A stable growth value fund with a diverse U.S. and dividend focus.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in U.S. dividend-paying stocks.
- You're comfortable with a medium level of risk.
Risk Rating
How is the fund invested?
(as of February 28, 2025)
Asset allocation (%)
|
Name |
Percent |
|
US Equity |
93.3 |
|
International Equity |
3.4 |
|
Cash and Equivalents |
1.8 |
|
Canadian Equity |
1.6 |
|
Other |
-0.1 |
Geographic allocation (%)
|
Name |
Percent |
|
United States |
93.3 |
|
Canada |
3.4 |
|
Ireland |
2.4 |
|
Netherlands |
1.0 |
|
Other |
-0.1 |
Sector allocation (%)
|
Name |
Percent |
|
Technology |
28.7 |
|
Financial Services |
17.3 |
|
Consumer Services |
12.2 |
|
Healthcare |
11.5 |
|
Consumer Goods |
6.2 |
|
Energy |
5.5 |
|
Industrial Services |
3.6 |
|
Industrial Goods |
3.2 |
|
Real Estate |
3.1 |
|
Other |
8.7 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of February 28, 2025)
| Top holdings |
% |
| Apple Inc |
4.9 |
| Alphabet Inc Cl A |
4.1 |
| Amazon.com Inc |
4.0 |
| Microsoft Corp |
3.9 |
| Broadcom Inc |
2.4 |
| JPMorgan Chase & Co |
2.4 |
| Morgan Stanley |
2.3 |
| Abbvie Inc |
2.2 |
| Parker-Hannifin Corp |
2.2 |
| Republic Services Inc |
2.2 |
| Total allocation in top holdings |
30.6 |
| Portfolio characteristics |
|
| Standard deviation |
11.8% |
| Dividend yield |
1.8% |
| Average market cap (million) |
$1,061,690.2 |
Understanding returns
Annual compound returns (%)
| 1 MO |
3 MO |
YTD |
1 YR |
| {{snapShot.Return1Mth|customNumber:1}} | {{snapShot.Return3Mth|customNumber:1}} | {{snapShot.ReturnYTD|customNumber:1}} | {{snapShot.Return1Yr|customNumber:1}} |
| 3 YR |
5 YR |
10 YR |
INCEPTION |
| {{snapShot.Return3Yr|customNumber:1}} | {{snapShot.Return5Yr|customNumber:1}} | {{snapShot.Return10Yr|customNumber:1}} | {{snapShot.ReturnInception|customNumber:1}} |
Calendar year returns (%)
|
2024 |
2023 |
2022 |
2021 |
| {{snapShot.Return1YrCalendar|customNumber:1}} | {{snapShot.Return2YrCalendar|customNumber:1}} | {{snapShot.Return3YrCalendar|customNumber:1}} | {{snapShot.Return4YrCalendar|customNumber:1}} |
|
2020 |
2019 |
2018 |
2017 |
| {{snapShot.Return5YrCalendar|customNumber:1}} | {{snapShot.Return6YrCalendar|customNumber:1}} | {{snapShot.Return7YrCalendar|customNumber:1}} | {{snapShot.Return8YrCalendar|customNumber:1}} |
Range of returns over five years
(August 1, 2017 - April 30, 2025)
| Best return |
Best period end date |
Worst return |
Worst period end date |
|
15.8% |
March 2025 |
7.8% |
Sept. 2023 |
| Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
|
10.6% |
100.0% |
34 |
0 |
Q1 2025 Fund Commentary
Market commentary
The U.S. economy faced significant challenges during the first quarter, driven by shifting tariff policies and the trade disruptions that followed.
The U.S. gross domestic product growth forecast was revised downward for the quarter. Trade issues and weaker consumer spending negatively affected the domestic U.S. economy more than its global peers. This was a sharp reversal from the previous quarter’s growth of 2.4%. Inflation concerns and tariff uncertainties further weighed on business investment.
The U.S. equity market experienced a volatile quarter. The S&P 500 Index declined by 4.28% on a total return basis. Growth stocks, particularly in the information technology and communication services sectors, underperformed. Stocks in the materials, health care and energy sectors outperformed. The heightened volatility in mega-capitalization technology stocks was partly driven by global competition and regulatory scrutiny.
Performance
The Fund’s underweight exposure to NVIDIA Corp. and relative exposure to Agnico Eagle Mines Ltd. had a positive impact on performance. Shares of NVIDIA fell because of concerns about artificial intelligence-related spending. Agnico Eagle Mines benefited from higher gold prices. Lack of exposure to Tesla Inc. was also positive for performance as the stock declined sharply.
Lack of exposure to Berkshire Hathaway Inc. had a negative impact on performance. Berkshire Hathaway outperformed the broad market.
At the sector level, stock selection in consumer discretionary and materials was positive for the Fund’s performance. Overweight exposure to energy also had a positive impact on performance, with natural gas companies performing well. Stock selection within utilities was negative for performance, as was relative exposure to real estate investment trusts. Overweight exposure to financials was also negative for performance as investors deemed the new U.S. administration to be less business-friendly than originally expected.
Portfolio activity
The sub-advisor increased the Fund’s exposure to health care based on its defensive characteristics, meaning the sector is less sensitive to changes in the economy. The sub-advisor added Gilead Sciences Inc. and Cisco Systems Inc. to the Fund. Gilead Sciences, a market leader in HIV treatment, also has a new drug with growth potential in the area. Cisco Systems’ new products are generating growth opportunities, while the stock provides more traditional value exposure.
The sub-advisor decreased the Fund’s exposure to the industrials sector because of higher valuations amid slowing growth. Sempra Energy was sold following a business update, which changed the sub-advisor’s expectations of the company’s growth prospects. The sub-advisor sold Merck & Co. Inc. based on a lack of visibility for one of its main growth drivers, its business in China.