April 30, 2026
This segregated fund invests primarily in Canadian fixed-income securities with some exposure to Canadian and foreign stocks. On or about May 8, 2026, the underlying fund changed to Canada Life Canadian Fixed Income Balanced Fund from Mackenzie Income Fund and the risk rating was changed from "Low" to "Low to moderate" risk. The performance prior to the above dates were achieved under previous manager and/ or investment strategy.
Is this fund right for you?
- A person who is investing for the medium to longer term and seeking potential for interest income and modest growth from Canadian and foreign stocks and is comfortable with low to moderate risk.
- Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.
RISK RATING
How is the fund invested? (as of February 28, 2026)
| Name | Percent |
|---|---|
| Domestic Bonds | 61.8 |
| Canadian Equity | 14.6 |
| US Equity | 12.6 |
| International Equity | 7.7 |
| Foreign Bonds | 2.3 |
| Cash and Equivalents | 0.6 |
| Income Trust Units | 0.4 |
| Name | Percent |
|---|---|
| North America | 61.6 |
| Canada | 15.6 |
| United States | 14.6 |
| United Kingdom | 1.8 |
| France | 1.2 |
| Japan | 1.0 |
| Ireland | 0.6 |
| Taiwan | 0.6 |
| Germany | 0.5 |
| Other | 2.5 |
| Name | Percent |
|---|---|
| Fixed Income | 64.1 |
| Financial Services | 7.2 |
| Technology | 5.5 |
| Energy | 4.1 |
| Basic Materials | 3.7 |
| Industrial Goods | 2.4 |
| Consumer Goods | 2.3 |
| Healthcare | 2.2 |
| Consumer Services | 2.2 |
| Other | 6.3 |
Growth of $10,000 (since inception)
For the period 12/17/2010 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $17,584
Fund details (as of February 28, 2026)
| Top holdings | Percent (%) |
|---|---|
| Mackenzie Canadian Enhanced Core Plus Fixed Income | 61.6 |
| Agnico Eagle Mines Ltd | 1.2 |
| Royal Bank of Canada | 1.1 |
| NVIDIA Corp | 0.9 |
| Apple Inc | 0.9 |
| SPDR S&P 500 ETF Trust (SPY) | 0.8 |
| Toronto-Dominion Bank | 0.7 |
| Canadian Natural Resources Ltd | 0.7 |
| Alphabet Inc Cl A | 0.7 |
| Johnson & Johnson | 0.6 |
| Total allocation in top holdings | 69.2 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 5.74% |
| Dividend yield | 2.24% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $747,403.2 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 1.56 | 2.39 | 2.05 | 10.03 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 6.20 | 3.03 | 3.58 | 3.74 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 7.63 | 7.38 | 5.95 | -10.56 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 3.13 | 6.48 | 9.89 | -2.66 |
Range of returns over five years (January 01, 2011 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 5.28% | Sep 2016 | 0.64% | Oct 2022 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 3.14% | 100 | 125 | 0 |
Q1 2026 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
Canada’s economy navigated a challenging first quarter as trade uncertainty continued to weigh on business confidence and manufacturing activity. Employment fell in January and February before stabilizing in March, and the unemployment rate held steady at 6.7%. The Bank of Canada held its policy rate at 2.25% at both its January and March meetings as Canada’s inflation rate eased to 1.8% in February.
The Canadian fixed income market delivered mixed results in the first quarter as geopolitical uncertainty and rising oil prices complicated the investment landscape. The yield on the 10-year Government of Canada bond rose from 3.43% at the start of the quarter to 3.47% by quarter-end, reaching a high of 3.58%, putting downward pressure on government bond prices, particularly late in the quarter. Corporate bonds showed resiliency, but underperformed government bonds with credit spreads widening slightly. High-yield bonds were relatively volatile as the late-quarter decline in risk appetite weighed on lower-rated issuers, though energy-linked names broadly outperformed.
The Canadian equity market outperformed global peers in the first quarter, gaining about 4%. The energy sector rose substantially as the Strait of Hormuz closure in early March drove crude oil prices above USD$110 per barrel near the end of the quarter. Materials also contributed, supported by a record gold prices early in the quarter. Broader sectors including information technology and consumer discretionary lagged as investors rotated toward commodity-linked names amid the geopolitical uncertainty.
Performance
From an equity perspective, an underweight allocation to and stock selection within the information technology sector contributed to performance during the quarter. Canadian equity holdings also contributed to performance. Taiwan Semiconductor Manufacturing Co. Ltd., Agnico Eagle Mines Ltd. and Johnson & Johnson were among the largest individual contributors during the period.
From a fixed income perspective, corporate bonds in the energy sector contributed to performance because of spread tightening.
Stock selection in the communication services sector detracted from equity performance. From a country perspective, stock selection in the Netherlands detracted from performance. CRH plc, ARC Resources Ltd. and SAP SE were among the largest individual detractors during the period.
Corporate bonds in the communication services sector detracted from fixed income performance.
Portfolio activity
The sub-advisor added Government of Canada (3.00%, 2027/02/01) during the quarter to align exposure with asset allocation objectives.
Government of Canada (3.25%, 2035/06/01) was reduced to align with the Fund’s duration and asset allocation objectives. The sub-advisor also reduced Province of Ontario (3.60%, 2035/06/02) as part of a switch trade within the provincial curve, rotating exposure to higher-yielding bonds while maintaining overall Ontario provincial bond exposure.
Summary
For the period 12/17/2010 through 04/30/2026 with $10,000 CAD investment
Total returns performance
75.84%
Last price
$17.58 CAD
as of market close 04/30/2026
Value of $10,000 investment
$17,583.98 CAD
