December 31, 2025
A value-oriented fund seeking strong dividend income and long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in common and preferred equities of companies anywhere in the world.
- 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 | 65.4 |
| US Equity | 29.6 |
| Cash and Equivalents | 5.0 |
| Name | Percent |
|---|---|
| United States | 29.6 |
| Switzerland | 10.0 |
| France | 9.9 |
| Sweden | 7.5 |
| Ireland | 5.4 |
| Finland | 5.3 |
| United Kingdom | 4.9 |
| Korea, Republic Of | 4.0 |
| Germany | 3.7 |
| Other | 19.7 |
| Name | Percent |
|---|---|
| Financial Services | 18.4 |
| Healthcare | 17.6 |
| Consumer Goods | 12.6 |
| Utilities | 9.3 |
| Technology | 8.6 |
| Industrial Goods | 8.4 |
| Basic Materials | 6.1 |
| Energy | 5.0 |
| Cash and Cash Equivalent | 5.0 |
| Other | 9.0 |
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 $19,204
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Johnson & Johnson | 3.9 |
| Allianz SE | 3.7 |
| Samsung Electronics Co Ltd - Pfd | 3.6 |
| Sandvik AB | 3.5 |
| Novartis AG Cl N | 3.4 |
| CME Group Inc Cl A | 3.4 |
| Sampo Oyj Cl A | 3.2 |
| Procter & Gamble Co | 3.1 |
| Terna Rete Elettrica Nazionale SpA | 3.0 |
| Cie Financiere Richemont SA | 3.0 |
| Total allocation in top holdings | 33.8 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.22% |
| Dividend yield | 3.19% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $266,314.2 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.13 | 9.65 | 17.24 | 17.24 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 10.97 | 7.24 | 5.55 | 6.13 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 17.24 | 7.97 | 7.97 | -4.24 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -4.24 | 8.38 | -1.53 | 12.06 |
Range of returns over five years (February 01, 2015 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 9.66% | Oct 2025 | 0.51% | Oct 2022 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 4.15% | 100 | 72 | 0 |
Q3 2025 Fund Commentary
Market commentary
Global equities gained in the third quarter of 2025. Artificial intelligence (AI) was a main theme, powering equity gains in select large-capitalization information technology stocks. AI also boosted other sectors and industries.
Performance
The Fund’s relative exposure to Taiwan Semiconductor Manufacturing Co. Ltd., Samsung Electronics Co. Ltd. and CRH PLC contributed to performance. Relative exposure to Kenvue Inc., American Tower Corp. and Coloplast AS detracted from performance.
At the sector level, underweight exposure to consumer staples and overweight exposure to materials contributed to performance. Stock selection within health care and utilities detracted from performance.
Portfolio activity
The sub-advisor added Gaztransport & Technigaz SA and UnitedHealth Group Inc. and sold Diageo 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. The sub-advisor looks for companies with both capacity and commitment to pay dividends, including a sustainable payout ratio. As such, the Fund is biased toward high-yield sectors and regions.
Summary
For the period 01/12/2015 through 12/31/2025 with $10,000 CAD investment
Total returns performance
92.04%
Last price
$19.20 CAD
as of market close 12/31/2025
Value of $10,000 investment
$19,203.73 CAD
