December 31, 2025
An equity fund that seeks long-term growth among small- and medium-sized Canadian companies.
Is this fund right for you?
- You want your money to grow over the longer term.
- You want to invest in small- to mid-sized Canadian and U.S. companies from various industries.
- You're comfortable with a moderate to high level of risk.
RISK RATING
How is the fund invested? (as of September 30, 2025)
| Name | Percent |
|---|---|
| Canadian Equity | 91.6 |
| Income Trust Units | 4.7 |
| International Equity | 2.6 |
| Cash and Equivalents | 1.2 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Canada | 96.5 |
| Bermuda | 2.6 |
| Other | 0.9 |
| Name | Percent |
|---|---|
| Basic Materials | 22.5 |
| Energy | 20.0 |
| Consumer Services | 10.1 |
| Real Estate | 9.1 |
| Technology | 8.0 |
| Financial Services | 8.0 |
| Consumer Goods | 7.3 |
| Utilities | 5.5 |
| Industrial Services | 5.1 |
| Other | 4.4 |
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 $27,055
Fund details (as of September 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| Headwater Exploration Inc | 3.8 |
| Enerflex Ltd | 3.8 |
| OR Royalties Inc | 3.8 |
| Capstone Copper Corp | 3.6 |
| EQB Inc | 3.6 |
| AltaGas Ltd | 3.5 |
| Hudbay Minerals Inc | 3.2 |
| Kelt Exploration Ltd | 3.2 |
| Boyd Group Services Inc | 3.1 |
| Propel Holdings Inc | 3.0 |
| Total allocation in top holdings | 34.6 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.79% |
| Dividend yield | 2.01% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $5,128.8 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 2.83 | 13.50 | 20.27 | 20.27 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 20.46 | 16.55 | 8.04 | 7.57 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 20.27 | 23.23 | 17.93 | -4.91 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -4.91 | 29.41 | 3.24 | -0.25 |
Range of returns over five years (June 01, 2012 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 22.41% | Mar 2025 | -11.72% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 3.45% | 68 | 71 | 33 |
Q3 2025 Fund Commentary
Market commentary
The price of gold rose in the third quarter of 2025, climbing 18% for the quarter and 45% over the last year. The expectation of lower interest rates, sticky inflation and persistent central bank purchasing led to the historic surge.
Rising gold prices have had a large impact on the performance of the S&P/TSX Canadian Small Cap Index. At the start of the third quarter, over a quarter of the index comprised gold or silver miners (25.6%). Prior to the rebalancing of the index in mid-September, that figure had grown to 28.2%. The materials sector, which is largely precious metals miners, rose 41%, representing nearly two-thirds of the 20.9% return posted by the index.
Performance
The Fund’s relative exposure to OR Royalties Inc., Hudbay Minerals Inc. and Capstone Copper Corp. contributed to performance. An overweight exposure to Propel Holdings Inc. detracted from performance. Exposures to EQB Inc. and Empire Co. Ltd. also detracted from performance.
At the sector level, stock selection within utilities and real estate contributed to performance, as did lack of exposure to communication services. Security selection within information technology, financials and materials detracted from performance, as did underweight exposure to materials.
Portfolio activity
The sub-advisor added to positions in North American Construction Group Ltd., ATS Corp., Boyd Group Services Inc., and Descartes Systems Group Inc. These stocks underperformed, which led the sub-advisor to increase exposures at a discount to intrinsic value.
InterRent REIT, Boralex Inc. and Trican Well Service Ltd. were sold. InterRent is completing a take-private transaction. Boralex was sold in favour of better risk-reward opportunities. Trican Well Service was sold after its stock outperformed.
Sandstorm Gold Ltd. was reduced on share price strength.
Outlook
The sub-advisor sees a longer-term opportunity developing as the new Canadian federal government advances a supportive policy mix. Steps aimed at easing internal trade frictions, accelerating approvals for major projects and reinvesting in national capabilities could improve private-sector visibility and catalyze activity. The sub-advisor expects select industrials (engineering and construction, building products), energy and power infrastructure and service providers to benefit.
The sub-advisor’s investment focus is on businesses that pair prudent capital allocation with durable competitive advantages and appropriate capital structures.
Summary
For the period 05/14/2012 through 12/31/2025 with $10,000 CAD investment
Total returns performance
170.55%
Last price
$27.05 CAD
as of market close 12/31/2025
Value of $10,000 investment
$27,054.89 CAD
