April 30, 2026
The fund seeks to provide long-term capital growth and to maximize real returns during inflationary environments. The fund invests primarily in a combination of equity and fixed income securities of issuers located anywhere in the world which are expected to be collectively resilient to inflation.
Is this fund right for you?
- You are looking for a multi-asset fund to hold as part of your portfolio
- You are seeking less exposure to inflation than is typical in other funds
- You want a medium-term investment
- You can handle the volatility of bond, stock, real estate and commodity markets
RISK RATING
How is the fund invested? (as of February 28, 2026)
| Name | Percent |
|---|---|
| US Equity | 38.8 |
| International Equity | 25.1 |
| Foreign Bonds | 14.1 |
| Canadian Equity | 10.6 |
| Cash and Equivalents | 5.4 |
| Income Trust Units | 1.8 |
| Domestic Bonds | 0.5 |
| Other | 3.7 |
| Name | Percent |
|---|---|
| United States | 58.6 |
| Canada | 13.6 |
| United Kingdom | 5.9 |
| France | 4.0 |
| Japan | 2.9 |
| Switzerland | 1.6 |
| Australia | 1.5 |
| Norway | 1.5 |
| Germany | 1.4 |
| Other | 9.0 |
| Name | Percent |
|---|---|
| Real Estate | 21.5 |
| Energy | 18.9 |
| Fixed Income | 14.6 |
| Basic Materials | 13.3 |
| Utilities | 11.4 |
| Consumer Goods | 5.9 |
| Cash and Cash Equivalent | 5.4 |
| Exchange Traded Fund | 3.9 |
| Industrial Services | 2.3 |
| Other | 2.8 |
Growth of $10,000 (since inception)
For the period 07/31/2023 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $13,755
Fund details (as of February 28, 2026)
| Top holdings | Percent (%) |
|---|---|
| Cash and Cash Equivalents | 2.4 |
| Williams Cos Inc | 2.3 |
| Exxon Mobil Corp | 2.0 |
| TC Energy Corp | 1.9 |
| Welltower Inc | 1.8 |
| National Grid PLC | 1.8 |
| TotalEnergies SE | 1.7 |
| Shell PLC | 1.7 |
| Vinci SA | 1.7 |
| SPDR Barclays Capital Short Term Corporate Bd ETF | 1.4 |
| Total allocation in top holdings | 18.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | - |
| Dividend yield | 3.2% |
| Yield to maturity | 4.6% |
| Duration (years) | 1.6% |
| Coupon | 4.9% |
| Average credit rating | BBB+ |
| Average market cap (million) | $102,481.2 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.1 | 12.8 | 12.1 | 23.6 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| - | - | - | 12.3 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 9.8 | 10.4 | - | - |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| - | - | - | - |
Range of returns over five years
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| Data not available based on date of inception | |||
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| Data not available based on date of inception | |||
Q1 2026 Fund Commentary
Commentary and opinions are provided by Cohen & Steers Capital Management, Inc..
Market commentary
Diversified real assets rose in the first quarter, supported by strong fundamentals and investor preference for stability amid elevated volatility. Escalating tensions in the Middle East disrupted regional energy production and global supply chains, triggering a sharp rise in energy prices and renewed inflation concerns. Government bond yields rose across most developed markets.
Global real estate stocks posted modest gains, with U.S. real estate outperforming on strong fourth-quarter 2025 earnings. Global listed infrastructure stocks advanced, led by midstream energy operators and liquefied natural gas exporters as European gas prices spiked. Railways and regulated utilities also gained. Natural resource equities advanced, led by energy, while commodities posted strong gains driven by the energy sector. Precious metals declined sharply in March because of profit-taking and rising interest-rate expectations.
Performance
Security selection in natural resource equities contributed to performance, led by underweight allocations to paper packaging and steel, and an overweight allocation to agricultural products. An overweight allocation to natural resource equities also contributed to performance. An underweight allocation to global real estate contributed to performance as the asset class was pressured late in the quarter by rising interest rates.
Venture Global Inc. contributed to performance because of stronger-than-expected quarterly earnings and a surge in European gas prices. Smithfield Foods Inc. contributed to performance after reporting record operating profit. Century Aluminum Company contributed to performance because of higher aluminum prices following supply disruptions.
Selection in commodities and an underweight allocation to commodities detracted from performance because of the sharp increase in energy prices. Selection in global listed infrastructure also detracted from performance because of allocations to environmental services and adverse selection in railways and airports.
Mowi ASA detracted from performance because biological challenges and higher feed costs weighed on first-quarter results. Barrick Mining Corporation detracted from performance following a sharp decline in gold and silver prices late in the quarter. Capstone Copper Corp. detracted from performance after production guidance indicated higher costs and heavier capital spending.
Portfolio activity
The sub-advisor added Yara International ASA because the fertilizer producer may benefit from the EU's new Carbon Border Adjustment Mechanism (CBAM), Franco-Nevada Corporation because its royalty and streaming business model provides precious metals and energy price exposure while limiting production cost risk, and Nisshin Seifun Group Inc. because the Japan-based food company offers exposure to domestic consumer staples demand.
The sub-advisor increased Exxon Mobil Corporation, ConocoPhillips and Equinix Inc. The sub-advisor sold Chevron Corporation, DT Midstream Inc. and BP p.l.c. The sub-advisor reduced Newmont Corporation and Redeia Corporacion S.A.
Outlook
In the sub-advisor's view, higher energy prices create near-term uncertainty, but real assets should remain resilient. The portfolio maintains an overweight to natural resource equities and global infrastructure, reflecting leverage to upside inflation risks, strong growth expectations and defensive risk attributes. The sub-advisor holds an underweight in commodities because of valuation concerns and remains underweight global real estate because of above-consensus inflation expectations.
The sub-advisor believes power demand may be at a positive inflection point, driven by data centre expansion and artificial intelligence-driven energy needs. The Middle East conflict, in the sub-advisor's view, underscores a shift from abundance to scarcity in critical inputs. The sub-advisor remains cautiously optimistic from an economic perspective but continues to monitor inflation risks closely.
Summary
For the period 07/31/2023 through 04/30/2026 with $10,000 CAD investment
Total returns performance
37.55%
Last price
$12.93 CAD
as of market close 04/30/2026
Value of $10,000 investment
$13,754.60 CAD
