December 31, 2025
A blended global equity fund seeking growth.
Is this fund right for you?
- You want your money to grow over the longer term.
- You want to invest in companies from around the world.
- 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 | 66.2 |
| International Equity | 28.2 |
| Canadian Equity | 3.9 |
| Cash and Equivalents | 1.7 |
| Name | Percent |
|---|---|
| United States | 66.2 |
| Canada | 5.6 |
| United Kingdom | 5.6 |
| France | 4.4 |
| Japan | 4.3 |
| China | 3.7 |
| Taiwan | 2.5 |
| Netherlands | 1.8 |
| Sweden | 1.2 |
| Other | 4.7 |
| Name | Percent |
|---|---|
| Technology | 36.8 |
| Financial Services | 15.5 |
| Industrial Services | 9.4 |
| Industrial Goods | 8.6 |
| Consumer Services | 8.0 |
| Healthcare | 6.9 |
| Consumer Goods | 5.6 |
| Basic Materials | 2.5 |
| Energy | 2.1 |
| Other | 4.6 |
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 $16,447
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Microsoft Corp | 6.2 |
| NVIDIA Corp | 4.9 |
| Apple Inc | 4.1 |
| Alphabet Inc Cl A | 3.7 |
| Amazon.com Inc | 3.3 |
| Mastercard Inc Cl A | 2.9 |
| Canadian Pacific Kansas City Ltd | 2.8 |
| Taiwan Semiconductor Manufactrg Co Ltd | 2.5 |
| Meta Platforms Inc Cl A | 2.2 |
| Tencent Holdings Ltd | 2.1 |
| Total allocation in top holdings | 34.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 10.50% |
| Dividend yield | 1.17% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $1,487,649.0 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -1.47 | 6.19 | 8.67 | 8.67 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 16.64 | 8.13 | - | 6.88 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 8.67 | 24.29 | 17.49 | -17.91 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -17.91 | 13.49 | 1.97 | 21.00 |
Range of returns over five years (August 01, 2018 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 11.30% | Mar 2025 | 2.05% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 7.03% | 100 | 30 | 0 |
Q3 2025 Fund Commentary
Market commentary
In the third quarter of 2025, global equity markets performed well, driven by gains in gold, copper and Chinese equities. Information technology stocks related to artificial intelligence (AI) continued to perform well.
Performance
The Fund’s relative exposure to ASML Holding NV and Tencent Holdings Ltd. contributed to performance. ASML Holding’s stock recovered as the market began to price in a recovery in order trends after two years of muted growth. Tencent Holdings reported positive financial results, with its WeChat application benefiting from the application of AI inside its advertising business.
Relative exposure to Constellation Software Inc. and Canadian Pacific Kansas City Ltd. detracted from performance. Constellation Software’s shares fell amid rising concerns around the potential for AI to disrupt its business as well as the retirement of its Chief Executive Officer. Canadian Pacific was affected by lower volume trends and concerns around the impact of tariffs on Mexico and Canada. The announced merger of Union Pacific Corp. and Norfolk Southern Corp. was also perceived to present an increased competitive threat.
At the sector level, exposure to health care and communication services contributed to performance. Exposure to information technology and financials detracted from performance.
Portfolio activity
The sub-advisor added Coca-Cola Europacific Partners PLC, Contemporary Amperex Technology Co. Ltd. (CATL) and WEC Energy Group Inc. CATL was added for its low-cost, vertically integrated operations and product development. IMCD NV was sold to fund the purchase of CATL. WEC Energy was added based on the sub-advisor’s expectation that it should benefit from the build-out of new data centre clusters.
Unilever PLC was sold as the sub-advisor believes its shares to be fully valued. The Progressive Corp. was sold because the sub-advisor believes the company could see slowing growth as its competitors recover from historic underwriting losses.
Outlook
In the sub-advisor's view (SB), financial markets were driven by a narrow constituent of stocks seen to be beneficiaries of AI. That includes beneficiaries of the capital that has been invested in building data centre facilities and the associated infrastructure.
In the sub-advisor’s view, most consumer and industrial companies have seen muted demand trends. The market appears to be concentrated in a narrow group of companies that have been growing. There has been significant investment spending on AI with a highly uncertain payoff, which the sub-advisor views with caution.
The sub-advisor believes Microsoft Corp., Amazon.com Inc., Meta Platforms Inc. and Alphabet Inc. should benefit from AI. The Fund has overweight exposure to these companies.
The Fund has exposure to the semiconductor industry, which supports the build-out of AI, but it was trimmed in the third quarter of 2025. The Fund holds Taiwan Semiconductor Manufacturing Co. Ltd., ASML Holding, Broadcom Inc., CATL and an underweight exposure to NVIDIA Corp. The sub-advisor believes there is potential for a cyclical downturn if these companies’ customers decide to pause capital investments.
In aggregate, the Fund’s investments are diverse, with exposure to consumer, industrials, financials and health care companies.
Summary
For the period 07/09/2018 through 12/31/2025 with $10,000 CAD investment
Total returns performance
64.47%
Last price
$16.45 CAD
as of market close 12/31/2025
Value of $10,000 investment
$16,447.49 CAD
