April 30, 2026
This segregated fund invests primarily in Canadian equities currently through the VPI Canadian Equity Pool. On or about May 8, 2026, this fund's name changed to VPI Canadian Equity from Canadian Stock, the underlying fund changed to VPI Canadian Equity Pool from Franklin Clearbridge Canadian Equity Fund and Value Partners Investments Inc. assumed portfolio management responsibilities from ClearBridge Investments. 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 longer term, seeking the growth potential of stocks and is comfortable with moderate risk.
- Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.
RISK RATING
How is the fund invested? (as of December 31, 2025)
| Name | Percent |
|---|---|
| Canadian Equity | 99.0 |
| Cash and Equivalents | 1.0 |
| Name | Percent |
|---|---|
| Canada | 99.2 |
| Other | 0.8 |
| Name | Percent |
|---|---|
| Financial Services | 28.9 |
| Energy | 14.5 |
| Industrial Services | 11.1 |
| Basic Materials | 10.7 |
| Technology | 10.6 |
| Consumer Services | 8.9 |
| Utilities | 6.0 |
| Telecommunications | 3.8 |
| Real Estate | 3.7 |
| Other | 1.8 |
Growth of $10,000 (since inception)
For the period 05/14/2012 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $46,757
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Royal Bank of Canada | 6.4 |
| Toronto-Dominion Bank | 5.3 |
| Bank of Nova Scotia | 4.1 |
| Bank of Montreal | 4.1 |
| Shopify Inc Cl A | 4.0 |
| Brookfield Corp Cl A | 4.0 |
| Canadian National Railway Co | 4.0 |
| Franco-Nevada Corp | 3.7 |
| Alimentation Couche-Tard Inc | 3.2 |
| Canadian Pacific Kansas City Ltd | 3.1 |
| Total allocation in top holdings | 41.9 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.48% |
| Dividend yield | 2.39% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $94,943.6 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 2.77 | 9.07 | 5.33 | 26.12 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 15.32 | 14.70 | 11.23 | 11.68 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 21.18 | 17.17 | 10.03 | 2.96 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 29.30 | -0.65 | 21.66 | -9.28 |
Range of returns over five years (June 01, 2012 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 17.04% | Oct 2025 | 1.76% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 9.43% | 100 | 108 | 0 |
Q1 2026 Fund Commentary
Commentary and opinions are provided by Value Partners Investments Inc..
Market commentary
Canadian equities were positive for the first quarter but the path was uneven. January and February were strong, but the conflict in the Middle East disrupted markets in March. Five of eleven GICS sectors finished in positive territory. The energy sector gained roughly 30.1%, the utilities sector gained roughly 11.2% and the materials sector gained roughly 10.7%. The information technology sector declined roughly 22.5% and the health care sector declined roughly 4.5%. Defensive areas held up, while cyclical and long-duration segments were pressured.
Investors continued to sort through artificial intelligence (AI) winners and losers during the quarter. Market dispersion remained elevated, with a wide gap between the strongest- and weakest-performing sectors. The Bank of Canada met twice during the quarter and left rates unchanged at 2.25%, highlighting it would be monitoring the geopolitical situation closely and stands ready to respond as required. Corporate earnings were broadly resilient, though technology-related stocks faced pressure from concerns about AI-related disruption and valuations.
**Performance**An underweight allocation to the financials sector contributed to performance during the quarter. Security selection within the energy and materials sectors also contributed to performance.
Headwater Exploration Inc., Shopify Inc. and Cenovus Energy Inc. contributed to performance.
An overweight allocation and selection within the information technology sector, selection and overweight allocation within the industrials sector, and an underweight allocation to the materials sector detracted from performance. Not owning Suncor Energy Inc. also detracted from performance. Overweight exposures to Open Text Corp. and CGI Inc. also detracted from performance.
Performance
An underweight allocation to the financials sector contributed to performance during the quarter. Security selection within the energy and materials sectors also contributed to performance.
Headwater Exploration Inc., Shopify Inc. and Cenovus Energy Inc. contributed to performance.
An overweight allocation and selection within the information technology sector, selection and overweight allocation within the industrials sector, and an underweight allocation to the materials sector detracted from performance. Not owning Suncor Energy Inc. also detracted from performance. Overweight exposures to Open Text Corp. and CGI Inc. also detracted from performance.
Portfolio activity
The sub-advisor added ONEX Corporation because of a valuation opportunity and the company's discount to net asset value. Capstone Copper Corp. was added because of the company's copper leverage with long-life assets and disciplined management. The sub-advisor increased Franco-Nevada Corp. and Wheaton Precious Metals Corp. because of their high-quality precious metals exposure and strong balance sheets.
The sub-advisor sold Hydro One Ltd. because the price had aligned with the sub-advisor's estimate of intrinsic value. The sub-advisor reduced Canadian Utilities Ltd. and Fortis Inc. after strong performance during the quarter.
Outlook
In the sub-advisor's view, benchmark concentration remains elevated, and AI creates a sharp divide between perceived winners and losers. Durable cash-flow businesses remain out of favour, although the sub-advisor believes this may present opportunities for patient, long-term investors. The sub-advisor believes selectivity, balance-sheet strength and disciplined stock selection are increasingly important in the current environment of elevated uncertainty.
The sub-advisor's objective remains finding high-quality Canadian businesses at discounts to intrinsic value. The sub-advisor also noted that the energy sector's strong performance during the quarter reflects the structural importance of commodity exposure in the Canadian market and expects opportunities to emerge as market volatility creates attractive entry points for quality businesses.
Summary
For the period 05/14/2012 through 04/30/2026 with $10,000 CAD investment
Total returns performance
367.57%
Last price
$46.76 CAD
as of market close 04/30/2026
Value of $10,000 investment
$46,756.81 CAD
