A U.S. large-cap value fund seeking long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in U.S. equities.
- 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 |
|
US Equity |
87.0 |
|
International Equity |
9.4 |
|
Cash and Equivalents |
3.2 |
|
Canadian Equity |
0.4 |
Geographic allocation (%)
|
Name |
Percent |
|
United States |
87.0 |
|
Ireland |
5.1 |
|
Canada |
3.6 |
|
United Kingdom |
2.6 |
|
France |
1.6 |
|
Other |
0.1 |
Sector allocation (%)
|
Name |
Percent |
|
Financial Services |
19.3 |
|
Healthcare |
14.4 |
|
Consumer Goods |
11.7 |
|
Industrial Goods |
9.2 |
|
Consumer Services |
7.9 |
|
Technology |
6.8 |
|
Energy |
6.5 |
|
Telecommunications |
5.0 |
|
Utilities |
4.2 |
|
Other |
15.0 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of March 31, 2025)
Top holdings |
% |
Cash and Cash Equivalents |
3.2 |
Philip Morris International Inc |
3.0 |
Citigroup Inc |
2.9 |
Exxon Mobil Corp |
2.9 |
Walmart Inc |
2.9 |
Abbvie Inc |
2.9 |
Coca-Cola Co |
2.8 |
UnitedHealth Group Inc |
2.5 |
Bank of America Corp |
2.4 |
McKesson Corp |
2.3 |
Total allocation in top holdings |
27.8 |
Portfolio characteristics |
|
Standard deviation |
13.3% |
Dividend yield |
2.3% |
Average market cap (million) |
$349,755.1 |
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
(August 1, 2017 - May 31, 2025)
Best return |
Best period end date |
Worst return |
Worst period end date |
19.4% |
March 2025 |
9.1% |
Sept. 2022 |
Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
12.5% |
100.0% |
35 |
0 |
Q1 2025 Fund Commentary
Market commentary
U.S. large-capitalization value stocks rose in the first quarter, while broader equity markets declined. The release of artificial intelligence (AI) models developed by Chinese company DeepSeek led investors to question the AI spending outlook. Geopolitical and economic concerns led to higher financial market volatility. The U.S. administration’s tariff policy rollout contributed to uncertainty throughout the quarter.
Performance
The Fund’s overweight exposure to Philip Morris International Inc., AbbVie Inc. and McKesson Corp. was positive for performance. Relative exposure to Microsoft Corp. and Oracle Corp. was negative for performance. The Fund’s lack of exposure to Berkshire Hathaway Inc. was also negative for performance.
At the sector level, stock selection in consumer staples, industrials, communication services and health care had a positive impact on the Fund’s performance. Overweight exposure to consumer staples and health care, and underweight exposure to industrials and information technology, were also positive for performance. Stock selection in information technology, financials and consumer discretionary was negative for performance. Underweight exposure to energy and communication services was also negative as these sectors outperformed.
Portfolio activity
The sub-advisor added Accenture PLC, The Allstate Corp. and Seagate Technology Holdings PLC to the Fund. Holdings in Thermo Fisher Scientific Inc., Philip Morris International Inc. and Regeneron Pharmaceuticals Inc. were increased.
NXP Semiconductors NV, Vontier Corp. and Kenvue Inc. were sold. Positions in Boston Scientific Corp., AXA SA, Oracle Corp. and Walmart Inc. were reduced.
Outlook
As the first quarter of 2025 ended, the U.S. administration’s tariff policies continued to create uncertainty for financial markets. Riskier assets declined sharply, and the potential for an economic recession increased. While some areas of the market are directly affected by U.S. tariff policies, stocks that are less exposed have also declined. In the sub-advisor’s view, this environment could present unique buying opportunities.
At the end of the quarter, the Fund’s largest overweight exposures were to consumer staples, materials and health care. The Fund had underweight exposure to real estate and industrials.