December 31, 2025
A U.S. value fund that invests in stocks that are demonstrating a turnaround or emerging trend of growth in order to provide long-term capital growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in medium- to large-cap U.S. Companies.
- 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 | 92.4 |
| International Equity | 6.2 |
| Cash and Equivalents | 1.5 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| United States | 92.6 |
| Ireland | 2.5 |
| Bermuda | 1.3 |
| Canada | 1.3 |
| United Kingdom | 1.1 |
| Puerto Rico | 0.8 |
| Netherlands | 0.5 |
| Switzerland | 0.1 |
| Other | -0.2 |
| Name | Percent |
|---|---|
| Technology | 20.7 |
| Financial Services | 17.1 |
| Healthcare | 12.0 |
| Consumer Services | 10.2 |
| Consumer Goods | 9.2 |
| Industrial Goods | 8.1 |
| Real Estate | 5.9 |
| Energy | 4.5 |
| Utilities | 3.7 |
| Other | 8.6 |
Growth of $10,000 (since inception)
For the period 07/09/2018 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $20,087
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Apple Inc | 8.3 |
| Amazon.com Inc | 4.4 |
| Procter & Gamble Co | 1.9 |
| Citigroup Inc | 1.7 |
| Bank of America Corp | 1.6 |
| Intel Corp | 1.3 |
| AT&T Inc | 1.3 |
| Boeing Co | 1.2 |
| McKesson Corp | 1.2 |
| Goldman Sachs Group Inc | 1.2 |
| Total allocation in top holdings | 24.1 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 11.53% |
| Dividend yield | 1.85% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $856,815.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.90 | 12.42 | 9.69 | 9.69 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 19.67 | 15.75 | - | 9.77 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 9.69 | 25.45 | 24.53 | -3.25 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -3.25 | 25.35 | -6.01 | 12.32 |
Range of returns over five years (August 01, 2018 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 18.50% | Oct 2025 | 5.21% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 12.37% | 100 | 30 | 0 |
Q3 2025 Fund Commentary
Market commentary
U.S. economic activity was resilient in the third quarter. Growth was supported by steady consumer spending. However, manufacturing faced pressures from trade uncertainty. Inflation was above the U.S. Federal Reserve Board’s (Fed) 2% target. At its September meeting, the Fed lowered its federal funds rate to the 4.00% to 4.25% range.
The U.S. unemployment rate was 4.3% at the end of August 2025. Job growth slowed, but wage gains and consumer demand were supportive. The Fed signaled two additional rate cuts by year-end, balancing inflation risks with employment concerns.
The U.S. equity market rose, with the S&P 500 Index gaining 10.5%. Information technology and communication services outperformed, driven by enthusiasm for artificial intelligence (AI). Financials and materials also posted gains. The consumer staples sector declined over the quarter.
Performance
The Fund’s overweight exposure to Primoris Services Corp., Intel Corp. and Micron Technology Inc. contributed to performance. Intel saw progress in data centre compute and accelerators used to train and run AI models. Micron Technology stock gained on lower supply and higher pricing for memory, including high bandwidth memory tied to AI demand.
Underweight exposure to UnitedHealth Group Inc., Johnson & Johnson and Advanced Micro Devices Inc. detracted from the Fund’s performance as all three outperformed. UnitedHealth Group stock rose as management reaffirmed its forecast and outlined a strategy to address margin pressures. Johnson & Johnson outperformed amid growth in its MedTech and Innovative Medicine segments. Advanced Micro Devices saw rising demand for its AI and data centre products.
At the sector level, stock selection in information technology, communication services and industrials contributed to the Fund’s performance. Stock selection within consumer staples, consumer discretionary and energy detracted from performance.
At the factor level, value and growth factors contributed to performance. Exposure to market sensitivity and volatility also contributed.
Portfolio activity
Portfolio activity was an outcome of the sub-advisor’s disciplined process, largely driven by stock selection, optimization and a vetting process that runs daily.
Summary
For the period 07/09/2018 through 12/31/2025 with $10,000 CAD investment
Total returns performance
100.87%
Last price
$20.09 CAD
as of market close 12/31/2025
Value of $10,000 investment
$20,087.39 CAD
