 9.6 |
| Consumer Services | 9.4 |
| Consumer Goods | 8.4 |
| Industrial Goods | 7.8 |
| Industrial Services | 4.8 |
| Energy | 4.1 |
| Real Estate | 2.0 |
| Other | 6.8 |
Growth of $10,000 (since inception)
For the period 07/12/2016 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $22,668
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| Microsoft Corp | 5.6 |
| Apple Inc | 4.8 |
| NVIDIA Corp | 4.7 |
| Alphabet Inc Cl A | 4.0 |
| JPMorgan Chase & Co | 3.6 |
| Amazon.com Inc | 3.4 |
| Philip Morris International Inc | 2.4 |
| Johnson & Johnson | 2.4 |
| Broadcom Inc | 2.3 |
| Taiwan Semiconductor Manufactrg Co Ltd - ADR | 2.3 |
| Total allocation in top holdings | 35.5 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.4% |
| Dividend yield | 1.6% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $1,616,527.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.5 | 6.2 | 0.5 | 10.6 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 15.3 | 12.4 | - | 8.9 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 14.8 | 23.5 | 9.5 | -1.6 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 17.0 | 1.6 | 13.0 | 1.7 |
Range of returns over five years (August 01, 2016 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 13.9% | Oct 2025 | 5.2% | Jun 2022 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 8.3% | 100 | 55 | 0 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
The global economy remained resilient in the fourth quarter despite policy uncertainty and the effects of the prolonged U.S. government shutdown. Investor sentiment improved as inflation eased across major regions and expectations grew for continued monetary and fiscal policy support into 2026. Non?U.S. markets benefited from a weaker U.S. dollar and improving valuations, while Asia and Europe saw stronger earnings momentum.
Central banks maintained or extended easing cycles. The U.S. Federal Reserve Board delivered additional rate cuts in October and December, while other major policymakers signaled that accommodative policy conditions will persist. These measures helped sustain risk appetite even as global manufacturing remained soft.
Global equity markets rose. The MSCI World Index approached record levels, supported by solid earnings, broadening participation beyond U.S. mega?capitalization stocks and continued enthusiasm for AI. Emerging markets outperformed developed market peers, helped by improved sentiment, a favourable currency backdrop and stronger relative earnings trends.
Performance
Relative exposure to Taiwan Semiconductor Manufacturing Co. Ltd. contributed to the Fund’s performance. The company benefited from artificial intelligence (AI) enthusiasm as it plays a role in the development and manufacturing of AI semiconductor chips. Exposure to Motorola Solutions Inc. detracted from performance as the company’s share price fell.
At a sector level, stock selection in the communication services sector contributed to the Fund’s performance, as did overweight exposure to the health care sector. Stock selection within the industrials and financials sectors detracted from performance.
Portfolio activity
Holdings in TotalEnergies SE, National Grid PLC, Holcim Ltd., Wells Fargo & Co. and Thermo Fisher Scientific Inc. were added to the Fund. The sub-advisor considered them high-quality, well-capitalized businesses that should be able to navigate the current market environment.
Fund holdings in AT&T Inc., Marsh & McLennan Cos. Inc., QUALCOMM Inc., Unilever PLC and Aena SME SA were sold to manage risks.
Summary
For the period 07/12/2016 through 01/31/2026 with $10,000 CAD investment
Total returns performance
126.68%
Last price
$13.66 CAD
as of market close 01/31/2026
Value of $10,000 investment
$22,667.90 CAD
