A blended-style fund that emphasizes long-term growth while also providing income.
Is this fund right for you?
- You’re looking to preserve your investment while still allowing it to grow.
- You want to invest in a combination of Canadian common shares, bonds and debentures.
- You're comfortable with a low to medium level of risk.
Risk Rating
How is the fund invested?
(as of March 31, 2025)
Asset allocation (%)
|
Name |
Percent |
|
Canadian Equity |
30.0 |
|
Foreign Bonds |
23.9 |
|
US Equity |
16.0 |
|
Domestic Bonds |
14.3 |
|
International Equity |
8.3 |
|
Cash and Equivalents |
6.4 |
|
Income Trust Units |
0.9 |
|
Other |
0.2 |
Geographic allocation (%)
|
Name |
Percent |
|
Canada |
50.2 |
|
United States |
38.1 |
|
Germany |
2.6 |
|
United Kingdom |
1.6 |
|
Japan |
1.2 |
|
Switzerland |
0.8 |
|
France |
0.8 |
|
Taiwan |
0.5 |
|
Bermuda |
0.4 |
|
Other |
3.8 |
Sector allocation (%)
|
Name |
Percent |
|
Fixed Income |
38.3 |
|
Financial Services |
14.1 |
|
Energy |
7.5 |
|
Technology |
7.2 |
|
Cash and Cash Equivalent |
6.4 |
|
Basic Materials |
4.6 |
|
Industrial Services |
4.6 |
|
Consumer Services |
4.4 |
|
Consumer Goods |
3.2 |
|
Other |
9.7 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of March 31, 2025)
Top holdings |
% |
Cash and Cash Equivalents |
3.8 |
Royal Bank of Canada |
2.4 |
Toronto-Dominion Bank |
1.6 |
Canadian Natural Resources Ltd |
1.4 |
Agnico Eagle Mines Ltd |
1.3 |
Microsoft Corp |
1.2 |
Canadian Pacific Kansas City Ltd |
1.2 |
Bank of Montreal |
1.1 |
Enbridge Inc |
1.1 |
United States Treasury 4.63% 15-Feb-2055 |
1.1 |
Total allocation in top holdings |
16.2 |
Portfolio characteristics |
|
Standard deviation |
8.3% |
Dividend yield |
2.8% |
Yield to maturity |
6.1% |
Duration (years) |
5.2 |
Coupon |
4.8% |
Average credit rating |
BBB+ |
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
(August 1, 2013 - May 31, 2025)
Best return |
Best period end date |
Worst return |
Worst period end date |
9.3% |
March 2025 |
3.1% |
March 2020 |
Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
5.9% |
100.0% |
83 |
0 |
Q1 2025 Fund Commentary
Market commentary
The global economy faced significant challenges during the first quarter, driven by shifting tariff policies. The global gross domestic product growth forecast was revised downward. This was a reversal from the previous year’s growth of 3.3%, according to the International Monetary Fund.
Trade issues and weaker consumer spending affected various economies differently. Emerging markets showed more resilience compared to developed markets. Inflation concerns and tariff uncertainties further weighed on business investment.
Government bond yields fell across major economies. The yield on 10-year U.S. Treasuries declined from 4.57% to 4.21%. Declining yields led to higher bond prices, particularly for longer-term government bonds. European government bonds followed a similar trend and were further supported by the European Central Bank’s interest-rate cuts. Investment-grade and high-yield corporate bonds also gained.
Global equity markets experienced a volatile quarter. The MSCI World Index declined by 1.68% on a total return basis. Growth stocks, particularly in the information technology and communication services sectors, underperformed. Stocks in the materials, health care and energy sectors outperformed, benefiting from sector-specific strengths and investors’ shifting preferences.
Performance
The Fund’s relative exposure to Philip Morris International Inc., Shopify Inc. and Canadian Imperial Bank of Commerce (CIBC) was positive for performance. Philip Morris stock rose, driven by growth in its smoke-free product segment and appeal as a high-yield dividend stock. A lack of holdings in Shopify and CIBC was positive for performance as both underperformed. Shopify was affected by market volatility, particularly in the information technology sector.
Relative exposure to Broadcom Inc., Microsoft Corp. and NVIDIA Corp. was negative for performance. Broadcom and Microsoft underperformed because of investor concerns about tariffs and artificial intelligence spending. NVIDIA’s performance was affected by trade concerns and supply chain issues.
At the sector level, stock selection in financials, energy and consumer staples was positive for the Fund’s performance. Stock selection in information technology, communication services and consumer discretionary was negative for performance.
Within fixed income securities, exposure to federal and provincial government bonds was positive for performance. Exposure to corporate bonds, particularly in industrials, communication services and infrastructure, was negative for performance.
At a geographic level, stock selection in Canada, Germany and Switzerland was positive for performance, while selection in the U.S., Taiwan and Denmark was negative.
Portfolio activity
The sub-advisor added Schneider Electric SE to replace Air Liquide SA. Schneider Electric is growing faster, generates higher returns on capital, has a slightly higher dividend yield and trades for a lower valuation. Pembina Pipeline Corp. was increased based on growth in natural gas liquids. Cenovus Energy Inc. was increased based on improved free cash flow and attractive valuation.
TELUS Corp. was trimmed given the sub-advisor’s view that lower Canadian immigration targets could have negative implications for the sector. Bank of Montreal was reduced based on potential risks from slowing growth because of trade disputes.