A blended-style large-cap equity fund seeking long-term growth.
Is this fund right for you?
- You want your money to grow over the longer term.
- You want to invest mainly in Canadian companies.
- 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 |
64.3 |
|
US Equity |
30.0 |
|
International Equity |
3.1 |
|
Cash and Equivalents |
2.6 |
Geographic allocation (%)
|
Name |
Percent |
|
Canada |
66.9 |
|
United States |
30.0 |
|
Ireland |
1.6 |
|
Switzerland |
1.5 |
Sector allocation (%)
|
Name |
Percent |
|
Financial Services |
27.1 |
|
Consumer Services |
12.0 |
|
Industrial Services |
10.7 |
|
Technology |
9.5 |
|
Consumer Goods |
8.8 |
|
Basic Materials |
6.2 |
|
Telecommunications |
5.9 |
|
Energy |
5.4 |
|
Healthcare |
5.3 |
|
Other |
9.1 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of March 31, 2025)
| Top holdings |
% |
| Toronto-Dominion Bank |
5.5 |
| Royal Bank of Canada |
4.6 |
| Bank of Montreal |
3.6 |
| Cash and Cash Equivalents |
2.6 |
| Canadian National Railway Co |
2.6 |
| Restaurant Brands International Inc |
2.4 |
| RB Global Inc |
2.3 |
| Manulife Financial Corp |
2.2 |
| TC Energy Corp |
2.1 |
| Fortis Inc |
2.1 |
| Total allocation in top holdings |
30.0 |
| Portfolio characteristics |
|
| Standard deviation |
12.9% |
| Dividend yield |
2.8% |
| Average market cap (million) |
$78,973.8 |
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
(June 1, 2020 - May 31, 2025)
| Best return |
Best period end date |
Worst return |
Worst period end date |
|
12.5% |
May 2025 |
12.5% |
May 2025 |
| Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
|
12.5% |
100.0% |
1 |
0 |
Q1 2025 Fund Commentary
Market commentary
The first quarter of 2025 was characterized by uncertainty and financial market volatility amid persistent inflation and continued geopolitical conflict. The new U.S. administration’s tariffs strained relations between the U.S. and the rest of North America, which added to equity market volatility. Amid trade policy uncertainty, and as the April roll-out date for new tariffs approached, the U.S. equity market declined.
Performance
The Fund’s relative exposure to The Toronto-Dominion Bank (TD), Franco-Nevada Corp. and RB Global Inc. had the most positive impact on performance.
TD reported higher-than-expected results in its U.S. retail segment and its Canadian insurance and wealth business. It also reported better credit costs. Franco-Nevada benefited from increasing gold prices, which reached record highs during the quarter. RB Global delivered positive financial results and a solid 2025 forecast.
Relative exposure to NetApp Inc., BRP Inc. and Magna International Inc. was negative for performance. NetApp’s stock declined after it released lower-than-expected third-quarter earnings results. Both BRP and Magna International were affected by U.S. tariff announcements.
Within Canadian equities, at the sector level, stock selection in financials, industrials, utilities and consumer staples had a positive impact on performance. Underweight exposure to information technology also had a positive impact. Stock selection in materials, consumer discretionary, communication services and real estate had a negative impact, as did underweight exposure to materials.
Within U.S. equities, stock selection in information technology, consumer discretionary and communication services sectors had a positive impact on the Fund’s performance. Underweight exposure to information technology and overweight exposure to health care and financials also had a positive impact. Stock selection in financials, industrials and materials had a negative impact on performance. Lack of exposure to energy, utilities and real estate was also negative for performance.
Portfolio activity
The sub-advisor added AltaGas Ltd. to the Fund and increased several holdings. These included The Campbell’s Co., Amgen Inc., Chubb Ltd., and Comcast Corp. The sub-advisor sold Kellanova, and Saputo Inc. Franco-Nevada Corp., Metro Inc., RB Global Inc., The Bank of Nova Scotia and Magna International Inc. were trimmed.
Outlook
Following years of strong returns in equity markets, a slowdown wasn’t entirely unexpected, in the sub-advisor’s view. However, the extent of the trade dispute took markets somewhat by surprise. The sub-advisor expects to see increased global equity market volatility amid uncertainty around U.S. trade policy. This is likely to be an evolving situation over several months or quarters.
As the trade dispute evolves, the sub-advisor continues to engage with company management teams, prioritizing those that may be more negatively affected by tariffs. The sub-advisor focuses these engagements on understanding management views of the potential impact of tariffs on their business and discussing various scenarios and mitigation strategies. Potential issues range from supply chain management and inflation to cost-cutting initiatives and consumer pricing. If there were a material change, the sub-advisor would review the holding.