January 31, 2026
The fund seeks long-term capital growth by investing primarily in equities of companies located anywhere in the world, either directly or through other investment funds.
Is this fund right for you?
- Investors who are looking for a global equity fund to hold as part of their portfolio
- Want a medium-to long-term investment
- Can handle the volatility of stockmarkets
RISK RATING
How is the fund invested? (as of November 30, 2025)
| Name | Percent |
|---|---|
| US Equity | 51.9 |
| International Equity | 45.8 |
| Cash and Equivalents | 2.3 |
| Name | Percent |
|---|---|
| United States | 51.9 |
| Ireland | 12.3 |
| France | 7.3 |
| Taiwan | 4.1 |
| Switzerland | 3.9 |
| Denmark | 2.8 |
| United Kingdom | 2.8 |
| Canada | 2.3 |
| Germany | 2.0 |
| Other | 10.6 |
| Name | Percent |
|---|---|
| Technology | 26.1 |
| Financial Services | 17.8 |
| Healthcare | 11.2 |
| Consumer Goods | 10.7 |
| Industrial Goods | 9.5 |
| Consumer Services | 7.6 |
| Industrial Services | 4.6 |
| Energy | 4.0 |
| Utilities | 3.0 |
| Other | 5.5 |
Growth of $10,000 (since inception)
For the period 08/07/2018 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $18,928
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| Alphabet Inc Cl A | 4.6 |
| Taiwan Semiconductor Manufactrg Co Ltd - ADR | 4.1 |
| Microsoft Corp | 4.1 |
| Berkshire Hathaway Inc Cl B | 3.8 |
| Meta Platforms Inc Cl A | 3.1 |
| Ryanair Holdings PLC - ADR | 2.8 |
| Applied Materials Inc | 2.5 |
| Crh PLC | 2.5 |
| Marsh & McLennan Cos Inc | 2.4 |
| Nike Inc Cl B | 2.4 |
| Total allocation in top holdings | 32.3 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.1% |
| Dividend yield | 1.7% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $822,596.3 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 2.1 | 9.3 | 2.1 | 13.3 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 15.3 | 12.2 | - | 8.9 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 17.2 | 19.0 | 12.6 | -8.3 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 21.0 | 2.2 | 12.2 | - |
Range of returns over five years (September 01, 2018 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 14.8% | Oct 2025 | 4.4% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 9.6% | 100 | 30 | 0 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Keyridge Asset Management.
Market commentary
Global equity markets rose during the year, with the MSCI World Net Total Return Index (CAD) rising 15.4%. Early in the year, the launch of low-cost Chinese artificial intelligence (AI) app DeepSeek caused AI-related stocks to fall. This was followed by the announcement of U.S. tariffs in early April, which led equities more broadly to decline. However, from its early-April low, the overall equity market recovered to end the year at an all-time high.
Although less pronounced than in the previous two years, the AI theme was a key driver of overall market returns. Many information technology companies increased spending plans. Later in the year, investors became concerned about the size and potential return on this invested capital.
Performance
The Fund’s relative exposures to Alphabet Inc., Samsung Electronics Co. Ltd. and Applied Materials Inc. contributed to performance. Relative exposures to Oracle Corp., Netflix Inc. and Meta Platforms Inc. detracted from performance.
At a sector level, underweight exposure to the information technology sector and overweight exposure to the health care sector contributed to the Fund’s performance. Stock selection in the financials and health care sectors detracted from performance.
Portfolio activity
The sub-advisor added Novo Nordisk AS to the Fund and sold a holding in Viscofan SA.
Outlook
The sub-advisor looks for attractively valued companies in global markets. The sub-advisor’s investment decisions are not driven by macroeconomic events and does not include any macroeconomic forecasting in the search or selection process.
Summary
For the period 08/07/2018 through 01/31/2026 with $10,000 CAD investment
Total returns performance
89.28%
Last price
$13.29 CAD
as of market close 01/31/2026
Value of $10,000 investment
$18,927.67 CAD
