September 30, 2026
This segregated fund invests primarily in Canadian fixed-income securities and stocks currently through the Edgepoint Canadian Growth & Income Portfolio. On or about September 11, 2026 this fund's name changed to Canadian Growth and Income from Canadian Growth Balanced II, the underlying fund changed to Edgepoint Canadian Growth & Income Portfolio from Mackenzie Bluewater Canadian Growth Balanced Fund and EdgePoint Investment Group Inc. assumed portfolio management responsibilities from Mackenzie Investments. The performance prior to the above dates were achieved under previous manager and/or investment strategy. No other changes were made to the segregated fund.
Is this fund right for you?
- A person who is investing for the medium to longer term and seeking exposure to bonds and 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 September 30, 2026)
| Name | Percent |
|---|---|
| Canadian Equity | 54.2 |
| Domestic Bonds | 22.3 |
| Foreign Bonds | 10.8 |
| Cash and Equivalents | 5.1 |
| US Equity | 4.3 |
| International Equity | 2.6 |
| Income Trust Units | 0.7 |
| Name | Percent |
|---|---|
| Canada | 82.3 |
| United States | 15.0 |
| Germany | 0.9 |
| Switzerland | 0.6 |
| Japan | 0.4 |
| Hong Kong | 0.3 |
| Sweden | 0.2 |
| Finland | 0.1 |
| Other | 0.2 |
| Name | Percent |
|---|---|
| Fixed Income | 32.5 |
| Financial Services | 10.5 |
| Basic Materials | 9.0 |
| Real Estate | 8.0 |
| Energy | 7.6 |
| Technology | 6.0 |
| Industrial Services | 5.2 |
| Cash and Cash Equivalent | 5.1 |
| Consumer Services | 4.5 |
| Other | 11.6 |
Growth of $10,000 (since inception)
For the period 12/17/2010 through 09/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $18,211
Fund details
| Top holdings | Percent (%) |
|---|---|
| Fairfax Financial Holdings Ltd | 5.4 |
| OR Royalties Inc | 5.3 |
| Cash and Cash Equivalents | 5.1 |
| Restaurant Brands International Inc | 3.6 |
| RB Global Inc | 2.9 |
| Constellation Software Inc | 2.7 |
| Badger Infrastructure Solutions Ltd | 2.6 |
| BlackBerry Ltd 3.00% 15-Feb-2029 | 2.2 |
| Tourmaline Oil Corp | 2.1 |
| Canada Government 2.50% 01-May-2028 | 1.8 |
| Total allocation in top holdings | 33.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 6.97% |
| Dividend yield | 1.41% |
| Yield to maturity | 3.13% |
| Duration (years) | 2.58% |
| Coupon | 4.07% |
| Average credit rating | A- |
| Average market cap (million) | $36,884.0 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -2.36 | 2.14 | -2.63 | -4.40 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 4.87 | 1.97 | 4.11 | 3.87 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 2.60 | 9.33 | 8.16 | -11.00 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 13.07 | 9.53 | 16.12 | -9.43 |
Range of returns over five years (January 01, 2011 - September 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 7.79% | Mar 2025 | 0.94% | Feb 2016 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 4.64% | 100 | 130 | 0 |
Q2 2026 Fund Commentary
Commentary and opinions are provided by EdgePoint Investment Group Inc..
Market commentary
The global economy steadied in the second quarter after the energy shock that dominated the start of the year. Crude oil prices stayed high through much of the quarter before retreating late in the period as tensions in the Middle East eased and shipping through the Strait of Hormuz began to resume. The pullback in oil lowered input costs for energy-importing economies and helped cool fears of a broader inflation shock.
Major central banks stayed cautious. The U.S. Federal Reserve Board (Fed) and the Bank of Canada both kept interest rates unchanged, and the Fed signaled that rate increases were possible later in the year. The European Central Bank raised its policy interest rates at its June meeting in response to rising inflationary pressures.
Global fixed income markets delivered mixed results. U.S. government bond yields rose as the market priced in the possibility of Federal Reserve rate increases, while Canadian yields eased late in the quarter. Investment-grade corporate bonds were broadly resilient, particularly energy-sector issuers, while high-yield bonds were mixed.
Global equity markets rose in the second quarter. Developed markets gained about 13%, led by a strong rally in the U.S. Japanese equities delivered a strong return, supported by firm economic data and continuing corporate governance reforms, though a weaker yen stayed in focus for policymakers. Emerging markets outperformed, rising close to 23%, led by extraordinary gains in South Korea and Taiwan on demand tied to artificial intelligence and semiconductors, while Chinese and Indian equities lagged.
Performance
Exposure to Taiwan, underweight exposure to the communication services sector and stock selection in energy contributed to performance. Overweight exposure to Lam Research Corp., Alphabet Inc. and Teck Resources Ltd. Also contributed to performance.
Underweight exposure and selection in the U.S. detracted from performance. Stock selection in information technology, financials and industrials also detracted from performance, as did underweight exposure to information technology. Exposures to CME Group Inc., Agnico Eagle Mines Ltd. and CGI Inc. detracted from performance.
In fixed income, currency positioning in corporate bonds contributed to performance, particularly in industrials, energy and communication services.
Portfolio activity
The sub-advisor increased Royal Bank of Canada and reduced Agnico Eagle Mines Ltd. and Canadian Natural Resources Ltd. These transactions were made based on the sub-advisor’s investment process.