April 30, 2026
The fund seeks long-term capital growth by investing primarily in equities of companies outside Canada and the United States.
Is this fund right for you?
- Investors who are looking for an international equity fund to hold as part of their portfolio
- Want a medium-to long-term investment
- Can handle the volatility of stock markets
RISK RATING
How is the fund invested? (as of February 28, 2026)
| Name | Percent |
|---|---|
| International Equity | 97.6 |
| Cash and Equivalents | 2.4 |
| Name | Percent |
|---|---|
| Ireland | 20.8 |
| France | 11.4 |
| Switzerland | 10.3 |
| Japan | 9.1 |
| Korea, Republic Of | 6.3 |
| United Kingdom | 5.6 |
| Thailand | 5.2 |
| Denmark | 5.1 |
| Germany | 4.7 |
| Other | 21.5 |
| Name | Percent |
|---|---|
| Healthcare | 23.1 |
| Financial Services | 16.4 |
| Industrial Goods | 15.6 |
| Technology | 14.2 |
| Consumer Goods | 12.2 |
| Energy | 5.8 |
| Industrial Services | 3.5 |
| Real Estate | 3.5 |
| Telecommunications | 2.7 |
| Other | 3.0 |
Growth of $10,000 (since inception)
For the period 10/22/2018 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $15,504
Fund details (as of February 28, 2026)
| Top holdings | Percent (%) |
|---|---|
| Samsung Electronics Co Ltd | 6.3 |
| Bank of Ireland Group PLC | 4.2 |
| Nabtesco Corp | 4.0 |
| Epiroc AB Cl B | 3.9 |
| Sanofi SA | 3.8 |
| Ryanair Holdings PLC - ADR | 3.5 |
| Kingspan Group PLC | 3.5 |
| Deutsche Boerse AG Cl N | 3.4 |
| Legrand SA | 3.3 |
| Thai Beverage PCL | 3.2 |
| Total allocation in top holdings | 39.1 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.9% |
| Dividend yield | 2.5% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $249,591.2 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 4.2 | 5.9 | 4.2 | 19.3 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 12.8 | 8.1 | - | 6.0 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 20.1 | 12.6 | 12.4 | -11.1 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 8.0 | -5.2 | 8.6 | - |
Range of returns over five years (November 01, 2018 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 9.9% | Oct 2025 | -0.1% | Oct 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 5.2% | 97 | 30 | 1 |
Q1 2026 Fund Commentary
Commentary and opinions are provided by Keyridge Asset Management.
Market commentary
The first quarter of 2026 was an eventful period for international equity markets. The escalation of conflict in the Middle East in late February disrupted markets that had been advancing until that point. With energy prices rising sharply – Brent oil moved from roughly US$72 to US$118 per barrel at quarter-end – energy sector stocks gained, but most other sectors in the international developed market delivered negative returns in March. Traditionally defensive sectors including utilities, communication services and health care declined, while the consumer staples sector also lagged. The drawdown in the final month of the quarter erased much of the gains from earlier in the period.
Performance
A holding in Samsung Electronics Co. Ltd. contributed to the Fund’s performance during the quarter. Holdings in Eni SPA and Deutsche Boerse AG also contributed to performance.
At a sector level, allocation in the consumer discretionary and energy sectors contributed to the Fund’s performance.
A holding in ICON PLC detracted from the Fund’s performance during the quarter. Holdings in Ryanair Holdings PLC and Tencent Holdings Ltd. also detracted from performance.
Stock selection in the materials and health care sectors detracted from the Fund’s performance.
Portfolio activity
The sub-advisor added to the Fund holdings in Nippon Sanso Holdings Corp., Novartis AG, BNP Paribas SA and CaixaBank SA. The sub-advisor sold the Fund’s holdings in The Magnum Ice Cream Co. NV and EssilorLuxottica SA.
Outlook
The sub-advisor searches global equity markets for attractively valued companies and isn’t driven by macro events. The sub-advisor doesn’t include macro forecasting in the search or selection process.
Summary
For the period 10/22/2018 through 04/30/2026 with $10,000 CAD investment
Total returns performance
55.04%
Last price
$13.22 CAD
as of market close 04/30/2026
Value of $10,000 investment
$15,503.62 CAD
