April 30, 2026
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 April 30, 2026)
| 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 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $20,801
Fund details (as of April 30, 2026)
| Top holdings | Percent (%) |
|---|---|
| Fiera Canadian Dividend Plus Fund F | 100.0 |
| Cash and Cash Equivalents | 0.0 |
| Total allocation in top holdings | 100.0 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.06% |
| 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 |
|---|---|---|---|
| 2.26 | 0.02 | -2.21 | -0.51 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 7.43 | 8.27 | 6.44 | 5.39 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 5.07 | 16.19 | 11.74 | -3.73 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 23.62 | -2.57 | 10.33 | -9.64 |
Range of returns over five years (June 01, 2012 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 13.61% | Mar 2025 | -4.61% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 3.88% | 80 | 86 | 22 |
Q1 2026 Fund Commentary
Commentary and opinions are provided by CGOV Asset Management.
Market commentary
Canadian equities posted a positive first quarter, although March was the first negative month since April 2025. The commodity rally that began in late 2025 continued, with the materials and energy sectors driving returns through January and February. Conflict in the Middle East at the end of February pushed energy stocks sharply higher and weighed on most other sectors. The energy sector gained roughly 30% during the quarter, while the utilities sector gained roughly 11%. The information technology sector fell roughly 22% and the health care sector declined roughly 4%.
Investors continued to sort through artificial intelligence (AI) winners and losers during the quarter. Gold sold off, which raised questions about its traditional safe-haven status. Market dispersion remained elevated, with a wide gap between the strongest- and weakest-performing sectors.
Performance
Security selection within the consumer discretionary and communication services sectors contributed to performance during the quarter.
Quebecor Inc. contributed to performance because of strong brand loyalty in Quebec, national expansion progress and a solid balance sheet. The sub-advisor notes that the company outperformed larger competitors during the quarter. Toromont Industries Ltd. contributed to performance because of its position as a leading Caterpillar equipment dealer in eastern Canada, an uptick in the mining segment and broader opportunities in data centre, energy storage and infrastructure spending.
Security selection within the information technology sector and a lack of exposure to the energy sector detracted from performance during the quarter.
Constellation Software Inc. detracted from performance. The company held its first earnings call in roughly a decade under new CEO Mark Miller, launched the Performance Enhancement and Monitoring (PEM) program and announced the acquisition of a 12.7% stake in Sabre Corp. The sub-advisor doesn't believe AI poses a material disruption risk to the company's vertical market software businesses. CGI Inc. detracted from performance because of its decentralized operating model and negative sentiment around AI's impact on information technology services. The sub-advisor noted that the company generates strong free cash flow, and its fixed-price contracts may benefit from AI efficiencies. Proprietary intellectual property represents roughly 21% of revenue.
Portfolio activity
The sub-advisor added Alimentation Couche-Tard Inc. during the quarter. Alimentation Couche-Tard is a global leader in the convenience and fuel retail industry, with a strong track record of disciplined acquisitions and operational improvements. The sub-advisor believes the company may benefit from its scale advantages, consistent cash flow generation and ability to reinvest capital at attractive returns across its global network of convenience store and fuel retail locations.
Outlook
The sub-advisor continues to focus on high-quality businesses trading at a discount to the sub-advisor's estimate of intrinsic value. In the sub-advisor's view, the Fund's portfolio of quality businesses purchased at reasonable valuations may provide resilience through periods of market volatility and uncertainty.
Summary
For the period 05/14/2012 through 04/30/2026 with $10,000 CAD investment
Total returns performance
108.01%
Last price
$20.80 CAD
as of market close 04/30/2026
Value of $10,000 investment
$20,800.83 CAD
