March 31, 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 March 31, 2026)
| Name | Percent |
|---|---|
| US Equity | 50.4 |
| International Equity | 47.3 |
| Cash and Equivalents | 2.3 |
| Name | Percent |
|---|---|
| United States | 50.4 |
| Ireland | 10.9 |
| France | 8.1 |
| Taiwan | 4.3 |
| Germany | 3.8 |
| Switzerland | 3.7 |
| Korea, Republic Of | 3.1 |
| Italy | 2.3 |
| Canada | 2.3 |
| Other | 11.1 |
| Name | Percent |
|---|---|
| Technology | 25.0 |
| Financial Services | 18.2 |
| Industrial Goods | 11.9 |
| Healthcare | 9.7 |
| Consumer Goods | 9.7 |
| Consumer Services | 8.0 |
| Energy | 4.7 |
| Industrial Services | 4.3 |
| Utilities | 2.7 |
| Other | 5.8 |
Growth of $10,000 (since inception)
For the period 06/05/2006 through 03/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $31,599
Fund details (as of March 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Taiwan Semiconductor Manufactrg Co Ltd - ADR | 4.3 |
| Microsoft Corp | 4.0 |
| Alphabet Inc Cl A | 3.7 |
| Samsung Electronics Co Ltd | 3.1 |
| Berkshire Hathaway Inc Cl B | 3.0 |
| Meta Platforms Inc Cl A | 2.8 |
| Netflix Inc | 2.5 |
| Marsh & McLennan Cos Inc | 2.5 |
| Ryanair Holdings PLC - ADR | 2.5 |
| Keysight Technologies Inc | 2.3 |
| Total allocation in top holdings | 30.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.84% |
| Dividend yield | 2.41% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $708,593.2 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -6.47 | -2.34 | -2.48 | 11.22 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 11.08 | 7.80 | 7.27 | 5.98 |
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 (July 01, 2006 - March 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 16.62% | May 2017 | -6.25% | Dec 2011 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 7.09% | 89 | 158 | 20 |
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 06/05/2006 through 03/31/2026 with $10,000 CAD investment
Total returns performance
215.99%
Last price
$31.60 CAD
as of market close 03/31/2026
Value of $10,000 investment
$31,599.24 CAD
