December 31, 2025
A value equity fund that invests in a broad range of small- to large-cap Canadian companies to seek a balance between growth and interest 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 the common shares (or their equivalents) of Canadian companies and fixed-income investments.
- You're comfortable with a low to moderate level of risk.
RISK RATING
How is the fund invested? (as of October 31, 2025)
| Name | Percent |
|---|---|
| Canadian Equity | 37.8 |
| Domestic Bonds | 29.1 |
| US Equity | 21.7 |
| International Equity | 6.4 |
| Foreign Bonds | 4.2 |
| Cash and Equivalents | 0.9 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Canada | 67.3 |
| United States | 24.1 |
| United Kingdom | 3.6 |
| Ireland | 1.6 |
| Mexico | 1.1 |
| Italy | 0.7 |
| France | 0.6 |
| North America | 0.4 |
| Other | 0.6 |
| Name | Percent |
|---|---|
| Fixed Income | 33.3 |
| Financial Services | 17.3 |
| Technology | 11.6 |
| Consumer Services | 10.8 |
| Industrial Services | 9.7 |
| Healthcare | 4.4 |
| Basic Materials | 4.0 |
| Real Estate | 3.7 |
| Industrial Goods | 3.5 |
| Other | 1.7 |
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 $15,218
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Royal Bank of Canada | 3.8 |
| Toronto-Dominion Bank | 2.9 |
| Canada Government 3.25% 01-Jun-2035 | 2.9 |
| Microsoft Corp | 2.8 |
| Stantec Inc | 2.7 |
| Waste Connections Inc | 2.6 |
| Loblaw Cos Ltd | 2.5 |
| Brookfield Asset Management Ltd Cl A | 2.5 |
| TMX Group Ltd | 2.4 |
| Intact Financial Corp | 2.2 |
| Total allocation in top holdings | 27.3 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 7.02% |
| Dividend yield | 1.25% |
| Yield to maturity | 4.01% |
| Duration (years) | 7.46% |
| Coupon | 4.36% |
| Average credit rating | A+ |
| Average market cap (million) | $792,379.0 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.74 | -0.25 | 3.57 | 3.57 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 7.66 | 5.03 | - | 5.77 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 3.57 | 10.37 | 9.17 | -10.19 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -10.19 | 14.07 | 10.14 | 17.16 |
Range of returns over five years (August 01, 2018 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 8.70% | Mar 2025 | 4.84% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 6.24% | 100 | 30 | 0 |
Q3 2025 Fund Commentary
Market commentary
North American economies showed mixed signals in the third quarter. Canada’s economy remained under pressure from U.S. tariffs. U.S. growth was supported by steady consumer spending. Manufacturing activity weakened in both countries given trade uncertainty.
The Bank of Canada lowered its key interest rate to 2.50%, citing a softer labour market and fading inflation pressures. The U.S. Federal Reserve Board cut its federal funds rate to a target range of 4.00% to 4.25% given slowing job growth and mostly contained inflationary pressures. Canada’s unemployment rate ended the quarter at 7.1%, while the U.S. rate was 4.3% in August 2025.
Credit spreads (the difference in yield between corporate and government bonds with the same maturity) continued to narrow, which supported Canadian corporate fixed income. Investment-grade corporate bonds rose, driven by steady demand and strong fundamentals. High-yield bonds rose, driven by improving risk sentiment and appetite for income.
Equity markets in both countries rose. The S&P/TSX Composite Index gained 12.5%, led by the materials, information technology and materials sectors. In the U.S., the S&P 500 Index rose 10.5%, with information technology and communication services outperforming on continued enthusiasm for artificial intelligence (AI). The energy sector performed largely in line with both markets, pressured by weaker oil prices and margin compression.
Performance
The Fund’s relative exposure to OR Royalties Inc., IAMGOLD Corp. and Alamos Gold Inc. contributed to performance. All three companies benefited from rising gold prices.
Relative exposure to Constellation Software Inc. and Verisk Analytics Inc. detracted from the Fund’s performance. Both stocks stock fell amid concerns around AI disintermediation.
At the sector level, stock selection in real estate and utilities contributed to the Fund’s performance, as did underweight exposure to consumer staples. Exposure to government bonds also contributed to performance. Stock selection in information technology, financials, health care and industrials detracted from performance, as did overweight exposure to industrials. Selection among industrials sector bonds also detracted from the Fund’s performance.
Portfolio activity
The sub-advisor added TJX Cos. Inc. for its cash flow growth and industry-leading position in discount retail. Rogers Communications Inc. was added based on an improving outlook for the wireless segment and underappreciated valuation of its sports franchises. Oracle Corp. was added for its long-term earnings growth prospects as a key enabler in AI. NVIDIA Corp. was increased based on its growth prospects related to AI.
Definity Financial Corp. was sold as the Fund’s financials holdings were rebalanced. Alcon AG was reduced because of lower earnings prospects amid higher competition.
Summary
For the period 07/09/2018 through 12/31/2025 with $10,000 CAD investment
Total returns performance
52.18%
Last price
$15.22 CAD
as of market close 12/31/2025
Value of $10,000 investment
$15,218.38 CAD
