April 30, 2026
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 February 28, 2026)
| Name | Percent |
|---|---|
| Canadian Equity | 39.3 |
| US Equity | 22.5 |
| Foreign Bonds | 17.7 |
| Domestic Bonds | 15.6 |
| International Equity | 4.1 |
| Cash and Equivalents | 0.8 |
| Name | Percent |
|---|---|
| Canada | 55.1 |
| United States | 38.9 |
| United Kingdom | 2.6 |
| Ireland | 1.1 |
| Multi-National | 0.6 |
| Chile | 0.5 |
| Italy | 0.4 |
| Europe | 0.1 |
| Other | 0.7 |
| Name | Percent |
|---|---|
| Fixed Income | 33.2 |
| Financial Services | 16.7 |
| Technology | 12.1 |
| Consumer Services | 10.2 |
| Industrial Services | 7.9 |
| Basic Materials | 6.1 |
| Healthcare | 4.6 |
| Real Estate | 3.7 |
| Industrial Goods | 2.6 |
| Other | 2.9 |
Growth of $10,000 (since inception)
For the period 07/09/2018 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $14,672
Fund details (as of February 28, 2026)
| Top holdings | Percent (%) |
|---|---|
| Franco-Nevada Corp | 4.1 |
| Royal Bank of Canada | 3.9 |
| Toronto-Dominion Bank | 3.4 |
| Brookfield Asset Management Ltd Cl A | 2.3 |
| Canada Government 3.25% 01-Jun-2035 | 2.2 |
| Boyd Group Services Inc | 2.2 |
| Canadian Pacific Kansas City Ltd | 2.1 |
| Stantec Inc | 2.0 |
| FirstService Corp | 1.8 |
| Shopify Inc Cl A | 1.8 |
| Total allocation in top holdings | 25.8 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 7.36% |
| Dividend yield | 1.29% |
| Yield to maturity | 4.92% |
| Duration (years) | 6.03% |
| Coupon | 4.82% |
| Average credit rating | BBB+ |
| Average market cap (million) | $744,302.2 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 2.14 | -3.02 | -2.45 | 0.47 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 4.55 | 3.35 | - | 5.03 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 3.40 | 10.18 | 9.00 | -10.32 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 13.89 | 9.96 | 16.97 | - |
Range of returns over five years (August 01, 2018 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 8.54% | Mar 2025 | 3.35% | Apr 2026 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 5.85% | 100 | 34 | 0 |
Q1 2026 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
Canada’s economy navigated a challenging first quarter as trade uncertainty continued to weigh on business confidence and manufacturing activity. Employment fell in January and February before stabilizing in March, and the unemployment rate held steady at 6.7%. The outbreak of the conflict in the Middle East in late February added another layer of uncertainty, driving energy prices sharply higher and raising concerns about global inflation.
Monetary policy remained on hold in both Canada and the U.S. throughout the quarter. The Bank of Canada held its policy rate at 2.25% at both its January and March meetings, and the U.S. Federal Reserve Board maintained the federal funds rate at 3.50%–3.75% at the same meetings. Canada’s unemployment rate was 6.7% in March, and the U.S. rate was 4.3%.
The Canadian fixed income market delivered mixed results in the first quarter as geopolitical uncertainty and rising oil prices complicated the investment landscape. The yield on the 10-year Government of Canada bond rose from 3.43% at the start of the quarter to 3.47% by quarter-end, reaching a high of 3.58%, putting downward pressure on government bond prices, particularly late in the quarter. Corporate bonds showed resiliency, but underperformed government bonds with credit spreads widening slightly.
North American equity markets diverged. Canadian equities rose about 4% as the energy sector surged on higher oil prices, with materials also contributing because of record gold prices early in the quarter. U.S. equities declined, with the S&P 500 Index falling about 4.4% as large-cap technology stocks led the retreat amid rising inflation concerns. The energy sector was a bright spot in the U.S. market as well, while smaller-capitalization and defensive companies outperformed the broad index.
Performance
An allocation in the information technology sector and stock selection in the consumer discretionary sector contributed to the Fund’s performance. Ovintiv Inc. and Linde PLC were the top individual contributors to performance .
Allocations to the energy and materials sectors detracted from the Fund’s performance. Cenovus Energy Inc. and Mastercard Inc. were the top individual detractors from performance. .
Portfolio activity
The sub-advisor added Province of Ontario (3.90%, 2036/06/02) and Suncor Energy Inc. The sub-advisor increased Videotron Ltée (4.65%, 2029/07/15). .
Ultra U.S. T-Bond (CBT) Mar 26 and BCI QuadReal Realty (1.073%, 2026/02/04) were sold. AtkinsRéalis Group Inc. was reduced. .
Summary
For the period 07/09/2018 through 04/30/2026 with $10,000 CAD investment
Total returns performance
46.72%
Last price
$14.67 CAD
as of market close 04/30/2026
Value of $10,000 investment
$14,671.53 CAD
