December 31, 2025
A Canadian all-cap growth fund seeking strong, long-term increases in value.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in a wide range of Canadian growth companies, including junior growth companies.
- You're comfortable with a moderate to high level of risk.
RISK RATING
How is the fund invested? (as of November 30, 2025)
| Name | Percent |
|---|---|
| Canadian Equity | 89.0 |
| Cash and Equivalents | 5.8 |
| US Equity | 4.2 |
| Income Trust Units | 1.1 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Canada | 94.7 |
| United States | 4.2 |
| Bermuda | 1.1 |
| Name | Percent |
|---|---|
| Financial Services | 35.0 |
| Basic Materials | 14.1 |
| Energy | 11.4 |
| Technology | 7.1 |
| Industrial Services | 6.4 |
| Utilities | 6.2 |
| Consumer Goods | 5.8 |
| Cash and Cash Equivalent | 5.8 |
| Real Estate | 4.5 |
| Other | 3.7 |
Growth of $10,000 (since inception)
For the period 11/27/1998 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $32,764
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| Royal Bank of Canada | 10.2 |
| Cash and Cash Equivalents | 5.8 |
| Shopify Inc Cl A | 5.3 |
| Canadian Imperial Bank of Commerce | 4.5 |
| Suncor Energy Inc | 4.3 |
| Goldman Sachs Group Inc | 4.2 |
| Manulife Financial Corp | 4.1 |
| Element Fleet Management Corp | 3.9 |
| RB Global Inc | 3.8 |
| AltaGas Ltd | 3.8 |
| Total allocation in top holdings | 49.9 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 10.98% |
| Dividend yield | 1.87% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $100,416.9 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 1.61 | 15.70 | 29.01 | 29.01 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 16.66 | 9.72 | 5.22 | 4.48 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 29.01 | 13.44 | 8.47 | -12.67 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -12.67 | 14.71 | -3.27 | 14.29 |
Range of returns over five years (December 01, 1998 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 18.93% | Oct 2007 | -7.81% | Jul 2012 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 2.93% | 69 | 184 | 82 |
Q3 2025 Fund Commentary
Market commentary
Global equities rose in the third quarter of 2025, supported by optimism over artificial intelligence (AI) and expectations of monetary easing. Major U.S. equity indices hit record highs, boosted by the One Big Beautiful Bill Act and new trade agreements. Information technology stocks led gains, driven by AI enthusiasm, strong earnings and renewed chip exports to China. The U.S. Federal Reserve Board cut interest rates by 0.25% in September, while mortgage activity rose while housing starts softened.
Canada’s economy weakened, with gross domestic product down 1.6%, exports off 27% and unemployment at 7.1%. This prompted the Bank of Canada to cut interest rates to 2.5%. Canadian equities as measured by the S&P/TSX Composite Index gained 12.5%, led by materials, information technology and energy, while industrials lagged. Small-capitalization and value stocks outperformed, reflecting investor appetite for cyclical exposure.
Performance
The Fund’s relative exposure to Kinross Gold Corp., Hudbay Minerals Inc. and Shopify Inc. contributed to performance. Relative exposure to Constellation Software Inc., ARC Resources Ltd. and Tourmaline Oil Corp. detracted from performance.
At a sector level, stock selection in materials and financials contributed to performance. Selection in energy and information technology detracted from performance, as did cash allocation. An underweight exposure to information technology and overweight exposure to energy detracted from performance.
Portfolio activity
In July, the sub-advisor added Canadian Imperial Bank of Commerce. Tradeweb Markets Inc., Axon Enterprise Inc. and Pembina Pipeline Corp. were sold, while MDA Space Ltd. was reduced.
In August, Premium Brands Holdings Corp., Magna International Inc., Capstone Copper Corp. and Zillow Group Inc. were added and Canadian Pacific Kansas City Ltd. increased. Celestica Inc. was sold and DoorDash Inc. was reduced.
Outlook
The sub-advisor has a positive long-term outlook for Canada, supported by strength in financials, industrials and gold. The Federal government is advancing projects to boost long-term growth, while banks are showing resilient earnings and stable loan books. The higher gold price is supported by geopolitical uncertainty and central bank demand.
In the sub-advisor's view, the Canadian equity market trades at a discount to the S&P 500 Index, with rising foreign inflows. The sub-advisor believes lower interest rates should support consumers, while housing remains a near-term drag.
Summary
For the period 11/27/1998 through 12/31/2025 with $10,000 CAD investment
Total returns performance
227.64%
Last price
$32.76 CAD
as of market close 12/31/2025
Value of $10,000 investment
$32,763.78 CAD
