July 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 May 31, 2026)
| Name | Percent |
|---|---|
| US Equity | 68.5 |
| International Equity | 30.7 |
| Cash and Equivalents | 0.7 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| United States | 68.5 |
| United Kingdom | 7.1 |
| Japan | 4.2 |
| Taiwan | 3.6 |
| France | 3.5 |
| Germany | 3.0 |
| Switzerland | 2.2 |
| Spain | 2.0 |
| Ireland | 1.4 |
| Other | 4.5 |
| Name | Percent |
|---|---|
| Technology | 35.3 |
| Financial Services | 14.6 |
| Industrial Goods | 10.6 |
| Healthcare | 8.9 |
| Consumer Services | 7.7 |
| Consumer Goods | 5.8 |
| Energy | 5.7 |
| Industrial Services | 4.3 |
| Basic Materials | 2.9 |
| Other | 4.2 |
Growth of $10,000 (since inception)
For the period 07/12/2016 through 07/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $20,295
Fund details (as of May 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| NVIDIA Corp | 5.7 |
| Apple Inc | 5.6 |
| Alphabet Inc Cl A | 4.5 |
| Microsoft Corp | 3.6 |
| Taiwan Semiconductor Manufactrg Co Ltd - ADR | 3.6 |
| Amazon.com Inc | 3.3 |
| JPMorgan Chase & Co | 2.6 |
| Johnson & Johnson | 2.3 |
| Philip Morris International Inc | 2.1 |
| Broadcom Inc | 2.0 |
| Total allocation in top holdings | 35.3 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.7% |
| Dividend yield | 1.5% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $1,808,590.4 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.4 | 7.4 | 7.7 | 13.0 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 14.6 | 9.7 | 7.3 | 7.3 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 12.6 | 21.1 | 7.2 | -3.6 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 14.8 | -0.4 | 11.0 | 0.0 |
Range of returns over five years (August 01, 2016 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 11.7% | Oct 2025 | 3.3% | Jun 2022 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 6.6% | 100 | 61 | 0 |
Q2 2026 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
The global economy steadied in the second quarter after the energy shock that dominated the start of the year. Crude oil prices stayed high through much of the quarter before retreating late as tensions in the Middle East eased and shipping through the Strait of Hormuz began to resume. The pullback in oil lowered input costs for energy-importing economies and helped cool fears of a broader inflation shock.
Major central banks stayed cautious. The U.S. Federal Reserve Board (Fed) and the Bank of Canada both held interest rates unchanged, and the Fed signaled that rate increases were possible later in the year. The European Central Bank raised its policy interest rates at its June meeting in response to rising inflationary pressures.
Global equity markets rose in the second quarter. Developed markets gained about 13%, led by a strong rally in the U.S. Japanese equities delivered a strong return, supported by firm economic data and continuing corporate governance reforms, though a weaker yen stayed in focus for policymakers. Emerging markets outperformed, rising close to 23%, led by extraordinary gains in South Korea and Taiwan on demand tied to artificial intelligence (AI) and semiconductors, while Chinese and Indian equities lagged.
Performance
Stock selection in the communication services sector and underweight exposure to real estate contributed to performance.
Relative exposure to Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) cand Lam Research Corp. contributed to performance. TSMC shares benefited from demand for leading-edge process technologies and AI, reporting rising revenue and earnings. Lam Research reported record revenue and earnings, citing AI-driven demand across the chip industry.
Stock selection in the information technology, financials and industrials sectors detracted from performance.
Overweight exposure to CME Group Inc. and underweight exposure to Micron Technology Inc. detracted from the Fund’s performance. CME Group shares fell after it announced a major leadership transition that introduced uncertainty. Micron Technology benefited from accelerating AI-related memory demand, tight industry supply and stronger pricing.
Portfolio activity
Micron Technology and Banco Santander SA were added to the Fund. The sub-advisor increased NVIDIA Corp., Alphabet Inc. and Apple Inc. Other increases were TSMC, Amazon.com Inc. and Microsoft Corp., to add to information technology and semiconductor exposure.
McKesson Corp. and Japan Exchange Group Inc. were sold while Assa Abloy AB was reduced.
Summary
For the period 07/12/2016 through 07/31/2026 with $10,000 CAD investment
Total returns performance
102.95%
Last price
$13.33 CAD
as of market close 07/31/2026
Value of $10,000 investment
$20,295.39 CAD
