December 31, 2025
A value-style international equity fund seeking growth through large companies.
Is this fund right for you?
- You want your money to grow over the longer term.
- You want to invest in companies outside of Canada and the U.S. for the long term.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of September 30, 2025)
| Name | Percent |
|---|---|
| International Equity | 97.1 |
| Cash and Equivalents | 3.0 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| United Kingdom | 22.7 |
| Germany | 11.5 |
| France | 10.6 |
| Japan | 10.4 |
| Netherlands | 10.3 |
| Ireland | 7.2 |
| Taiwan | 4.3 |
| China | 4.2 |
| Switzerland | 3.3 |
| Other | 15.5 |
| Name | Percent |
|---|---|
| Financial Services | 19.2 |
| Technology | 14.8 |
| Industrial Goods | 13.4 |
| Consumer Goods | 9.8 |
| Healthcare | 9.7 |
| Energy | 7.7 |
| Basic Materials | 5.8 |
| Utilities | 4.1 |
| Telecommunications | 3.4 |
| Other | 12.1 |
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 $20,623
Fund details (as of September 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| CRH PLC | 4.1 |
| Taiwan Semiconductor Manufactrg Co Ltd | 4.0 |
| AstraZeneca PLC | 3.5 |
| Deutsche Telekom AG Cl N | 3.4 |
| Mizuho Financial Group Inc | 3.3 |
| BP PLC | 3.3 |
| Alibaba Group Holding Ltd | 3.3 |
| ING Groep NV | 3.1 |
| Samsung Electronics Co Ltd | 3.0 |
| Ebara Corp | 2.8 |
| Total allocation in top holdings | 33.8 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.07% |
| Dividend yield | 2.79% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $215,356.1 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.56 | 8.31 | 21.06 | 21.06 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 16.68 | 9.34 | 3.87 | 4.56 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 21.06 | 14.29 | 14.80 | -3.79 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -3.79 | 2.24 | -6.95 | 4.76 |
Range of returns over five years (November 01, 2009 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 13.37% | May 2017 | -5.71% | Sep 2022 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 3.64% | 74 | 100 | 35 |
Q3 2025 Fund Commentary
Market commentary
Non-U.S. equities, as measured by the MSCI EAFE Index, returned 5.4% in the third quarter of 2025. For most international markets, the U.S. administration’s tariff announcements and U.S. Federal Reserve Board monetary policy influenced equities.
In Europe, several countries increased fiscal spending, particularly on infrastructure and defense, boosting cyclical and industrials stocks. The European Central Bank maintained an accommodative stance, supporting investor risk appetite in European equities. Late in the quarter, European equities rebounded from a multi-week low, helped by strength in financials and industrials.
In China, equity markets rose, particularly information technology, semiconductors and stocks related to artificial intelligence (AI). However, some challenges in China remained, including a weak property sector and deflationary pressures.
Performance
The Fund’s overweight exposure to Prysmian SPA, SoftBank Corp. and SBI Holdings Inc. contributed to performance. Overweight exposure to Euronext NV, Deutsche Boerse AG and London Stock Exchange Group PLC detracted from performance.
At the sector level, stock selection in information technology, communication services and health care contributed to performance. Underweight exposure to information technology also contributed to performance. Stock selection within financials and consumer discretionary detracted from performance, as did overweight exposure to utilities.
At the regional level, underweight exposure to Germany contributed to performance. Underweight exposure to Japan detracted from performance.
Portfolio activity
The sub-advisor added British American Tobacco PLC, AIA Group Ltd. and Enel SPA to the Fund. Deutsche Bank AG, Tencent Holdings Ltd. and AstraZeneca PLC were increased. NatWest Group PLC, Danone SA and Asahi Group Holdings Ltd. were sold. London Stock Exchange, Tesco PLC and Deutsche Boerse were reduced.
Outlook
The sub-advisor sees promising trends for equities despite macroeconomic challenges. Many large-capitalization companies are reporting double-digit organic revenue growth as AI offers opportunities beyond the information technology sector. AI is evolving at a rapid pace, with AI capital expenditure projections rising. When assessing businesses, a key question is which companies should benefit from AI investment and which will be disrupted.
The sub-advisor believes in the coming months, corporate earnings should be key to supporting equity prices, though volatile markets and uncertainties are likely to remain.
Summary
For the period 10/05/2009 through 12/31/2025 with $10,000 CAD investment
Total returns performance
106.23%
Last price
$20.62 CAD
as of market close 12/31/2025
Value of $10,000 investment
$20,623.39 CAD
