February 28, 2026
A value-oriented fund seeking global invesetments 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 equities anywhere in the world.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of February 28, 2026)
| Name | Percent |
|---|---|
| US Equity | 49.6 |
| International Equity | 47.3 |
| Cash and Equivalents | 3.1 |
| Name | Percent |
|---|---|
| United States | 49.6 |
| Ireland | 10.9 |
| France | 7.0 |
| Taiwan | 4.3 |
| Switzerland | 4.1 |
| Korea, Republic Of | 3.8 |
| Germany | 3.8 |
| Canada | 3.1 |
| United Kingdom | 2.7 |
| Other | 10.7 |
| Name | Percent |
|---|---|
| Technology | 25.4 |
| Financial Services | 17.1 |
| Industrial Goods | 12.1 |
| Consumer Goods | 10.3 |
| Healthcare | 9.7 |
| Consumer Services | 7.6 |
| Industrial Services | 4.4 |
| Energy | 3.9 |
| Cash and Cash Equivalent | 3.1 |
| Other | 6.4 |
Growth of $10,000 (since inception)
For the period 10/05/2009 through 02/28/2026 tr.with $10,000 CAD investment, The value of the investment would be $40,044
Fund details (as of February 28, 2026)
| Top holdings | Percent (%) |
|---|---|
| Taiwan Semiconductor Manufactrg Co Ltd - ADR | 4.3 |
| Microsoft Corp | 4.0 |
| Samsung Electronics Co Ltd | 3.8 |
| Alphabet Inc Cl A | 3.6 |
| Berkshire Hathaway Inc Cl B | 3.3 |
| Cash and Cash Equivalents | 3.1 |
| Meta Platforms Inc Cl A | 3.0 |
| Ryanair Holdings PLC - ADR | 2.6 |
| Marsh & McLennan Cos Inc | 2.4 |
| Oshkosh Corp | 2.3 |
| Total allocation in top holdings | 32.4 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.83% |
| Dividend yield | 1.75% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $765,393.9 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 2.26 | 8.70 | 4.27 | 14.33 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 14.46 | 10.01 | 8.37 | 8.83 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 14.94 | 16.04 | 10.48 | -9.73 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 18.07 | 0.16 | 10.61 | -3.56 |
Range of returns over five years (November 01, 2009 - February 28, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 16.61% | May 2017 | 1.00% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 8.62% | 100 | 137 | 0 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Setanta Asset Management Limited.
Market commentary
Global equity markets rose during the year, with the MSCI World Net Total Return Index (CAD) rising 15.4%. Early in the year, the launch of low-cost Chinese artificial intelligence (AI) app DeepSeek caused AI-related stocks to fall. This was followed by the announcement of U.S. tariffs in early April, which led equities more broadly to decline. However, from its early-April low, the overall equity market recovered to end the year at an all-time high.
Although less pronounced than in the previous two years, the AI theme was a key driver of overall market returns. Many information technology companies increased spending plans. Later in the year, investors became concerned about the size and potential return on this invested capital.
Performance
The Fund’s relative exposures to Alphabet Inc., Samsung Electronics Co. Ltd. and Applied Materials Inc. contributed to performance. Relative exposures to Oracle Corp., Netflix Inc. and Meta Platforms Inc. detracted from performance.
At a sector level, underweight exposure to the information technology sector and overweight exposure to the health care sector contributed to the Fund’s performance. Stock selection in the financials and health care sectors detracted from performance.
Portfolio activity
The sub-advisor added Novo Nordisk AS to the Fund and sold a holding in Viscofan SA.
Outlook
The sub-advisor looks for attractively valued companies in global markets. The sub-advisor’s investment decisions are not driven by macroeconomic events and does not include any macroeconomic forecasting in the search or selection process.
Summary
For the period 10/05/2009 through 02/28/2026 with $10,000 CAD investment
Total returns performance
300.44%
Last price
$40.04 CAD
as of market close 02/28/2026
Value of $10,000 investment
$40,043.70 CAD
