April 30, 2026
A Canadian mid-cap growth fund designed to capitalize on companies' nimbleness in adapting to changing market conditions.
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RISK RATING
How is the fund invested? (as of April 30, 2026)
| Name | Percent |
|---|---|
| Canadian Equity | 90.2 |
| International Equity | 4.1 |
| Income Trust Units | 3.0 |
| Cash and Equivalents | 2.6 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| Canada | 95.9 |
| Australia | 3.5 |
| Ireland | 0.6 |
| Name | Percent |
|---|---|
| Basic Materials | 23.4 |
| Energy | 16.9 |
| Real Estate | 13.7 |
| Industrial Goods | 12.2 |
| Financial Services | 7.7 |
| Consumer Goods | 7.1 |
| Industrial Services | 5.3 |
| Consumer Services | 4.6 |
| Technology | 3.3 |
| Other | 5.8 |
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 $39,640
Fund details (as of April 30, 2026)
| Top holdings | Percent (%) |
|---|---|
| Aritzia Inc | 3.8 |
| Savaria Corp | 3.5 |
| OceanaGold Corp | 3.5 |
| CES Energy Solutions Corp | 3.4 |
| Hammond Power Solutions Inc Cl A | 3.3 |
| 5N Plus Inc | 3.0 |
| iA Financial Corp Inc | 3.0 |
| Chartwell Retirement Residences - Units | 2.9 |
| Trisura Group Ltd | 2.9 |
| Badger Infrastructure Solutions Ltd | 2.8 |
| Total allocation in top holdings | 32.1 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 12.41% |
| Dividend yield | 1.02% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $5,806.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 3.79 | 7.87 | 4.76 | 29.16 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 14.07 | 7.19 | 9.52 | 10.37 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 19.22 | 15.65 | 6.83 | -12.88 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 10.57 | 24.82 | 27.29 | -10.03 |
Range of returns over five years (June 01, 2012 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 13.28% | Jun 2017 | 3.41% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 8.80% | 100 | 108 | 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, when the economy added 14,000 jobs and the unemployment rate held steady at 6.7%. Consumer spending remained cautious, and trade-sensitive industries faced ongoing pressure from tariff uncertainty.
The Bank of Canada held its policy rate at 2.25% at both its January and March meetings, citing moderating inflation and persistent economic uncertainty. Canada’s inflation rate eased to 1.8% in February, the softest reading in several months, reflecting contained domestic price pressures ahead of the energy price shock that emerged later in the quarter.
Canadian small- and mid-capitalization equities had a volatile quarter. The S&P/TSX SmallCap Index posted strong gains in January and February as improved risk appetite and rising commodity prices supported smaller companies, but gave back much of that momentum in a sharp March selloff after geopolitical events in the Middle East triggered a broad retreat from higher-risk equities. Energy-oriented small and mid-cap companies outperformed as crude oil prices surged, while domestically focused companies faced more pressure as global uncertainty weighed on investor confidence and the index ended the quarter roughly flat.
Performance
Stock selection in the financials sector contributed to the Fund’s performance.
CES Energy Solutions Corp., Ivanhoe Mines Ltd. and Tamarack Valley Energy Ltd. contributed to the Fund’s performance.
An underweight allocation to the materials sector detracted from the Fund’s performance. Stock selection in the real estate and energy sectors also detracted from performance, as did stock selection in Canada.
Badger Infrastructure Solutions Ltd., TerraVest Industries Inc. and Colliers International Group Inc. detracted from the Fund’s performance.
Portfolio activity
The sub-advisor added Emerson Electric Co., United Parcel Service Inc., Huntington Bancshares Inc. Merck & Co. Inc. and CVS Health Corp., among others.
J.B. Hunt Transport Services Inc., Exxon Mobil Corp., The Coca-Cola Co., McDonald’s Corp. and Ford Motor Co. were increased.
Xylem Inc., Encompass Health Corporation, Boston Scientific Corporation, Exelon Corp., Uber Technologies Inc., The Allstate Corp. and CME Group Inc. were sold
Microsoft Corp., Alphabet Inc., Amazon.com Inc., Ralph Lauren Corp. and Take-Two Interactive Software Inc. were reduced.
Summary
For the period 05/14/2012 through 04/30/2026 with $10,000 CAD investment
Total returns performance
296.40%
Last price
$39.64 CAD
as of market close 04/30/2026
Value of $10,000 investment
$39,640.18 CAD
