December 31, 2025
An American-focused equity fund that aims to reduce volatility while providing opportunities for long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want in invest in large U.S. companies with lower volatility than the S&P 500 index.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of December 31, 2025)
| Name | Percent |
|---|---|
| US Equity | 96.5 |
| International Equity | 3.2 |
| Cash and Equivalents | 0.3 |
| Name | Percent |
|---|---|
| United States | 96.7 |
| Bermuda | 1.7 |
| United Kingdom | 0.6 |
| Switzerland | 0.5 |
| Ireland | 0.2 |
| Canada | 0.1 |
| Puerto Rico | 0.1 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| Technology | 40.4 |
| Financial Services | 13.2 |
| Healthcare | 10.1 |
| Consumer Services | 9.6 |
| Consumer Goods | 7.4 |
| Industrial Goods | 5.7 |
| Telecommunications | 2.9 |
| Utilities | 2.9 |
| Real Estate | 2.5 |
| Other | 5.3 |
Growth of $10,000 (since inception)
For the period 01/12/2015 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $30,263
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Apple Inc | 7.4 |
| NVIDIA Corp | 7.4 |
| Alphabet Inc Cl A | 6.5 |
| Microsoft Corp | 4.4 |
| Amazon.com Inc | 3.6 |
| Meta Platforms Inc Cl A | 3.3 |
| Merck & Co Inc | 1.9 |
| Broadcom Inc | 1.9 |
| Mastercard Inc Cl A | 1.8 |
| TJX Cos Inc | 1.6 |
| Total allocation in top holdings | 39.8 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.11% |
| Dividend yield | 1.13% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $1,849,796.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -1.25 | 9.92 | 12.66 | 12.66 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 21.11 | 14.85 | 10.41 | 10.62 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 12.66 | 31.38 | 20.01 | -9.18 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -9.18 | 23.85 | 8.75 | 9.04 |
Range of returns over five years (February 01, 2015 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 16.65% | Oct 2025 | 4.70% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 9.58% | 100 | 72 | 0 |
Q2 2025 Fund Commentary
Market commentary
U.S. equities rose during the second quarter of 2025, despite significant volatility. In early April, the U.S. administration announced steep tariffs on nearly all imports, which led to sharp losses for U.S. equities. Stocks recovered after the administration announced a 90-day pause on certain tariffs to most countries. Equities rebounded in May, with U.S. equities posting their biggest monthly gains since November 2023.
A better-than-expected jobs report for April eased recession fears, and on May 2, the U.S. equities market marked its longest winning streak in over 20 years. The U.S. Federal Reserve Board kept interest rates unchanged for a third consecutive meeting. Stocks continued their rebound through the close of the quarter, when U.S. equity markets reached record highs.
Performance
The Fund’s underweight exposure to UnitedHealth Group Inc. and Apple Inc. and overweight exposure to DoorDash Inc. was positive for performance. Underweight exposure to NVIDIA Corp., Microsoft Corp. and Broadcom Inc. was negative for the Fund’s performance.
At the sector level, stock selection was positive for the Fund’s performance, as was exposure to health care and consumer discretionary. Sector allocation was negative for the Fund’s performance, with exposure to information technology and industrials weighing on results.
Portfolio activity
The sub-advisor added holdings in Philip Morris International Inc. and RTX Corp. to the Fund and increased existing holdings in Amazon.com Inc. and Netflix Inc. Holdings in NVIDIA and The Coca-Cola Co. were reduced.
Outlook
Higher volatility and major market corrections should be favourable to the Fund’s risk-adjusted performance compared with the benchmark. A high interest rate environment is likely to weigh on the performance of portfolios that tend to favour interest rate sensitive sectors. Therefore, the sub-advisor’s sector-neutral approach could outperform in this environment.
Summary
For the period 01/12/2015 through 12/31/2025 with $10,000 CAD investment
Total returns performance
202.63%
Last price
$30.26 CAD
as of market close 12/31/2025
Value of $10,000 investment
$30,263.34 CAD
