A growth-style equity fund seeking strong long-term growth from investments around the world.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in a wide range of Canadian growth companies, including junior growth companies.
- You're comfortable with a medium level of risk.
Risk Rating
How is the fund invested?
(as of February 28, 2025)
Asset allocation (%)
|
Name |
Percent |
|
US Equity |
60.0 |
|
International Equity |
37.2 |
|
Canadian Equity |
2.0 |
|
Cash and Equivalents |
0.8 |
Geographic allocation (%)
|
Name |
Percent |
|
United States |
60.0 |
|
India |
3.7 |
|
China |
3.4 |
|
Germany |
3.3 |
|
Vietnam |
3.2 |
|
United Kingdom |
2.9 |
|
Canada |
2.8 |
|
Japan |
2.6 |
|
Indonesia |
2.6 |
|
Other |
15.5 |
Sector allocation (%)
|
Name |
Percent |
|
Technology |
35.0 |
|
Financial Services |
19.0 |
|
Consumer Services |
11.3 |
|
Healthcare |
8.4 |
|
Industrial Goods |
6.6 |
|
Consumer Goods |
5.3 |
|
Industrial Services |
3.7 |
|
Energy |
3.2 |
|
Basic Materials |
3.0 |
|
Other |
4.5 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of February 28, 2025)
Top holdings |
% |
Apple Inc |
4.8 |
Microsoft Corp |
4.3 |
Amazon.com Inc |
3.9 |
Meta Platforms Inc Cl A |
3.6 |
NVIDIA Corp |
3.5 |
Alphabet Inc Cl C |
2.0 |
Eli Lilly and Co |
1.8 |
Bank of America Corp |
1.5 |
Netflix Inc |
1.5 |
Nu Holdings Ltd Cl A |
1.3 |
Total allocation in top holdings |
28.2 |
Portfolio characteristics |
|
Standard deviation |
13.5% |
Dividend yield |
1.1% |
Average market cap (million) |
$1,096,871.3 |
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
Best return |
Best period end date |
Worst return |
Worst period end date |
Data not available based on date of inception
|
Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
Data not available based on date of inception
|
Q1 2025 Fund Commentary
Market commentary
Global equities fell in the first quarter of 2025, despite early optimism about the incoming Trump administration’s business-friendly policies. Sentiment turned negative because of concerns over unpredictable U.S. trade policy and rapidly shifting geopolitical dynamics. This led to market volatility as investors wrestled with potential impacts on global economic growth, trade and geopolitical relationships.
U.S. stocks fell because of U.S. trade policy, weaker-than-expected economic data, falling consumer spending and sentiment, and ongoing cuts to the federal workforce. Information technology stocks fell the most because of worries around the sustainability of artificial intelligence (AI)-related spending. Despite uncertainty, the U.S. Federal Reserve Board kept interest rates on hold.
Developed European equities were up, outperforming U.S. equity markets, driven by positive corporate earnings. Trade tensions affected sentiment, as did Donald Trump’s stance on the Russia–Ukraine war, leading European countries to announce increased fiscal spending on infrastructure and defense. The European Central Bank cut interest rates, while the Bank of England kept interest rates steady.
Developed Asian equity markets were positive, with Singapore outperforming as investors looked for large-capitalization banks for their perceived “safe haven” status. In Japan, equity markets were also modestly positive, but the strengthening yen weighed on the profit outlooks of Japan’s exporters. The Bank of Japan raised interest rates in January but adopted a cautious stance as the quarter progressed and kept rates steady thereafter. Both New Zealand and Australian equities were affected by tariff concerns, and share prices fell.
Emerging market equites gained, outperforming developed market peers. In Asia, foreign investor shares in China rose sharply thanks to growing optimism about the country’s AI advancements and supportive policies from Beijing. Indian stocks fell amid rising fears about stock valuations and economic growth as well as Trump’s tariffs. Latin American equities rose, especially in Colombia, Chile and Brazil, the latter’s economy benefiting from strong domestic demand.
Performance
At the sector level, stock selection in communication services and real estate had a positive impact on the Fund’s performance. Stock selection in consumer staples, financials, industrials and business services was negative for performance. Regionally, stock selection in North America was negative for performance.
Portfolio activity
There were no significant portfolio trades made during the first quarter of 2025.
Outlook
Uncertainties around U.S. tariffs, immigration, military strategy and government spending have led to wider investment opportunities for global equity investors. The sub-advisor believes there is greater market and recession risk, but investment opportunity across a wider range of sectors and regions is positive. The U.S. tariff situation is fluid, and the sub-advisor expects uncertainty and market volatility to continue.
The sub-advisor reduced the Fund’s volatility by adding more defensive positions and sectors as the risk of a recession has risen. The sub-advisor added new positions in Europe, where shifting fiscal policies aimed at becoming more self-reliant could lead to new investment cycles across the region. In the sub-advisor’s view, emerging markets, particularly countries like Vietnam, Indonesia, the Philippines and India, offer long-term growth opportunities despite their risks. The sub-advisor’s outlook for China is cautious because of tariff announcements and has been selective in Chinese holdings.