April 30, 2026
This segregated fund invests primarily in Canadian stocks currently through the Counsel Canadian Growth mutual fund.
Is this fund right for you?
- A person who is investing for the medium to longer term, seeking the growth potential of stocks, and is comfortable with moderate risk.
- Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.
RISK RATING
How is the fund invested? (as of March 31, 2026)
| Name | Percent |
|---|---|
| Canadian Equity | 88.9 |
| Cash and Equivalents | 6.0 |
| US Equity | 5.1 |
| Name | Percent |
|---|---|
| Canada | 95.0 |
| United States | 5.1 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Financial Services | 29.3 |
| Basic Materials | 16.5 |
| Energy | 12.4 |
| Industrial Services | 7.7 |
| Utilities | 7.6 |
| Industrial Goods | 6.7 |
| Consumer Goods | 6.7 |
| Cash and Cash Equivalent | 6.0 |
| Technology | 4.6 |
| Other | 2.5 |
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 $17,525
Fund details (as of March 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Royal Bank of Canada | 10.1 |
| Suncor Energy Inc | 6.5 |
| Cash and Cash Equivalents | 6.0 |
| Canadian Imperial Bank of Commerce | 5.1 |
| Shopify Inc Cl A | 4.6 |
| AltaGas Ltd | 4.4 |
| Manulife Financial Corp | 4.2 |
| Nutrien Ltd | 3.7 |
| Canadian Pacific Kansas City Ltd | 3.3 |
| Kinross Gold Corp | 3.3 |
| Total allocation in top holdings | 51.2 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 11.03% |
| Dividend yield | 1.84% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $94,899.8 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 5.60 | 12.22 | 8.13 | 43.92 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 19.27 | 11.72 | - | 7.45 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 31.29 | 15.47 | 10.40 | -11.11 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 16.75 | -2.35 | 16.33 | - |
Range of returns over five years (August 01, 2018 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 12.99% | Oct 2025 | 0.55% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 7.01% | 100 | 33 | 0 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Picton Mahoney Asset Management.
Market commentary
Global equities rose over the fourth quarter of 2025 because of strong corporate earnings and U.S. Federal Reserve Board interest rate cuts, which offset early volatility. The S&P/TSX Composite Index gained 6.3%, led by the materials, consumer discretionary and financials sectors, with large-capitalization and value stocks outperforming.
U.S. economic growth remained strong, but a federal government shutdown and softer jobs and manufacturing data signalled cooling momentum. Inflation eased in the U.S., supporting a shift in monetary policy from the Fed and improving market sentiment. Canada’s economy rebounded on trade gains, though domestic demand and manufacturing stayed weak.
Performance
The Fund’s relative exposures to Royal Bank of Canada, Hudbay Minerals Inc. and Aritzia Inc. contributed to performance. Relative exposures to RB Global Inc., Brookfield Corp. and Atkinsrealis Group Inc. detracted from performance.
At the sector level, security selection in the consumer discretionary and financials sectors contributed to the Fund’s performance. Underweight exposure to the real estate sector and overweight exposure to the financials sector also contributed to performance. Stock selection in the industrials and energy sectors detracted from performance. Underweight exposure to the materials sector and overweight exposure to the industrials sector detracted from performance.
Portfolio activity
The sub-advisor both added to the Fund a holding in Altus Group Ltd. and then sold it during the quarter. Other additions included holdings in NFI Group Inc., National Bank of Canada, Gildan Activewear Inc., Finning International Inc. and Emera Inc.
Fund holdings in Constellation Software Inc., Galaxy Digital Inc., DoorDash Inc., Jamieson Wellness Inc. and Zillow Group Inc. were sold.
Outlook
Canada’s economic growth in 2025 was pressured by U.S. and China tariffs, with trade uncertainty set to persist into 2026 amid Canada-United States-Mexico Agreement renegotiations. In the sub-advisor’s view, ongoing tariff risks are likely to weigh on exports and dampen business investment sentiment.
Consumer spending is projected to be the main driver of Canadian economic growth in 2026. The Bank of Canada enters 2026 cautiously, with monetary policy remaining data-dependent as inflation stays near the central bank’s target of 2%.
According to the sub-advisor, the Fund is positioned to benefit from AI and energy-driven demand, focusing on resource sectors, earnings strength and growth exposure.
Summary
For the period 07/09/2018 through 04/30/2026 with $10,000 CAD investment
Total returns performance
75.25%
Last price
$17.53 CAD
as of market close 04/30/2026
Value of $10,000 investment
$17,525.28 CAD
