The fund seeks long-term capital growth by investing mainly in Canadian equities. The fund uses a value equity style of investing and may hold up to 30% of its assetsin foreign investments.
Is this fund right for you?
- Are looking for a Canadian equity fund to hold as part of their portfolio.
- Want a medium- to long-term investment.
- Can handle the volatility of stock markets.
Risk Rating
How is the fund invested?
(as of March 31, 2025)
Asset allocation (%)
|
Name |
Percent |
|
Canadian Equity |
90.0 |
|
US Equity |
5.9 |
|
Income Trust Units |
3.4 |
|
Cash and Equivalents |
0.5 |
|
International Equity |
0.2 |
Geographic allocation (%)
|
Name |
Percent |
|
Canada |
93.9 |
|
United States |
5.9 |
|
Australia |
0.1 |
|
Ireland |
0.1 |
Sector allocation (%)
|
Name |
Percent |
|
Financial Services |
31.1 |
|
Energy |
12.8 |
|
Basic Materials |
12.0 |
|
Consumer Services |
8.9 |
|
Industrial Services |
8.5 |
|
Technology |
7.2 |
|
Real Estate |
6.1 |
|
Consumer Goods |
4.0 |
|
Utilities |
2.8 |
|
Other |
6.6 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of March 31, 2025)
| Top holdings |
% |
| Royal Bank of Canada |
6.3 |
| Toronto-Dominion Bank |
4.5 |
| Agnico Eagle Mines Ltd |
3.8 |
| Canadian Natural Resources Ltd |
3.3 |
| Canadian Pacific Kansas City Ltd |
3.2 |
| Canadian National Railway Co |
3.0 |
| Suncor Energy Inc |
2.8 |
| Bank of Montreal |
2.6 |
| Brookfield Corp Cl A |
2.6 |
| Sun Life Financial Inc |
2.5 |
| Total allocation in top holdings |
34.6 |
| Portfolio characteristics |
|
| Standard deviation |
14.5% |
| Dividend yield |
2.8% |
| Average market cap (million) |
$115,960.9 |
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
(June 1, 2020 - May 31, 2025)
| Best return |
Best period end date |
Worst return |
Worst period end date |
|
18.3% |
May 2025 |
18.3% |
May 2025 |
| Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
|
18.3% |
100.0% |
1 |
0 |
Q1 2025 Fund Commentary
Market commentary
The Canadian economy faced significant challenges during the first quarter, driven by trade disruptions and tariff uncertainty. While the U.S. postponed its broad-based tariffs multiple times, trade issues loomed large for investors and markets.
Despite these challenges, the Canadian economy was resilient. Canada’s gross domestic product growth was 1.5% last year and was expected to be 1.4% for 2025, according to the International Monetary Fund. However, productivity growth lagged, highlighting ongoing challenges to business investment in the current environment.
The Canadian equity market outperformed the U.S., with the S&P/TSX Composite Index gaining 1.52% on a total return basis. The materials, utilities and energy sectors were the top performers, while health care, information technology and industrials underperformed. Gold stocks rose strongly as investors sought lower-risk investments given the economic uncertainty.
Performance
The Fund’s relative exposure to Agnico Eagle Mines Ltd. and Kinross Gold Corp. was positive for performance, both of which benefited from higher gold prices. Underweight exposure to Shopify Inc. was positive for performance, as the shares fell with other information technology stocks as investors were concerned by shifting U.S. trade policy and weakening consumer sentiment.
Relative exposure to TransAlta Corp. was negative for performance as investors questioned future power demand for artificial intelligence. A lack of exposure to Wheaton Precious Metals Corp. and Barrick Gold Corp. was negative for performance as they benefited from rising gold prices. A lack of exposure Waste Connections Inc. was negative for performance as its stock outperformed as investors sought more defensive holdings.
At the sector level, security selection in energy and real estate was positive for performance. Underweight exposure to information technology was positive for performance. Security selection in utilities, materials and industrials was negative for performance. Underweight exposure to materials was negative for performance.
Portfolio activity
The sub-advisor added ARC Resources Ltd. based on its value relative to its peers. Shopify Inc. was increased for its attractive valuation. The sub-advisor also added to positions in industrials, consumer discretionary, information technology and real estate investment trusts.
South Bow Corp. was sold and holdings in Canadian banks were reduced. Positions in Empire Co. Ltd. and Loblaw Cos. Ltd. were trimmed.