December 31, 2025
A value European equity fund seeking long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in companies located or active in Western and Eastern Europe and whose shares are principally traded on European stock exchanges.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of December 31, 2025)
| Name | Percent |
|---|---|
| International Equity | 94.5 |
| US Equity | 4.4 |
| Cash and Equivalents | 1.1 |
| Name | Percent |
|---|---|
| Ireland | 25.4 |
| France | 13.1 |
| Switzerland | 12.2 |
| United Kingdom | 9.5 |
| Germany | 8.9 |
| Netherlands | 8.0 |
| Denmark | 6.3 |
| Italy | 5.0 |
| United States | 4.4 |
| Other | 7.2 |
| Name | Percent |
|---|---|
| Healthcare | 24.6 |
| Industrial Goods | 14.8 |
| Consumer Goods | 14.7 |
| Financial Services | 13.9 |
| Technology | 10.1 |
| Energy | 7.8 |
| Real Estate | 6.3 |
| Industrial Services | 3.9 |
| Consumer Services | 2.8 |
| Other | 1.1 |
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 $27,126
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Bank of Ireland Group PLC | 6.6 |
| ASML Holding NV | 6.3 |
| Eni SpA | 5.0 |
| Nestle SA Cl N | 4.2 |
| Legrand SA | 4.2 |
| Roche Holding AG - Partcptn | 4.2 |
| Steris PLC | 4.2 |
| Deutsche Boerse AG Cl N | 4.0 |
| Ryanair Holdings PLC - ADR | 3.9 |
| Crh PLC | 3.9 |
| Total allocation in top holdings | 46.5 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.40% |
| Dividend yield | 2.39% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $131,044.4 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -1.05 | 6.04 | 15.20 | 15.20 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 14.84 | 7.47 | 3.86 | 7.60 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 15.20 | 13.95 | 15.36 | -15.00 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -15.00 | 11.38 | -10.00 | 11.08 |
Range of returns over five years (June 01, 2012 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 16.55% | May 2017 | -4.79% | Sep 2022 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 3.87% | 72 | 75 | 29 |
Q3 2025 Fund Commentary
Market commentary
European equities delivered gains for the third quarter of 2025. Banks were the strongest performers driven by both a steepening yield curve and expectations for higher government fiscal spending. Companies that benefited from spending related to artificial intelligence also performed well.
Performance
The Fund’s relative exposure to CRH PLC, ASML Holding NV and Legrand SA contributed to performance. Relative exposure to Deutsche Boerse AG, Demant AS and Alcon Inc. detracted from performance.
At the sector level, underweight exposure to communication services contributed to performance. Stock selection within health care and financials detracted from performance.
Portfolio activity
The sub-advisor added STERIS PLC and sold GSK PLC during the quarter.
Outlook
The sub-advisor looks to invest in attractively valued companies and is not driven by macroeconomic events. The sub-advisor doesn’t include any macroeconomic forecasting in the search or selection process.
Summary
For the period 05/14/2012 through 12/31/2025 with $10,000 CAD investment
Total returns performance
171.26%
Last price
$27.13 CAD
as of market close 12/31/2025
Value of $10,000 investment
$27,126.18 CAD
