December 31, 2025
A growth-oriented large-cap equity fund seeking strong returns and growth from the U.S.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in large U.S. Companies.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of November 30, 2025)
| Name | Percent |
|---|---|
| US Equity | 96.4 |
| Cash and Equivalents | 3.6 |
| Name | Percent |
|---|---|
| United States | 96.4 |
| Canada | 3.6 |
| Name | Percent |
|---|---|
| Technology | 43.4 |
| Consumer Services | 13.6 |
| Healthcare | 12.0 |
| Financial Services | 8.1 |
| Industrial Goods | 6.1 |
| Real Estate | 4.5 |
| Consumer Goods | 3.6 |
| Cash and Cash Equivalent | 3.6 |
| Energy | 2.8 |
| Other | 2.3 |
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 $27,875
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| NVIDIA Corp | 7.6 |
| Apple Inc | 7.4 |
| Alphabet Inc Cl A | 5.8 |
| Amazon.com Inc | 5.5 |
| Broadcom Inc | 4.5 |
| Cash and Cash Equivalents | 3.7 |
| Danaher Corp | 3.6 |
| Goldman Sachs Group Inc | 3.5 |
| Meta Platforms Inc Cl A | 3.4 |
| Applied Materials Inc | 3.2 |
| Total allocation in top holdings | 48.2 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 14.57% |
| Dividend yield | 0.61% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $1,871,955.3 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -3.52 | 5.04 | 10.65 | 10.65 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 21.61 | 14.62 | - | 14.69 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 10.65 | 40.70 | 15.51 | -9.24 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -9.24 | 21.24 | 43.14 | 12.36 |
Range of returns over five years (August 01, 2018 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 21.25% | Jan 2025 | 10.02% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 16.82% | 100 | 30 | 0 |
Q3 2025 Fund Commentary
Market commentary
U.S. equities rose in the third quarter of 2025 as inflation eased and policy turned supportive. Fiscal optimism rose with new trade deals and approval of the One Big Beautiful Bill Act. Softer labour data boosted expectations for interest-rate cuts. The U.S. Federal Reserve Board cut interest rates by 0.25% in September, signaling further monetary easing ahead.
Investor enthusiasm for artificial intelligence (AI) and resilient corporate earnings drove stock indices to record highs, led by the information technology sector. Growth and small-capitalization stocks outperformed.
Performance
The Fund’s relative exposure to AppLovin Corp., Robinhood Markets Inc. and Alphabet Inc. contributed to performance. Relative exposure to Expand Energy Corp., Axon Enterprise Inc. and Boston Scientific Corp. detracted from performance.
At a sector level, stock selection and underweight exposure to consumer staples contributed to performance. Overweight exposure and selection within financials also contributed to performance. Selection in energy, health care and communication services detracted from performance, as did underweight exposure to health care.
Portfolio activity
In July, the sub-advisor increased Uber Technologies Inc. and Oracle Corp. Axon Enterprise Inc., Cheniere Energy Inc. and ServiceNow Inc. were reduced.
In August, AppLovin Corp., CBRE Group Inc., PulteGroup Inc. and Booking Holdings Inc. were added. Expand Energy Corp. and Eli Lilly and Co. were sold, and Quanta Services Inc., Robinhood Markets Inc. and Howmet Aerospace Inc. were reduced.
Outlook
The sub-advisor has a positive long-term outlook despite volatility and tariff uncertainty. The U.S. economy shows resilience, with solid income growth and consumer demand. In the sub-advisor's view, U.S. policy clarity should be positive for market performance.
The sub-advisor’s focus is on finding market leaders with strong structural growth. The Fund favours domestic-focused firms and innovation-driven sectors, with overweight exposures to industrials, consumer discretionary and financials. Key investment themes include defense, AI automation, power generation and cybersecurity.
Summary
For the period 07/09/2018 through 12/31/2025 with $10,000 CAD investment
Total returns performance
178.75%
Last price
$27.87 CAD
as of market close 12/31/2025
Value of $10,000 investment
$27,874.86 CAD
