December 31, 2025
An equity fund aiming to provide long-term growth by investing in domestic and international businesses that work in infrastructure development and management.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in companies throughout the world that are involved in, or that indirectly benefit from, infrastructure-related operations.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of December 31, 2025)
| Name | Percent |
|---|---|
| International Equity | 45.9 |
| US Equity | 39.2 |
| Canadian Equity | 8.5 |
| Income Trust Units | 5.6 |
| Cash and Equivalents | 0.8 |
| Name | Percent |
|---|---|
| United States | 39.2 |
| Canada | 9.4 |
| Australia | 6.8 |
| Spain | 6.4 |
| Mexico | 6.2 |
| France | 4.5 |
| China | 4.1 |
| Italy | 3.9 |
| Japan | 2.8 |
| Other | 16.7 |
| Name | Percent |
|---|---|
| Utilities | 39.8 |
| Industrial Services | 30.5 |
| Energy | 15.3 |
| Telecommunications | 6.4 |
| Healthcare | 2.9 |
| Technology | 2.7 |
| Consumer Services | 1.4 |
| Cash and Cash Equivalent | 0.8 |
| Other | 0.2 |
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 $24,545
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Aena SME SA | 4.6 |
| Nextera Energy Inc | 4.1 |
| Transurban Group - Units | 3.9 |
| Grupo Aeroportuario Pacifico SAB CV - ADR Sr B | 3.0 |
| Duke Energy Corp | 2.9 |
| Enbridge Inc | 2.8 |
| Constellation Energy Corp | 2.7 |
| Atco Ltd Cl B | 2.1 |
| Enel SpA | 2.1 |
| Consolidated Edison Inc | 2.0 |
| Total allocation in top holdings | 30.2 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.76% |
| Dividend yield | 3.70% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $62,264.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -2.71 | 4.48 | 14.87 | 14.87 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 11.80 | 8.85 | 5.28 | 5.69 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 14.87 | 19.25 | 2.01 | 2.24 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 2.24 | 6.97 | -10.74 | 13.51 |
Range of returns over five years (November 01, 2009 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 11.80% | May 2017 | -1.21% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 5.04% | 99 | 133 | 2 |
Q3 2025 Fund Commentary
Market commentary
The global economy was resilient in the third quarter despite trade uncertainty and geopolitical issues. U.S. tariffs weighed on sentiment, but monetary easing in key regions supported growth. Developed markets underperformed, while emerging markets, particularly in Asia, benefited from a weaker U.S. dollar.
Inflation moderated in most regions. Central banks in Canada and the U.K. cut interest rates, while the U.S. Federal Reserve Board lowered its policy rate to 4.00%–4.25%. Trade tensions continued to hamper investment and industrial activity, which government spending in Europe and China helped offset.
Global equity markets rose. The MSCI World Index gained 9.7%, supported by strong earnings and enthusiasm for artificial intelligence. U.S. large-cap technology stocks drove the S&P 500 Index and NASDAQ Composite Index to new highs. Emerging market equities outperformed their developed market peers.
Performance
The Fund’s overweight exposure to ONEOK Inc., Perdoceo Education Corp. and Liberty Latin America Ltd. contributed to performance. Overweight exposure to SoftBank Corp. and Xcel Energy Inc. detracted from the Fund’s performance. A lack of ownership in Sempra Energy also detracted from performance.
At the sector level, overweight exposure to consumer discretionary contributed to the Fund’s performance. Stock selection within utilities, communication services and industrials detracted from performance.
At the regional level, overweight exposure to Canada and Singapore contributed to performance. Stock selection in Canada and Japan detracted from the Fund’s performance.
Portfolio activity
Portfolio activity is an outcome of the sub-advisor’s process, which is driven by quantitative models.
Summary
For the period 10/05/2009 through 12/31/2025 with $10,000 CAD investment
Total returns performance
145.45%
Last price
$24.54 CAD
as of market close 12/31/2025
Value of $10,000 investment
$24,544.67 CAD
