July 31, 2026
An all-cap equity fund investing in precious metals for long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in precious metals and equity or other securities of companies engaged in the precious metals business.
- You're comfortable with a high level of risk.
RISK RATING
How is the fund invested? (as of May 31, 2026)
| Name | Percent |
|---|---|
| Canadian Equity | 66.9 |
| International Equity | 23.5 |
| US Equity | 4.6 |
| Cash and Equivalents | 1.1 |
| Other | 3.9 |
| Name | Percent |
|---|---|
| Canada | 68.0 |
| Australia | 12.1 |
| United Kingdom | 7.2 |
| United States | 4.6 |
| South Africa | 3.8 |
| Multi-National | 2.0 |
| Luxembourg | 0.3 |
| Other | 2.0 |
| Name | Percent |
|---|---|
| Basic Materials | 91.5 |
| Exchange Traded Fund | 2.0 |
| Cash and Cash Equivalent | 1.1 |
| Other | 5.4 |
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 $47,324
Fund details (as of May 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Barrick Mining Corp | 9.1 |
| Agnico Eagle Mines Ltd | 8.0 |
| Discovery Silver Corp | 3.9 |
| Gold Fields Ltd - ADR | 3.8 |
| Anglogold Ashanti PLC | 3.7 |
| Eldorado Gold Corp | 3.3 |
| K92 Mining Inc | 3.1 |
| Artemis Gold Inc | 3.0 |
| OceanaGold Corp | 2.9 |
| Equinox Gold Corp | 2.8 |
| Total allocation in top holdings | 43.6 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 35.0% |
| Dividend yield | 1.0% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $34,059.9 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -2.0 | -17.4 | -9.1 | 67.7 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 48.0 | 25.6 | 16.2 | 16.7 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 178.1 | 31.0 | 4.8 | -8.8 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -4.5 | 45.1 | 44.3 | -7.1 |
Range of returns over five years (August 01, 2016 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 38.0% | Feb 2026 | 6.1% | Aug 2022 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 15.8% | 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 and semiconductors, while Chinese and Indian equities lagged.
Gold retreated sharply in the second quarter after setting a record high above USD$5,400 per ounce earlier in 2026. Prices fell to around USD$4,000 per ounce by the end of June, as higher interest-rate expectations reduced demand for lower-risk assets. Silver also fell sharply. Continued central-bank buying provided some support.
Performance
Selection in Canada contributed to performance. Copper, gold and silver exploration exposure also contributed to performance.
Relative exposure to Gladiator Metals Corp., Omai Gold Mines Corp. and Legacy Gold Mines Ltd. contributed to performance. Gladiator benefited as copper, gold and silver exploration exposure continued to be rewarded.
Large- and mid-capitalization precious metals exposures detracted from performance, falling after a strong run. Exposures to Agnico Eagle Mines Ltd., Gold Fields Ltd. and Alamos Gold Inc. detracted from performance.
Portfolio activity
The sub-advisor balanced long-term gold and copper opportunities with disciplined risk control after the sharp move in precious metals. First Quantum Minerals Ltd., Lumina Metals Corp., Many Peaks Minerals Ltd. and Legacy Gold Mines Ltd. were added to the Fund. Vault Minerals Ltd. was increased.
Some smaller private placements and option exposures were sold. The sub-advisor reduced some larger precious metals exposures, including Gold Fields Ltd. and AngloGold Ashanti PLC.
Summary
For the period 07/12/2016 through 07/31/2026 with $10,000 CAD investment
Total returns performance
373.24%
Last price
$22.48 CAD
as of market close 07/31/2026
Value of $10,000 investment
$47,323.94 CAD
