December 31, 2025
A blended-style large-cap equity fund seeking long-term growth.
Is this fund right for you?
- You want your money to grow over the longer term.
- You want to invest mainly in Canadian companies.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of December 31, 2025)
| Name | Percent |
|---|---|
| Canadian Equity | 100.0 |
| Name | Percent |
|---|---|
| Canada | 100.0 |
| Name | Percent |
|---|---|
| Mutual Fund | 100.0 |
Growth of $10,000 (since inception)
For the period 05/14/2012 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $30,597
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Fiera Canadian Dividend Plus Fund F | 100.0 |
| Total allocation in top holdings | 100.0 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 7.97% |
| Dividend yield | - |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | - |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.29 | 0.55 | 7.96 | 7.96 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 13.96 | 13.20 | 9.74 | 8.55 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 7.96 | 19.40 | 14.80 | -1.10 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -1.10 | 27.00 | 0.05 | 13.29 |
Range of returns over five years (June 01, 2012 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 16.72% | Mar 2025 | -2.06% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 6.48% | 89 | 93 | 11 |
Q3 2025 Fund Commentary
Market commentary
The S&P/TSX Composite Index rose 12.5% for the third quarter of 2025, with the Index rising to a high above 30,000 for the first time. The Canadian materials sector had strong performance, particularly in the gold industry, which rose 45.2%. The rising gold price was driven by global central banks favouring gold over the U.S. dollar.
Performance
The Fund’s relative exposure to Toromont Industries Ltd. and The TJX Cos. Inc. contributed to performance. Toromont Industries benefited from operational strength, with its extensive network of dealerships, and strong demand. TJX Cos., despite tariff uncertainty, optimized its inventory while providing value for consumers.
Relative exposure to Metro Inc. and Thomson Reuters Corp. detracted from performance. Metro reported positive earnings growth, with limited disruption from tariffs, but saw increased competition from peers. Thomson Reuters was affected by rising competition and investor questions about how it could address the potential disruption from artificial intelligence development.
At the sector level, exposure to utilities contributed to performance. Security selection within information technology, financials and consumer staples detracted from performance.
Portfolio activity
The sub-advisor added Descartes Systems Group Inc., Quebecor Inc. and Compagnie Financiere Richemont SA, and increased positions in Microsoft Corp. and CGI Inc.
The Toronto-Dominion Bank, Unilever PLC and Alimentation Couche-Tard Inc. were sold. Positions in Dollarama Inc. and TMX Group Ltd. were reduced.
Outlook
The Fund is invested in what the sub-advisor views as high-quality businesses currently trading at an attractive discount to its intrinsic value.
Summary
For the period 05/14/2012 through 12/31/2025 with $10,000 CAD investment
Total returns performance
205.97%
Last price
$30.60 CAD
as of market close 12/31/2025
Value of $10,000 investment
$30,596.56 CAD
