December 31, 2025
A blended-style equity fund seeking long-term growth by investing in Asian companies.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in companies located in Asia or the Pacific Basin whose shares are mainly traded on Asian stock exchanges.
- You're comfortable with a high level of risk.
RISK RATING
How is the fund invested? (as of December 31, 2025)
| Name | Percent |
|---|---|
| International Equity | 99.8 |
| Income Trust Units | 0.3 |
| Cash and Equivalents | -0.1 |
| Name | Percent |
|---|---|
| China | 25.1 |
| Taiwan | 17.3 |
| India | 16.0 |
| Korea, Republic Of | 15.1 |
| Australia | 13.7 |
| Hong Kong | 4.7 |
| Singapore | 3.6 |
| Malaysia | 1.2 |
| Indonesia | 1.1 |
| Other | 2.2 |
| Name | Percent |
|---|---|
| Technology | 35.8 |
| Financial Services | 23.1 |
| Exchange Traded Fund | 9.8 |
| Basic Materials | 6.5 |
| Industrial Goods | 5.5 |
| Consumer Goods | 5.3 |
| Consumer Services | 3.4 |
| Industrial Services | 2.8 |
| Healthcare | 2.3 |
| Other | 5.5 |
Growth of $10,000 (since inception)
For the period 09/07/2001 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $29,623
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Taiwan Semiconductor Manufactrg Co Ltd | 9.5 |
| Xtrackers MSCI India Swap UCITS ETF 1C (XCX5) | 7.2 |
| Tencent Holdings Ltd | 5.0 |
| Alibaba Group Holding Ltd | 4.6 |
| SK Hynix Inc | 3.8 |
| Samsung Electronics Co Ltd | 3.2 |
| Delta Electronics Inc | 3.0 |
| SK Square Co Ltd | 2.0 |
| BHP Group Ltd | 1.8 |
| China Construction Bank Corp Cl H | 1.8 |
| Total allocation in top holdings | 41.9 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 12.09% |
| Dividend yield | 2.25% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $352,378.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 1.22 | 14.94 | 22.05 | 22.05 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 11.90 | 2.53 | 4.77 | 4.57 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 22.05 | 14.89 | -0.09 | -13.01 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -13.01 | -7.04 | 16.89 | 12.02 |
Range of returns over five years (October 01, 2001 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 13.71% | Oct 2007 | -4.90% | Feb 2009 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 4.26% | 84 | 196 | 36 |
Q3 2025 Fund Commentary
Market commentary
Asia-Pacific equity markets rose over the third quarter of 2025 despite geopolitical uncertainty, supported by regional dynamics. South Korean stocks rose following the inauguration of a new president in June 2025. Chinese and Hong Kong equities rose fueled by investor optimism about economic prospects and optimism over expected U.S. interest-rate cuts.
Southeast Asian countries benefited from supply chain diversification as companies sought alternatives to China. Taiwan equities had some volatility as U.S.–China trade tensions eased, but rose supported by demand in industries related to artificial intelligence (AI).
Tariffs shaped market sentiment, with U.S.–China trade tensions weighing on export-oriented economies such as Taiwan and Southeast Asia. However, many countries capitalized on the shift in supply chains away from China, supporting growth in manufacturing hubs such as Vietnam and Indonesia. The recently announced trade truce between the U.S. and China lowered some pressures, contributing to a swifter equity market recovery.
Performance
The Fund’s relative exposure to Delta Electronics Inc., Alibaba Group Holding Ltd. and Baidu Inc. contributed to performance. All three stocks benefited from strong performance in AI-related sectors.
Relative exposure to ASX Ltd., Meituan and QBE Insurance Group Ltd. detracted from performance. ASX was affected by the potential regulatory approval for a rival exchange. Meituan issued loss warnings following a price battle with Alibaba. QBE Insurance shares fell amid an exit from the U.S. home insurance market and the impact of natural catastrophe losses.
At the sector level, exposure to financials, information technology and communication services contributed to performance. Exposure to industrials and consumer staples detracted from performance.
Portfolio activity
HD Hyundai Heavy Industries Holdings Co. Ltd. was increased based on its shipbuilding and offshore segments. The sub-advisor sees potential for sustained growth in high-value contracts. Korean Air Lines Co. Ltd. was sold because of its vulnerability to geopolitical events and a decline in revenue.
Outlook
The sub-advisor has a positive outlook for the Asia-Pacific market, supported by strong domestic fundamentals, attractive valuations and structural reforms. Despite challenges like U.S.–China trade tensions and global economic uncertainties, many Asian markets are positioned to outperform. In the sub-advisor's view, they stand to benefit from shifting global supply chains, robust growth prospects and technological advancements, particularly in AI.
The sub-adivsor believes China’s pro-growth stimulus measures should underpin economic expansion, while India’s growing middle class and digital infrastructure show promise. Valuations across the region are compelling, with Asia trading at a discount relative to the U.S. However, the sub-advisor is mindful of potential risks, including geopolitical developments and currency fluctuations, which could influence market performance.
Summary
For the period 09/07/2001 through 12/31/2025 with $10,000 CAD investment
Total returns performance
196.23%
Last price
$22.92 CAD
as of market close 12/31/2025
Value of $10,000 investment
$29,623.17 CAD
