December 31, 2025
An equity fund seeking long-term growth by investing in emerging markets.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in equity securities of the developing countries in Latin America, Asia, Africa, Europe and the Middle East.
- You're comfortable with a high level of risk.
RISK RATING
How is the fund invested? (as of October 31, 2025)
| Name | Percent |
|---|---|
| International Equity | 97.5 |
| Cash and Equivalents | 2.4 |
| US Equity | 0.1 |
| Name | Percent |
|---|---|
| China | 24.9 |
| Taiwan | 19.3 |
| Korea, Republic Of | 14.6 |
| India | 13.8 |
| South Africa | 3.5 |
| Hong Kong | 3.3 |
| Mexico | 3.2 |
| Saudi Arabia | 3.0 |
| Brazil | 2.9 |
| Other | 11.5 |
| Name | Percent |
|---|---|
| Technology | 35.5 |
| Financial Services | 18.7 |
| Consumer Goods | 8.3 |
| Basic Materials | 5.9 |
| Industrial Goods | 5.2 |
| Healthcare | 4.8 |
| Real Estate | 4.6 |
| Telecommunications | 3.5 |
| Industrial Services | 3.5 |
| Other | 10.0 |
Growth of $10,000 (since inception)
For the period 10/19/2015 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $20,177
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Taiwan Semiconductor Manufactrg Co Ltd | 10.5 |
| Tencent Holdings Ltd | 5.1 |
| Samsung Electronics Co Ltd | 3.8 |
| SK Hynix Inc | 2.7 |
| Cash and Cash Equivalents | 2.4 |
| Hon Hai Precision Industry Co Ltd | 1.8 |
| Alibaba Group Holding Ltd | 1.6 |
| Delta Electronics Inc | 1.2 |
| Grupo Mexico SAB de CV Cl B | 1.1 |
| Saudi National Bank | 1.1 |
| Total allocation in top holdings | 31.3 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 10.08% |
| Dividend yield | 2.27% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $326,211.5 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 1.02 | 13.57 | 27.20 | 27.20 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 19.00 | 7.83 | 7.68 | 7.12 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 27.20 | 16.55 | 13.68 | -15.96 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -15.96 | 2.94 | 15.49 | 8.95 |
Range of returns over five years (November 01, 2015 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 11.17% | Oct 2025 | -3.42% | Oct 2022 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 4.84% | 81 | 51 | 12 |
Q3 2025 Fund Commentary
Market commentary
Emerging markets navigated a mixed environment in the third quarter. While global trade issues continued, monetary easing and a weaker U.S. dollar supported capital flows into emerging economies. Central banks in several regions cut interest rates to support growth.
Emerging markets equities gained. The MSCI Emerging Markets Index rose 13.3%, outperforming developed markets. Latin American markets posted solid returns. Strong corporate earnings and easing monetary conditions supported Brazil and Mexico. Asian markets, including China, Taiwan and South Korea, benefited from demand for artificial intelligence and foreign investment.
The industrials and financials sectors outperformed, supported by infrastructure spending and strong domestic consumption. Information technology stocks led gains in Asia, while consumer discretionary names were mixed given tariff pressures.
Performance
The Fund’s overweight exposure to Q Technology (Group) Co. Ltd., Sino Biopharmaceutical Ltd. and Gold Fields Ltd. contributed to performance. Q Technology benefited from stronger shipment updates for camera modules and better-than-expected profitability. Sino Biopharmaceutical’s stock rose because of its interim results and drug growth. Gold Fields benefited from higher gold prices and investor interest in gold producers.
Overweight exposure to DigiPlus Interactive Corp. and Solar Industries India Ltd. detracted from the Fund’s performance. DigiPlus Interactive was affected by policy-related headlines and uncertainty around the regulatory outlook for online gaming in the Philippines. Solar Industries’ stock fell because of a reset to its outlook and investor profit taking. Exposure to Alibaba Group Holding Ltd., although underweight, detracted from performance because of mixed results and a cautious outlook for consumer activity in China.
At the sector level, security selection within information technology, financials and health care contributed to the Fund’s performance. Stock selection in consumer staples, consumer discretionary and materials detracted from performance.
At a regional level, selection within China, India and Mexico contributed to the Fund’s performance. Stock selection in South Korea, South Africa and the Philippines detracted from performance. At a factor level, growth stocks contributed to the Fund’s performance, while value stocks detracted from performance.
Portfolio activity
Portfolio activity was an outcome of the sub-advisor’s process, which are driven by a stock selection, optimization and vetting process that runs daily.
Summary
For the period 10/19/2015 through 12/31/2025 with $10,000 CAD investment
Total returns performance
101.77%
Last price
$20.18 CAD
as of market close 12/31/2025
Value of $10,000 investment
$20,176.77 CAD
