The Fund seeks to maximize long-term capital appreciation by investment primarily in equity securities of U.S. corporations.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in large, established companies in the U.S.
- You're comfortable with a medium level of risk.
Risk Rating
How is the fund invested?
(as of June 30, 2025)
Asset allocation (%)
|
Name |
Percent |
|
US Equity |
88.6 |
|
International Equity |
10.4 |
|
Cash and Equivalents |
1.0 |
Geographic allocation (%)
|
Name |
Percent |
|
United States |
88.6 |
|
Japan |
5.0 |
|
Switzerland |
2.0 |
|
France |
1.9 |
|
Ireland |
1.5 |
|
Canada |
1.0 |
Sector allocation (%)
|
Name |
Percent |
|
Financial Services |
21.0 |
|
Technology |
18.6 |
|
Consumer Goods |
11.8 |
|
Industrial Goods |
11.0 |
|
Healthcare |
9.1 |
|
Utilities |
6.8 |
|
Basic Materials |
6.6 |
|
Telecommunications |
4.6 |
|
Energy |
3.8 |
|
Other |
6.7 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of June 30, 2025)
| Top holdings |
% |
| Parker-Hannifin Corp |
4.8 |
| Microsoft Corp |
4.3 |
| Capital One Financial Corp |
3.7 |
| Corteva Inc |
3.7 |
| Ameriprise Financial Inc |
3.1 |
| ANSYS Inc |
3.0 |
| Sony Group Corp - ADR |
2.9 |
| Martin Marietta Materials Inc |
2.8 |
| Atmos Energy Corp |
2.7 |
| Ecolab Inc |
2.6 |
| Total allocation in top holdings |
33.6 |
| Portfolio characteristics |
|
| Standard deviation |
12.6% |
| Dividend yield |
1.9% |
| Yield to maturity |
- |
| Duration (years) |
- |
| Coupon |
- |
| Average credit rating |
Not rated |
| Average market cap (million) |
$410,300.9 |
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
(November 1, 2018 - August 31, 2025)
| Best return |
Best period end date |
Worst return |
Worst period end date |
|
13.6% |
March 2025 |
8.0% |
Oct. 2023 |
| Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
|
10.2% |
100.0% |
23 |
0 |
Q2 2025 Fund Commentary
Market commentary
Despite early volatility in the second quarter of 2025, U.S. equities rose overall while bonds fell. In early April, the U.S. administration introduced a universal 10% import tariff, as well as reciprocal tariffs on dozens of countries. A week later, a 90-day pause on reciprocal tariffs was enacted for almost all countries, easing trade tensions somewhat.
Economic data painted a mixed picture, with the U.S. first-quarter gross domestic product contracting 0.5% primarily because of reduced government spending and rising imports. Meanwhile, inflation rose 2.4% year-over-year in May and the unemployment rate remained close to 4%. A key gauge of consumer confidence rebounded in June, increasing for the first time in six months. However, given macroeconomic uncertainty, the U.S. Federal Reserve Board held its policy rate steady at a range of 4.25% to 4.50%, signaling a cautious stance.
Corporate fundamentals were strong, with many companies exceeding earnings-per-share expectations. Still, concerns around global trade and input costs were evident, with many companies referencing tariffs in earnings calls. Management teams broadly emphasized cost discipline and capital flexibility in the face of persistent macroeconomic challenges.
In geopolitics, tensions in the Middle East escalated, with Israel striking key Iranian figures and military sites. The U.S. launched airstrikes on Iran’s nuclear infrastructure but a ceasefire was reached late in the quarter. In Europe, Russian forces entered eastern Ukraine in the Dnipropetrovsk region for the first time in three years. While the two sides engaged in a second round of negotiations and completed prisoner exchanges, prospects of advancement toward a ceasefire remained unclear.
Performance
The Fund’s relative exposure to Microchip Technology Inc. had the most positive impact on performance. After several quarters of underperformance, driven by prolonged customer destocking, company fundamentals began to improve. Bookings showed signs of stabilization, supported by more balanced inventories across customers and distribution channels as well as indications of recovering end-market demand.
Relative exposure to Amgen Inc. had a negative impact on performance. Despite positive performance from its branded drugs, Amgen was affected by concerns surrounding potential tariff impacts, tax reform and pressure on drug prices.
At the sector level, stock selection in materials, financials and industrials had the most positive impact on performance. Stock selection in information technology and consumer discretionary was negative for performance as was underweight exposure to information technology.
Portfolio activity
The sub-advisor added Uber Technologies Inc. based on its global scale, market leadership and valuation. In the sub-advisor’s view, the company should see higher profitability and free cash flow generation. More partnerships should expand its reach and reduce supply costs, as should expansion in non-urban markets.
Xylem Inc. was sold after strong performance following progress on its profitability improvement initiatives in favour of Uber Technologies.
Outlook
With shifting trade dynamics, complex monetary and fiscal policy decisions, and geopolitical conflicts, the broader implications for the global economy remain unclear. However, the sub-advisor doesn’t attempt to predict the timing or short-term market impact of these elements. Instead, the sub-advisor’s investment approach in the fundamentals of individual businesses and their long-term potential.