A mid- and large-cap growth-style fund seeking long-term capital appreciation.
Is this fund right for you?
- You want your money to grow over the longer term.
- You want to invest in Canadian companies.
- You're comfortable with a low to medium level of risk
Risk Rating
How is the fund invested?
(as of December 31, 2024)
Asset allocation (%)
|
Name |
Percent |
|
Canadian Equity |
51.8 |
|
US Equity |
36.8 |
|
International Equity |
9.1 |
|
Income Trust Units |
1.3 |
|
Cash and Equivalents |
1.0 |
Geographic allocation (%)
|
Name |
Percent |
|
Canada |
53.3 |
|
United States |
36.8 |
|
Ireland |
4.6 |
|
Switzerland |
1.3 |
|
France |
1.3 |
|
United Kingdom |
1.3 |
|
Bermuda |
0.9 |
|
Italy |
0.6 |
|
Other |
-0.1 |
Sector allocation (%)
|
Name |
Percent |
|
Financial Services |
22.3 |
|
Technology |
21.5 |
|
Consumer Services |
9.2 |
|
Industrial Goods |
8.6 |
|
Industrial Services |
7.8 |
|
Basic Materials |
7.4 |
|
Healthcare |
6.8 |
|
Energy |
6.1 |
|
Real Estate |
4.1 |
|
Other |
6.2 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of December 31, 2024)
Top holdings |
% |
Royal Bank of Canada |
4.0 |
Amazon.com Inc |
2.6 |
Constellation Software Inc |
2.6 |
Apple Inc |
2.4 |
Shopify Inc Cl A |
2.3 |
Microsoft Corp |
2.3 |
Aon PLC Cl A |
2.0 |
Roper Technologies Inc |
1.9 |
Canadian Natural Resources Ltd |
1.9 |
Brookfield Corp Cl A |
1.9 |
Total allocation in top holdings |
23.9 |
Portfolio characteristics |
|
Standard deviation |
12.3% |
Dividend yield |
1.2% |
Average market cap (million) |
$469,700.4 |
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
(December 1, 2016 - February 28, 2025)
Best return |
Best period end date |
Worst return |
Worst period end date |
14.3% |
Dec. 2021 |
8.1% |
June 2022 |
Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
9.9% |
100.0% |
40 |
0 |
Q4 2024 Fund Commentary
Market commentary
During the quarter, the Bank of Canada (BoC) cut interest rates twice, lowering its policy rate to 3.25%. This was meant to support economic growth amid high borrowing costs and a weaker labour market. The Canadian equity market rose, led by the energy, financials and materials sectors. Information technology, health care and consumer staples declined modestly as consumer spending shifted towards more discretionary spending.
The resilient U.S. economy outpaced other major developed economies, and mega-capitalization technology stocks helped U.S. equities outperform global markets. The “Magnificent Seven” group of stocks rose by 48%, while the other 493 stocks in the S&P 500 Index rose by just 10%.
Performance
The Fund’s relative exposure to Brookfield Asset Management Inc., Aon PLC and Cadence Design Systems Inc. had a positive impact on performance. Relative exposure to Alcon Inc. and Thermo Fisher Scientific Inc., and lack of exposure to Tesla Inc. and NVIDIA Corp., had a negative impact.
At the sector level, stock selection in communication services, industrials and consumer staples had a positive impact on performance. Stock selection in information technology and consumer discretionary was negative for performance.
Regionally, stock selection in the U.S. had a negative impact on performance.
Outlook
The sub-advisor has a positive outlook on Canadian equities. The sub-advisor expects continued strong performance from key growth sectors, including information technology, industrials and consumer discretionary, and select financial services companies.
The Fund maintains holdings across the market-capitalization spectrum.