January 31, 2026
A growth-style fund investing in mid-cap U.S. companies that seeks long-term development.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in equities of mid- to large-cap U.S. Companies
- 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 | 92.5 |
| International Equity | 5.0 |
| Cash and Equivalents | 2.6 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| United States | 92.5 |
| Canada | 2.6 |
| United Kingdom | 1.1 |
| Cayman Islands | 1.1 |
| France | 0.5 |
| Switzerland | 0.5 |
| Brazil | 0.5 |
| Ireland | 0.4 |
| Bermuda | 0.3 |
| Other | 0.5 |
| Name | Percent |
|---|---|
| Technology | 25.7 |
| Healthcare | 21.8 |
| Industrial Goods | 9.3 |
| Industrial Services | 9.0 |
| Consumer Services | 7.6 |
| Real Estate | 7.0 |
| Financial Services | 6.3 |
| Basic Materials | 2.7 |
| Consumer Goods | 2.7 |
| Other | 7.9 |
Growth of $10,000 (since inception)
For the period 09/28/2011 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $65,526
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| Cash and Cash Equivalents | 2.6 |
| Bio-Techne Corp | 2.5 |
| Charles River Laboratories Intl Inc | 2.4 |
| Maximus Inc | 2.3 |
| Keysight Technologies Inc | 2.2 |
| Akamai Technologies Inc | 2.1 |
| Exact Sciences Corp | 2.1 |
| Parsons Corp | 2.1 |
| Cirrus Logic Inc | 2.1 |
| Verra Mobility Corp Cl A | 2.0 |
| Total allocation in top holdings | 22.4 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 14.2% |
| Dividend yield | 0.8% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $8,758.6 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 2.1 | 11.5 | 2.1 | 1.7 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 8.4 | 6.2 | 11.2 | 14.0 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 5.5 | 14.2 | 9.0 | -15.7 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 20.8 | 14.2 | 23.0 | 13.5 |
Range of returns over five years (October 01, 2011 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 20.9% | Sep 2016 | 5.7% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 13.4% | 100 | 113 | 0 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
The U.S. economy remained resilient in the fourth quarter despite significant disruptions from the record?long government shutdown and slowing job creation. Consumer spending and continued strength in AI?related business investment helped support overall activity.
The U.S. Federal Reserve Board delivered two additional 25?basis?point interest rate cuts in October and December, lowering the federal funds rate to 3.50%–3.75% as policymakers responded to softer labour?market conditions and elevated economic uncertainty. The unemployment rate was 4.4% in December as job gains moderated and labour?market momentum cooled.
U.S. small? and mid?capitalization equities posted modest gains in the fourth quarter, with the Russell 2000 Index rising as improving rate expectations and resilient consumer demand supported sentiment. Industrials and select health care companies led, benefiting from easing financial conditions and continued interest in medical innovation. Information technology and consumer?oriented companies delivered mixed results as AI?linked hardware and semiconductor names saw periodic strength, while software and discretionary businesses faced pressure.
Performance
Overweight exposures to Exact Sciences Corp. and Charles River Laboratories International Inc. contributed to the Fund’s performance. Both companies reported positive returns. Relative exposure to Grocery Outlet Holding Corp. and Parsons Corp. detracted from performance.
At a sector level, overweight exposure to the health care sector contributed to the Fund’s performance. Stock selection in the industrials and information technology sectors detracted from performance.
Portfolio activity
The sub-advisor added to the Fund holdings in PagSeguro Digital Ltd. and CareTrust REIT Inc. and increased holdings in Columbus McKinnon Corp. and Methode Electronics Inc. Holdings in Green Thumb Industries Inc. and Southern First Bancshares Inc. were sold. Fund holdings in IonQ Inc. and Mission Produce Inc. were trimmed.
Summary
For the period 09/28/2011 through 01/31/2026 with $10,000 CAD investment
Total returns performance
555.26%
Last price
$37.49 CAD
as of market close 01/31/2026
Value of $10,000 investment
$65,526.02 CAD
