December 31, 2025
A value-oriented fund seeking global invesetments for long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in equities anywhere in 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 | 52.2 |
| International Equity | 45.2 |
| Cash and Equivalents | 2.6 |
| Name | Percent |
|---|---|
| United States | 52.2 |
| Ireland | 11.9 |
| France | 6.9 |
| Taiwan | 4.3 |
| Switzerland | 3.9 |
| United Kingdom | 2.9 |
| Denmark | 2.8 |
| Korea, Republic Of | 2.2 |
| Canada | 2.2 |
| Other | 10.7 |
| Name | Percent |
|---|---|
| Technology | 26.3 |
| Financial Services | 18.1 |
| Healthcare | 10.7 |
| Industrial Goods | 10.4 |
| Consumer Goods | 10.3 |
| Consumer Services | 7.4 |
| Industrial Services | 4.9 |
| Energy | 3.4 |
| Utilities | 2.9 |
| Other | 5.6 |
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 $18,468
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Alphabet Inc Cl A | 4.5 |
| Taiwan Semiconductor Manufactrg Co Ltd - ADR | 4.3 |
| Microsoft Corp | 4.0 |
| Berkshire Hathaway Inc Cl B | 3.8 |
| Meta Platforms Inc Cl A | 3.1 |
| Ryanair Holdings PLC - ADR | 3.0 |
| Booking Holdings Inc | 2.6 |
| Applied Materials Inc | 2.5 |
| Marsh & McLennan Cos Inc | 2.5 |
| Crh PLC | 2.4 |
| Total allocation in top holdings | 32.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.19% |
| Dividend yield | 1.70% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $801,321.2 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -1.24 | 9.63 | 16.94 | 16.94 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 15.78 | 11.35 | - | 8.55 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 16.94 | 18.08 | 12.40 | -8.17 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -8.17 | 20.12 | 1.89 | 12.53 |
Range of returns over five years (August 01, 2018 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 14.26% | Oct 2025 | 4.30% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 9.05% | 100 | 30 | 0 |
Q3 2025 Fund Commentary
Market commentary
Global stock markets rose 9.4% in the third quarter of 2025 (in Canadian dollar terms), rebounding from lows in April related to tariff uncertainty. Information technology stocks led amid investor enthusiasm for companies perceived to be beneficiaries of artificial intelligence.
Performance
The Fund’s relative exposure to Oracle Corp., Alphabet Inc. and Taiwan Semiconductor Manufacturing Co. Ltd. contributed to performance. Relative exposure to Kerry Group PLC, Netflix Inc. and Demant AS detracted from performance.
At the sector level, stock selection in communication services and industrials contributed to performance. Underweight exposure to information technology and overweight exposure to consumer staples detracted from performance.
Portfolio activity
The sub-advisor added Dassault Systemes SE. Telefonaktiebolaget LM Ericsson and Equinix Inc. were sold.
Outlook
The sub-advisor looks to invest in attractively valued companies and is not driven by macroeconomic events. The sub-advisor doesn’t include any macroeconomic forecasting in the search or selection process.
Summary
For the period 07/09/2018 through 12/31/2025 with $10,000 CAD investment
Total returns performance
84.68%
Last price
$18.47 CAD
as of market close 12/31/2025
Value of $10,000 investment
$18,468.24 CAD
