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 March 31, 2025)
Asset allocation (%)
|
Name |
Percent |
|
Canadian Equity |
52.6 |
|
US Equity |
36.7 |
|
International Equity |
8.2 |
|
Income Trust Units |
1.6 |
|
Cash and Equivalents |
1.0 |
|
Other |
-0.1 |
Geographic allocation (%)
|
Name |
Percent |
|
Canada |
54.6 |
|
United States |
36.7 |
|
Ireland |
4.0 |
|
United Kingdom |
1.5 |
|
Switzerland |
1.5 |
|
Italy |
0.6 |
|
France |
0.6 |
|
Bermuda |
0.5 |
|
Australia |
0.1 |
|
Other |
-0.1 |
Sector allocation (%)
|
Name |
Percent |
|
Financial Services |
23.2 |
|
Technology |
18.2 |
|
Industrial Services |
9.4 |
|
Basic Materials |
9.1 |
|
Healthcare |
7.8 |
|
Consumer Services |
7.7 |
|
Industrial Goods |
7.6 |
|
Energy |
7.5 |
|
Real Estate |
3.7 |
|
Other |
5.8 |
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 |
3.4 |
| Constellation Software Inc |
2.6 |
| Aon PLC Cl A |
2.3 |
| Roper Technologies Inc |
2.2 |
| Toronto-Dominion Bank |
2.2 |
| Apple Inc |
2.2 |
| Shopify Inc Cl A |
2.1 |
| Microsoft Corp |
2.1 |
| Canadian Natural Resources Ltd |
2.1 |
| Amazon.com Inc |
2.0 |
| Total allocation in top holdings |
23.2 |
| Portfolio characteristics |
|
| Standard deviation |
12.2% |
| Dividend yield |
1.4% |
| Average market cap (million) |
$396,947.3 |
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
(December 1, 2016 - May 31, 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 |
|
10.1% |
100.0% |
43 |
0 |
Q1 2025 Fund Commentary
Market commentary
The Canadian and U.S. economies faced significant challenges during the first quarter, driven by shifting tariff policies and the trade disruptions that followed.
The U.S. gross domestic product (GDP) growth forecast was revised downward for the quarter. Trade issues and weaker consumer spending negatively affected the domestic U.S. economy more than its global peers. This was a sharp reversal from the previous quarter’s growth of 2.4%. Inflation concerns and tariff uncertainties further weighed on business investment.
Despite its challenges, the Canadian economy was resilient. Canada’s GDP growth was 1.5% last year and was expected to be 1.4% for 2025, according to the International Monetary Fund.
The U.S. equity market experienced a volatile quarter. The S&P 500 Index declined by 4.28% 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.
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 Roper Technologies Inc. and Alamos Gold Inc. was positive for performance. Roper reported positive growth, proving to be resilient to changing tariff policies, while Alamos Gold benefited from rising gold prices. The Fund’s lack of exposure to large-capitalization information technology stocks, such as NVIDIA Corp. and Tesla Inc., was positive for performance as these stocks underperformed.
Relative exposure to Gartner Inc. was negative for performance. As information technology stocks declined, investors became concerned about the impact this would have on Gartner’s underlying growth rates.
At the sector level, stock selection in information technology and consumer discretionary was positive for the Fund’s performance. Stock selection in health care was negative for performance.
At the country level, stock selection in the U.S. was positive for performance.
Portfolio activity
The sub-advisor added Automatic Data Processing Inc. to the Fund based on its scale, brand and stable revenue. A holding in The Toronto-Dominion Bank was increased, while Royal Bank of Canada was reduced.