An all-cap equity fund investing in precious metals for long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in precious metals and equity or other securities of companies engaged in the precious metals business.
- You're comfortable with a high level of risk.
Risk Rating
How is the fund invested?
(as of May 31, 2025)
Asset allocation (%)
|
Name |
Percent |
|
Canadian Equity |
64.8 |
|
International Equity |
27.3 |
|
US Equity |
2.9 |
|
Cash and Equivalents |
2.2 |
|
Domestic Bonds |
0.3 |
|
Other |
2.5 |
Geographic allocation (%)
|
Name |
Percent |
|
Canada |
67.3 |
|
Australia |
16.0 |
|
United Kingdom |
8.3 |
|
South Africa |
2.9 |
|
United States |
2.9 |
|
Belgium |
0.1 |
|
Other |
2.5 |
Sector allocation (%)
|
Name |
Percent |
|
Basic Materials |
95.0 |
|
Cash and Cash Equivalent |
2.1 |
|
Fixed Income |
0.3 |
|
Other |
2.6 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of May 31, 2025)
Top holdings |
% |
Agnico Eagle Mines Ltd |
9.4 |
Barrick Mining Corp |
8.2 |
Lundin Gold Inc |
5.1 |
Anglogold Ashanti PLC |
5.1 |
OR Royalties Inc |
3.5 |
Genesis Minerals Ltd |
3.3 |
Kinross Gold Corp |
3.2 |
OceanaGold Corp |
3.0 |
Iamgold Corp |
2.9 |
Endeavour Mining PLC |
2.8 |
Total allocation in top holdings |
46.5 |
Portfolio characteristics |
|
Standard deviation |
29.6% |
Dividend yield |
0.8% |
Average market cap (million) |
$19,820.9 |
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
(September 1, 2013 - July 31, 2025)
Best return |
Best period end date |
Worst return |
Worst period end date |
31.6% |
July 2020 |
1.6% |
Aug. 2018 |
Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
13.8% |
100.0% |
84 |
0 |
Q2 2025 Fund Commentary
Market commentary
The global economy slowed in the second quarter, driven by renewed U.S. tariff pressures and weaker consumer demand. The global growth forecast decreased because of trade uncertainty. Developed economies underperformed, while emerging markets, particularly in Asia, showed greater resilience.
Inflation remained relatively elevated worldwide, and central banks generally held interest rates steady. In the sub-advisor's views, trade tensions hampered business investment and industrial activity in export-dependent nations. Despite these challenges, government spending in Europe and China provided some support.
Global equity markets rose. Developed market equities gained, with the MSCI World Index and S&P 500 Index reaching new highs. Large technology companies rebounded in the U.S.
Non-U.S. equities, including in Europe and emerging Asia, generally performed well as the U.S. dollar weakened. However, prospects of renewed tariffs led to ongoing uncertainty.
Gold prices rose to above US$3,400 per ounce as investors sought relative safety amid trade tensions and elevated inflation.
Performance
The Fund’s relative exposure to Lundin Gold Inc. and Rio2 Ltd. contributed to performance. Lundin Gold benefited from the rising gold price, raising its dividend twice this year, which was rewarded by investors. Rio2 was recognized by investors as an imminent gold producer with a very large resource base.
Relative exposure to Equinox Gold Corp. detracted from performance. The company raised its offer for Calibre Mining Corp. and downgraded its production outlook. In the sub-advisor’s view, and in light of the merger, the company needs to strengthen its management team in order to turn around its performance.
Portfolio activity
The sub-advisor added Discovery Silver Corp. and Newmont Corp. to the Fund and increased a holding in Rox Resources Ltd. Gold Fields Ltd. was sold and holdings in Harmony Gold Mining Co. Ltd. and Wesdome Gold Mines Ltd. were reduced.