December 31, 2025
A blended Canadian large cap fund that seeks strong, long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest mainly in Canadian companies that are intended to provide strong returns.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of September 30, 2025)
| Name | Percent |
|---|---|
| Canadian Equity | 98.8 |
| Cash and Equivalents | 0.9 |
| Foreign Bonds | 0.2 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| Canada | 99.1 |
| Other | 0.9 |
| Name | Percent |
|---|---|
| Financial Services | 27.9 |
| Energy | 14.5 |
| Industrial Services | 10.4 |
| Technology | 10.2 |
| Basic Materials | 10.2 |
| Consumer Services | 9.2 |
| Utilities | 6.4 |
| Telecommunications | 4.3 |
| Real Estate | 4.1 |
| Other | 2.8 |
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 $19,297
Fund details (as of September 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| Royal Bank of Canada | 5.3 |
| Toronto-Dominion Bank | 5.2 |
| Bank of Montreal | 4.5 |
| Franco-Nevada Corp | 4.2 |
| Brookfield Corp Cl A | 4.1 |
| Bank of Nova Scotia | 4.0 |
| Canadian National Railway Co | 4.0 |
| Shopify Inc Cl A | 3.9 |
| Alimentation Couche-Tard Inc | 3.3 |
| Canadian Pacific Kansas City Ltd | 3.2 |
| Total allocation in top holdings | 41.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.96% |
| Dividend yield | 2.40% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $85,974.9 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.87 | 10.65 | 18.73 | 18.73 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 13.68 | 13.43 | - | 9.19 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 18.73 | 14.78 | 7.81 | 0.88 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 0.88 | 26.69 | -3.00 | 19.22 |
Range of returns over five years (August 01, 2018 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 14.59% | Oct 2025 | 5.94% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 9.98% | 100 | 30 | 0 |
Q3 2025 Fund Commentary
Market commentary
Canadian equities rose in the third quarter of 2025 despite trade uncertainty and geopolitical risks in the Middle East. The S&P/TSX Composite Total Return Index rose 12.5%, reaching a new all-time high. Top-performing sectors included materials, information technology and energy. The weakest sector performers were industrials, consumer staples and consumer discretionary.
Within materials, rising commodity prices drove gains for gold producers and copper producers. In information technology, Canadian stocks were volatile but positive amid enthusiasm for artificial intelligence. In energy, producers, infrastructure and services were strong despite crude oil and natural gas pricing volatility.
The industrials sector underperformed because of weakness in Canadian railways. Consumer-oriented sectors were affected by trade tensions and tariff concerns.
Performance
The Fund’s relative exposure to Franco-Nevada Corp., Constellation Software Inc. and Open Text Corp. contributed to performance. The Fund held overweight exposure to Franco-Nevada and Open Text, and underweight exposure to Constellation Software. An overweight exposure to Canadian National Railway Co. and underweight exposure to Shopify Inc. detracted from performance. A lack of ownership in Barrick Gold Corp. also detracted from performance.
At the sector level, stock selection within financials, consumer staples and real estate contributed to performance, as did underweight exposure to financials. Security selection within materials and energy detracted from performance, as did underweight exposure to materials and overweight exposure to industrials.
Portfolio activity
The sub-advisor added EQB Inc., taking advantage of share price weakness, for its capital discipline and asset-light business model. The sub-advisor added to Canadian National because of share price weakness. Manulife Financial Corp. was increased because the sub-advisor is encouraged by the company’s high return on equity and increasing targets.
Parkland Corp. and TELUS International (CDA) Inc. were sold as both companies are being acquired. ATCO Ltd. was sold after strong price performance. The sub-advisor prefers to hold ATCO’s subsidiary Canadian Utilities Ltd. instead based on its valuation. Saputo Inc. was reduced after recent share price appreciation.
Outlook
The sub-advisor seeks stocks that emphasize predictability while maintaining reasonable valuations. The sub-advisor’s investment process is oriented towards identifying and capitalizing on market inefficiencies, with a consistent focus on delivering strong, risk-adjusted returns over the long term.
Summary
For the period 07/09/2018 through 12/31/2025 with $10,000 CAD investment
Total returns performance
92.97%
Last price
$19.30 CAD
as of market close 12/31/2025
Value of $10,000 investment
$19,297.09 CAD
