A mid- and large-cap growth-style fund seeking long-term capital appreciation.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in Canadian equities and in short-term fixed income securities.
- You're comfortable with a medium level of risk.
Risk Rating
How is the fund invested?
(as of March 31, 2025)
Asset allocation (%)
|
Name |
Percent |
|
Canadian Equity |
92.7 |
|
US Equity |
3.6 |
|
Income Trust Units |
2.7 |
|
Cash and Equivalents |
1.1 |
|
Other |
-0.1 |
Geographic allocation (%)
|
Name |
Percent |
|
Canada |
95.4 |
|
United States |
3.6 |
|
Bermuda |
1.0 |
Sector allocation (%)
|
Name |
Percent |
|
Financial Services |
31.9 |
|
Energy |
13.3 |
|
Technology |
12.7 |
|
Basic Materials |
12.1 |
|
Industrial Services |
9.5 |
|
Consumer Services |
7.5 |
|
Real Estate |
5.6 |
|
Industrial Goods |
2.5 |
|
Utilities |
2.0 |
|
Other |
2.9 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of March 31, 2025)
| Top holdings |
% |
| Royal Bank of Canada |
6.7 |
| Constellation Software Inc |
5.1 |
| Toronto-Dominion Bank |
4.2 |
| Shopify Inc Cl A |
4.2 |
| Canadian Natural Resources Ltd |
4.1 |
| Pembina Pipeline Corp |
3.2 |
| Brookfield Corp Cl A |
3.1 |
| Intact Financial Corp |
2.9 |
| Alamos Gold Inc Cl A |
2.8 |
| Canadian Pacific Kansas City Ltd |
2.8 |
| Total allocation in top holdings |
39.1 |
| Portfolio characteristics |
|
| Standard deviation |
12.1% |
| Dividend yield |
2.1% |
| Average market cap (million) |
$95,864.5 |
Understanding returns
Annual compound returns (%)
| 1 MO |
3 MO |
YTD |
1 YR |
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| 3 YR |
5 YR |
10 YR |
INCEPTION |
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Calendar year returns (%)
|
2024 |
2023 |
2022 |
2021 |
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|
2020 |
2019 |
2018 |
2017 |
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Range of returns over five years
(February 1, 2001 - May 31, 2025)
| Best return |
Best period end date |
Worst return |
Worst period end date |
|
15.8% |
Oct. 2007 |
-3.9% |
May 2012 |
| Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
|
5.5% |
86.3% |
201 |
32 |
Q1 2025 Fund Commentary
Market commentary
The Canadian economy faced significant challenges during the first quarter, driven by trade disruptions and tariff uncertainty. While the U.S. postponed its broad-based tariffs multiple times, trade issues loomed large for investors and markets.
Despite these challenges, the Canadian economy was resilient. Canada’s gross domestic product growth was 1.5% last year and was expected to be 1.4% for 2025, according to the International Monetary Fund. However, productivity growth lagged, highlighting ongoing challenges to business investment in the current environment.
The Canadian equity market outperformed the U.S., with the S&P/TSX Composite Index gaining 1.52% on a total return basis. The materials, utilities and energy sectors were the top performers, while health care, information technology and industrials underperformed. Gold stocks rose strongly as investors sought lower-risk investments given the economic uncertainty.
Performance
The Fund’s relative exposure to Alamos Gold Inc. and Osisko Royalties Ltd. was positive for performance as gold prices rose. Relative exposure to AutoZone Inc., AltaGas Ltd., Pembina Pipeline Corp. and Intact Financial Corp. was positive for performance given their defensive characteristics. Relative exposure to Descartes Systems Group Inc. was negative for performance as the impact of tariffs was seen as a challenge to the business. A lack of exposure to gold stocks Barrick Gold Corp. and Kinross Gold Corp. was negative for performance.
At the sector level, stock selection in consumer discretionary, financials and industrials was positive for the Fund’s performance. Overweight exposure to information technology was negative for performance as growth stocks underperformed.
Portfolio activity
The sub-advisor added Imperial Oil Ltd. The Fund’s gold exposure was raised with increases to Alamos Gold and Franco-Nevada Corp. Pembina Pipeline was increased to raise the Fund’s energy infrastructure exposure.
The sub-advisor sold Capstone Copper Corp., given uncertain U.S. trade policy. Several consumer-related holdings were reduced, including Amazon.com Inc., Aritzia Inc., Alimentation Couche-Tard Inc. and FirstService Corp. Holdings in Canadian Pacific Kansas City Ltd. and Canadian National Railway Co. were reduced, as were Brookfield Infrastructure Partners L.P.