July 31, 2026
The Fund seeks to achieve long-term capital growth by investing primarily in a portfolio of equity securities of large-capitalization securities companies in emerging markets.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in equity securities of the developing countries in Latin America, Asia, Africa, Europe and the Middle East.
- You're comfortable with a medium to high level of risk.
RISK RATING
How is the fund invested? (as of May 31, 2026)
| Name | Percent |
|---|---|
| International Equity | 98.7 |
| Cash and Equivalents | 1.3 |
| Name | Percent |
|---|---|
| Taiwan | 27.9 |
| Korea, Republic Of | 22.6 |
| China | 20.1 |
| India | 11.5 |
| Hong Kong | 2.6 |
| Brazil | 2.5 |
| South Africa | 2.4 |
| Saudi Arabia | 1.9 |
| Canada | 1.3 |
| Other | 7.2 |
| Name | Percent |
|---|---|
| Technology | 47.5 |
| Financial Services | 18.0 |
| Basic Materials | 5.5 |
| Consumer Goods | 5.5 |
| Industrial Services | 4.3 |
| Industrial Goods | 3.9 |
| Healthcare | 3.9 |
| Energy | 3.2 |
| Consumer Services | 2.9 |
| Other | 5.3 |
Growth of $10,000 (since inception)
For the period 10/22/2018 through 07/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $27,130
Fund details (as of May 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Taiwan Semiconductor Manufactrg Co Ltd | 11.4 |
| Samsung Electronics Co Ltd | 9.1 |
| SK Hynix Inc | 7.7 |
| Tencent Holdings Ltd | 2.5 |
| Sunny Optical Technology Group Co Ltd | 1.6 |
| Accton Technology Corp | 1.5 |
| Cathay Financial Holding Co Ltd | 1.5 |
| Alibaba Group Holding Ltd | 1.5 |
| Vedanta Ltd | 1.4 |
| Winbond Electronics Corp | 1.4 |
| Total allocation in top holdings | 39.6 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 14.8% |
| Dividend yield | 2.2% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $686,280.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -5.8 | 14.7 | 23.8 | 37.4 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 25.1 | 12.8 | - | 13.7 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 30.3 | 21.3 | 14.4 | -15.2 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 3.1 | 21.5 | 15.6 | - |
Range of returns over five years (November 01, 2018 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 12.8% | Jul 2026 | 5.7% | Jan 2024 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 9.6% | 100 | 34 | 0 |
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Fund category
Emerging Markets Equity
Inception date
October 22, 2018
Management expense ratio (MER)
1.16%
(March 31, 2026)
Fund management
Mackenzie Investments
Net assets (million)
$326.0
Price
$20.85
Number of holdings
109
Minimum Investment
$500
Fund codes
NL — MAX2167
Contact information
Customer service centre
Toll free: 1-844-730-1633
Corporate website
Q2 2026 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
Emerging markets had a strong second quarter. The retreat in crude oil prices late in the quarter eased pressure on oil-importing economies in Asia, including China, India, Japan and South Korea, after higher energy costs had weighed on trade balances earlier in the year. The easing of tensions in the Middle East and the resumption of shipping through the Strait of Hormuz supported sentiment.
Regional performance varied. Demand tied to artificial intelligence and semiconductors drove extraordinary gains in South Korea and Taiwan. Commodity-exporting markets benefited from firm commodity prices early in the quarter. Chinese and Indian equities lagged, while Latin American markets were supported by resilient domestic demand.
Emerging market equities rose close to 23% for the quarter, outperforming developed markets. Technology-oriented markets led, and energy-related companies performed well in markets with significant oil and gas exposure. Consumer-oriented sectors were mixed amid uneven domestic demand signals.
Performance
Selection in Taiwan, Saudi Arabia and Malaysia contributed to performance. Exposure to information technology, energy, communication services and health care contributed to performance. Exposure to growth and informed investor factors contributed to performance, as did exposure to market sensitivity and profitability.
Relative overweight exposure to SK Hynix Inc., Global Unichip Corp. and Winbond Electronics Corp. contributed to the Fund’s performance. SK Hynix benefited from demand for high-bandwidth memory and artificial intelligence (AI) infrastructure. Global Unichip was supported by demand for custom AI and high-performance computing chips. Winbond benefited from tight memory supply and improved pricing.
Exposure to India, China and South Korea detracted. Security selection in India and South Korea detracted from performance. Security selection in industrials, financials, consumer staples and consumer discretionary and real estate detracted from performance. Value and quality factors detracted from performance, as did the Fund’s smaller size bias.
Lack of exposure to SK Square Co. Ltd. and underweight exposure to MediaTek Inc. detracted from performance. Both stocks rose because of semiconductor and AI-related enthusiasm. Relative overweight exposure to Raia Drogasil SA also detracted from performance.
Portfolio activity
Activity in the Fund is driven by stock selection, optimization and the sub-advisor’s vetting process, which is run daily.
Summary
For the period 10/22/2018 through 07/31/2026 with $10,000 CAD investment
Total returns performance
171.30%
Last price
$20.85 CAD
as of market close 07/31/2026
Value of $10,000 investment
$27,129.57 CAD
