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 May 31, 2025)
Asset allocation (%)
|
Name |
Percent |
|
Canadian Equity |
65.8 |
|
US Equity |
28.7 |
|
International Equity |
2.9 |
|
Cash and Equivalents |
2.6 |
Geographic allocation (%)
|
Name |
Percent |
|
Canada |
68.4 |
|
United States |
28.7 |
|
Ireland |
1.5 |
|
Switzerland |
1.4 |
Sector allocation (%)
|
Name |
Percent |
|
Financial Services |
29.0 |
|
Consumer Services |
12.1 |
|
Industrial Services |
10.9 |
|
Technology |
9.9 |
|
Basic Materials |
6.6 |
|
Healthcare |
5.8 |
|
Telecommunications |
5.5 |
|
Consumer Goods |
5.3 |
|
Energy |
5.1 |
|
Other |
9.8 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of May 31, 2025)
| Top holdings |
% |
| Toronto-Dominion Bank |
6.0 |
| Royal Bank of Canada |
4.9 |
| Bank of Montreal |
3.8 |
| Canadian National Railway Co |
2.7 |
| Cash and Cash Equivalents |
2.6 |
| Restaurant Brands International Inc |
2.4 |
| RB Global Inc |
2.3 |
| Nutrien Ltd |
2.2 |
| TC Energy Corp |
2.2 |
| CGI Inc Cl A |
2.2 |
| Total allocation in top holdings |
31.3 |
| Portfolio characteristics |
|
| Standard deviation |
11.9% |
| Dividend yield |
2.5% |
| Average market cap (million) |
$81,879.5 |
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 - July 31, 2025)
| Best return |
Best period end date |
Worst return |
Worst period end date |
|
11.4% |
June 2025 |
11.0% |
May 2025 |
| Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
|
11.1% |
100.0% |
3 |
0 |
Q2 2025 Fund Commentary
Market commentary
The second quarter of 2025 began with uncertainty following the U.S. administration’s tariff announcement. On April 2, the U.S. introduced a 10% global baseline tariff and higher reciprocal tariffs targeting countries with large trade deficits. Equity markets declined significantly until a 90-day tariff pause was announced for most regions, leading equities to rebound. Overall, Canadian and U.S. equities ended the period higher while the Canadian bond market declined.
Performance
The Fund’s relative exposure to The Toronto-Dominion Bank (TD Bank), Royal Bank of Canada and NetApp Inc. had a positive impact on performance. TD Bank benefited from easing tariff concerns, reporting better-than-expected earnings. Royal Bank reported good operational performance with the successful integration of HSBC Canada. NetApp’s fourth-quarter results reassured investors that the reasons for last quarter’s miss were one-time in nature.
Relative exposure to Suncor Energy Inc., Restaurant Brands International Inc. and The Campbell’s Co. was negative for performance. Suncor was affected by falling oil prices. Restaurant Brands’ stock was under pressure because of lower consumer spending at restaurants and higher industry competition. Campbell’s results included 4% higher sales, but forecasted its adjusted earnings per share to be at the low end of the range.
At the sector level, within Canadian equities, underweight exposure to energy had a positive impact on performance. Within U.S. equities, stock selection in financials and no exposure to energy was positive for performance. Stock selection within information technology and consumer discretionary had a negative effect on the Fund’s Canadian component. In the U.S., stock selection in communication services, information technology and consumer staples was negative for performance.
Portfolio activity
The sub-advisor added Element Fleet Management Corp. and Elevance Health Inc. AltaGas Ltd., CGI Inc., Ameriprise Financial Inc., Westinghouse Air Brake Technologies Corp., Merck & Co Inc., Medtronic PLC, Qualcomm Inc. and Chubb Ltd. were increased. The Bank of Nova Scotia, Magna International Inc., Polaris Inc., Gentex Corp. and Somnigroup International Inc. were sold. Holdings in eBay Inc., Amdocs Ltd., BRP Inc., Gen Digital Inc., Loblaw Cos. Ltd., Cencora Inc. were reduced.
Outlook
U.S. equities underperformed their Canadian and international peers, negatively affected by the U.S. administration’s tariff policy. In this uncertain environment, the sub-advisor will assess the resilience of the Fund’s holdings, anticipating further changes to the portfolio. The Fund holds what the sub-advisor views as fundamentally sound companies with growing end markets, healthy margins and strong returns profiles.