December 31, 2025
A Canadian large-cap fund seeking long-term growth through undervalued investments.
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.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of December 31, 2025)
| Name | Percent |
|---|---|
| Canadian Equity | 92.8 |
| US Equity | 3.7 |
| Income Trust Units | 3.2 |
| Cash and Equivalents | 0.3 |
| International Equity | 0.1 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Canada | 96.2 |
| United States | 3.7 |
| Ireland | 0.1 |
| Name | Percent |
|---|---|
| Financial Services | 31.7 |
| Basic Materials | 14.0 |
| Energy | 11.3 |
| Industrial Services | 9.8 |
| Technology | 8.3 |
| Consumer Services | 6.8 |
| Consumer Goods | 5.1 |
| Real Estate | 4.9 |
| Utilities | 2.6 |
| Other | 5.5 |
Growth of $10,000 (since inception)
For the period 10/05/2009 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $23,514
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Royal Bank of Canada | 7.4 |
| Toronto-Dominion Bank | 5.1 |
| Agnico Eagle Mines Ltd | 4.8 |
| Kinross Gold Corp | 3.8 |
| Shopify Inc Cl A | 3.2 |
| Canadian Natural Resources Ltd | 3.0 |
| Canadian National Railway Co | 2.9 |
| Brookfield Corp Cl A | 2.9 |
| Suncor Energy Inc | 2.8 |
| Canadian Pacific Kansas City Ltd | 2.7 |
| Total allocation in top holdings | 38.6 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 10.44% |
| Dividend yield | 2.16% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $168,898.1 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.86 | 13.69 | 22.93 | 22.93 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 16.23 | 13.38 | 8.30 | 5.41 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 22.93 | 18.52 | 7.75 | -3.78 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -3.78 | 24.02 | -3.95 | 15.51 |
Range of returns over five years (November 01, 2009 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 15.45% | Oct 2025 | -4.62% | Feb 2016 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 4.08% | 87 | 117 | 18 |
Q3 2025 Fund Commentary
Market commentary
Canada’s economy faced challenges in the third quarter as trade tensions with the U.S. continued. This weighed on trade activity and the manufacturing sector. Household spending demonstrated resiliency despite a slowing labour market and economic uncertainty.
The Bank of Canada (BoC) lowered its key interest rate to 2.50%, citing a weaker labour market and easing inflation. The BoC emphasized a cautious approach to balancing growth and price stability. Canada’s unemployment rate was 7.1%, the highest since 2021, with youth unemployment rising sharply.
The Canadian equity market posted strong gains, with the S&P/TSX Composite Index rising 12.5%. Materials, information technology, energy and financials outperformed. The energy sector performed largely in line with the market, challenged by lower oil prices and trade-related issues.
Performance
The Fund’s relative exposure to Kinross Gold Corp., Agnico Eagle Mines Ltd. and Constellation Software Inc. contributed to performance. Both Kinross and Agnico Eagle Mines benefited from high free cash flow and stable operations. A lack of exposure to Constellation Software was a contributor as its stock underperformed the market after its founder stepped down for health reasons.
Relative exposure to Shopify Inc., Barrick Mining Corp. and Wheaton Precious Metals Corp. detracted from the Fund’s performance. Underweight exposure to Shopify detracted as the stock rose, reflecting solid growth, higher transaction volumes and enterprise wins. A lack of exposure to Barrick Mining and Wheaton Precious Metals detracted as both companies benefited from strength in precious metal prices.
At the sector level, stock selection in industrials and utilities contributed to the Fund’s performance. Exposure to materials and stock selection in materials and financials detracted from performance.
Portfolio activity
The sub-advisor added Waste Connections Inc. for its stable fundamentals and ability to generate returns on capital and expand margins through efficiency improvements. ARC Resources Ltd., CGI Inc. and Canadian National Railway Co. were increased based on their risk-reward profiles. Empire Co. Ltd., Loblaw Cos. Ltd. and Bombardier Inc. were reduced based on their risk-reward profiles.
Summary
For the period 10/05/2009 through 12/31/2025 with $10,000 CAD investment
Total returns performance
135.14%
Last price
$23.51 CAD
as of market close 12/31/2025
Value of $10,000 investment
$23,514.26 CAD
