December 31, 2025
A value-based fund that seeks to balance long-term growth with income.
Is this fund right for you?
- You’re looking to preserve your investment while still allowing it to grow.
- You want to invest in high-quality govenment bonds and common and preferred stocks from market-leading companies.
- You're comfortable with a low to moderate level of risk.
RISK RATING
How is the fund invested? (as of December 31, 2025)
| Name | Percent |
|---|---|
| Canadian Equity | 40.5 |
| Domestic Bonds | 27.5 |
| US Equity | 19.3 |
| International Equity | 6.9 |
| Cash and Equivalents | 5.7 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| Canada | 73.7 |
| United States | 19.4 |
| Ireland | 4.4 |
| United Kingdom | 2.5 |
| Name | Percent |
|---|---|
| Fixed Income | 27.6 |
| Financial Services | 21.3 |
| Technology | 6.6 |
| Consumer Services | 6.5 |
| Industrial Services | 6.4 |
| Cash and Cash Equivalent | 5.7 |
| Healthcare | 5.6 |
| Consumer Goods | 5.1 |
| Energy | 3.8 |
| Other | 11.4 |
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 $15,735
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Brookfield Corp Cl A | 4.4 |
| Royal Bank of Canada | 4.1 |
| Telus Corp | 2.7 |
| Toronto-Dominion Bank | 2.6 |
| Fairfax Financial Holdings Ltd | 2.6 |
| Ashtead Group PLC | 2.5 |
| Aon PLC Cl A | 2.4 |
| Canadian Natural Resources Ltd | 2.1 |
| Cooper Cos Inc | 2.1 |
| Canadian Pacific Kansas City Ltd | 2.1 |
| Total allocation in top holdings | 27.6 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.72% |
| Dividend yield | 1.91% |
| Yield to maturity | 3.93% |
| Duration (years) | 5.66% |
| Coupon | 3.92% |
| Average credit rating | A |
| Average market cap (million) | $280,080.2 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.58 | 6.47 | 8.56 | 8.56 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 11.26 | 7.82 | - | 6.25 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 8.56 | 7.72 | 17.77 | -16.29 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -16.29 | 26.38 | 3.46 | 16.13 |
Range of returns over five years (August 01, 2018 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 10.82% | Mar 2025 | 4.54% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 7.60% | 100 | 30 | 0 |
Q3 2025 Fund Commentary
Market commentary
Global equities rose during the third quarter of 2025 despite a mixed economic and political backdrop. The U.S. Federal Reserve Board (Fed), Bank of Canada and Bank of England cut interest rates amid rising risks to employment and economic growth.
Performance
The Fund’s relative exposure to Royal Bank of Canada and Alphabet Inc. contributed to performance. Royal Bank reported higher-than-expected third quarter earnings and gave positive commentary about the credit outlook. Alphabet’s integration of artificial intelligence (AI) across its systems appeared to enhance user value, particularly in Search and Cloud services. Additionally, while its antitrust cases are unresolved, the legal trajectory is increasingly favouring behavioural remedies over more disruptive structural changes.
Relative exposure to CGI Inc. and Liberty Broadband Corp. detracted from performance. CGI’s shares underperformed, reflecting investor concerns over softening demand, economic challenges and fears that AI could disrupt traditional technology services. Liberty Broadband reported weaker-than-expected quarterly results from Charter Communications Inc., its main asset. The company saw subscriber losses driven by competitive pressures from telco fibre and fixed wireless offerings.
Overweight exposure to equities contributed to performance but lagged the performance of its fixed-income portion.
At the sector level, exposure to health care, real estate and consumer staples contributed to performance. Security selection within materials and information technology detracted from performance. Lower exposure to AI, precious metals and the semiconductor industry detracted from performance.
Portfolio activity
The sub-advisor sold Waters Corp. after the company announced its acquisition of Becton, Dickinson and Co.’s biosciences and diagnostics solutions business. In the sub-advisor’s view, the deal was expensive and involves integration risk.
Outlook
The long-term value of companies with strong balance sheets, high returns on capital and competitive advantages has not been much affected by periods of volatility. The sub-advisor believes the companies held in the Fund should be resilient and capable of enduring challenging economic environments.
Summary
For the period 07/09/2018 through 12/31/2025 with $10,000 CAD investment
Total returns performance
57.35%
Last price
$15.73 CAD
as of market close 12/31/2025
Value of $10,000 investment
$15,734.77 CAD
