July 31, 2026
A Canadian value fund seeking a steady stream of dividend income with opportunities for long-term growth.
Is this fund right for you?
- You want investment income and want your money to grow over time.
- You want to invest in Canadian companies and investment trust units.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of July 31, 2026)
| Name | Percent |
|---|---|
| Canadian Equity | 94.1 |
| Income Trust Units | 3.5 |
| US Equity | 1.4 |
| Cash and Equivalents | 1.0 |
| Name | Percent |
|---|---|
| Canada | 96.8 |
| United States | 1.4 |
| Bermuda | 1.0 |
| Other | 0.8 |
| Name | Percent |
|---|---|
| Financial Services | 35.9 |
| Energy | 19.9 |
| Basic Materials | 13.7 |
| Industrial Services | 9.7 |
| Utilities | 5.0 |
| Consumer Services | 3.5 |
| Industrial Goods | 2.4 |
| Technology | 2.2 |
| Consumer Goods | 2.1 |
| Other | 5.6 |
Growth of $10,000 (since inception)
For the period 05/14/2012 through 07/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $48,230
Fund details (as of July 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Royal Bank of Canada | 9.9 |
| Toronto-Dominion Bank | 6.1 |
| Manulife Financial Corp | 4.9 |
| Canadian Pacific Kansas City Ltd | 4.4 |
| Canadian Natural Resources Ltd | 4.2 |
| Agnico Eagle Mines Ltd | 4.0 |
| Enbridge Inc | 3.8 |
| Canadian Imperial Bank of Commerce | 3.7 |
| Bank of Montreal | 3.6 |
| Intact Financial Corp | 2.8 |
| Total allocation in top holdings | 47.4 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 10.18% |
| Dividend yield | 2.32% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $123,679.0 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 2.19 | 15.65 | 18.11 | 32.65 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 20.32 | 14.23 | 11.59 | 11.71 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 23.50 | 15.47 | 6.70 | -1.07 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 31.79 | -3.05 | 16.35 | -8.42 |
Range of returns over five years (June 01, 2012 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 16.47% | Oct 2025 | 2.01% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 9.20% | 100 | 111 | 0 |
Q2 2026 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
Canada’s economy stayed under pressure in the second quarter as trade uncertainty continued to weigh on business confidence, though the labour market showed signs of stabilizing. Employment picked up in May, and the unemployment rate eased to 6.6%. Inflation accelerated, with the annual pace rising to 3.2% in May from 2.8% in April, as higher gasoline prices linked to the conflict in the Middle East pushed up energy costs. Core inflation measures held closer to 2%.
The Bank of Canada (BoC) held its policy rate at 2.25% at both its April and June meetings, its fourth and fifth consecutive holds. The BoC said it was looking through the temporary effect of higher energy prices while watching for signs that price pressures were becoming more persistent, and it pointed to risks on both sides from the trade dispute with the U.S. and the energy shock.
Canadian equities advanced in the second quarter. The S&P/TSX Composite Index climbed to a record high in June, extending its gain for the year to about 10%. The energy sector was a standout early in the quarter as crude oil prices stayed elevated, and most sectors ended higher. The Materials sector was down as gold prices retreated sharply after their earlier record run. Market leadership broadened as the quarter progressed and oil prices eased.
Performance
p>Underweight exposure to materials and stock selection in materials and energy contributed to performance. Selection within industrials also contributed to performance.Overweight exposure to Manulife Financial Corp. and iA Financial Corp. Inc. contributed to performance. Manulife reported double-digit growth in core earnings per share and new business contractual service margin. A holding in iA Financial posted double-digit core earnings-per-share growth, record segregated fund sales and strong business retention.
Underweight exposure to financials detracted from performance. Stock selection in consumer discretionary and consumer staples detracted from performance.
Lack of exposure to The Bank of Nova Scotia and overweight exposure to Agnico Eagle Mines Ltd. detracted from performance. Bank of Nova Scotia’s shares rose after it posted stronger second-quarter earnings, revenue growth and return on equity. Agnico Eagle was affected by a pullback in gold and gold equities. Higher energy prices raised inflation concerns and expectations for higher interest rates, which weighed on gold.
Portfolio activity
The sub-advisor added South Bow Corp. to the Fund. Dollarama Inc., Keyera Corp., CGI Inc., Canadian Pacific Kansas City Ltd. and Brookfield Asset Management Ltd. were increased.
A consumer staples holding was sold. Teck Resources Ltd., Agnico Eagle Mines Ltd., Cenovus Energy Inc., TC Energy Corp. and iA Financial Corp. Inc. were reduced.
Summary
For the period 05/14/2012 through 07/31/2026 with $10,000 CAD investment
Total returns performance
382.30%
Last price
$48.23 CAD
as of market close 07/31/2026
Value of $10,000 investment
$48,230.30 CAD
