December 31, 2025
This segregated fund invests primarily in United States stocks.
Is this fund right for you?
- A person who is investing for the longer term, seeking the growth potential of U.S. 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 December 31, 2025)
| Name | Percent |
|---|---|
| US Equity | 88.2 |
| International Equity | 9.5 |
| Cash and Equivalents | 1.8 |
| Canadian Equity | 0.5 |
| Name | Percent |
|---|---|
| United States | 88.2 |
| United Kingdom | 4.6 |
| Ireland | 3.6 |
| France | 1.3 |
| Canada | 0.8 |
| Other | 1.5 |
| Name | Percent |
|---|---|
| Technology | 35.8 |
| Healthcare | 14.3 |
| Consumer Services | 11.8 |
| Financial Services | 11.8 |
| Industrial Goods | 9.0 |
| Basic Materials | 5.8 |
| Industrial Services | 5.4 |
| Consumer Goods | 2.2 |
| Cash and Cash Equivalent | 1.8 |
| Other | 2.1 |
Growth of $10,000 (since inception)
For the period 11/04/2019 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $15,689
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Alphabet Inc Cl A | 5.9 |
| Apple Inc | 5.6 |
| Microsoft Corp | 5.5 |
| NVIDIA Corp | 5.2 |
| Mastercard Inc Cl A | 4.2 |
| Meta Platforms Inc Cl A | 3.8 |
| Linde PLC | 3.6 |
| Eli Lilly and Co | 3.3 |
| Walmart Inc | 2.6 |
| Johnson & Johnson | 2.5 |
| Total allocation in top holdings | 42.2 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.82% |
| Dividend yield | 0.85% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $1,703,732.3 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -2.77 | -0.19 | -2.49 | -2.49 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 9.38 | 6.36 | - | 7.59 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| -2.49 | 18.83 | 12.96 | -18.69 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -18.69 | 27.91 | 11.79 | - |
Range of returns over five years (December 01, 2019 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 12.08% | Mar 2025 | 6.36% | Dec 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 8.91% | 100 | 14 | 0 |
Q3 2025 Fund Commentary
Market commentary
U.S. economic activity was resilient in the third quarter. Growth was supported by steady consumer spending. However, manufacturing faced pressures from trade uncertainty. Inflation was above the U.S. Federal Reserve Board’s (Fed) 2% target. At its September meeting, the Fed lowered its federal funds rate to the 4.00% to 4.25% range.
The U.S. unemployment rate was 4.3% at the end of August 2025. Job growth slowed, but wage gains and consumer demand were supportive. The Fed signaled two additional rate cuts by year-end, balancing inflation risks with employment concerns.
The U.S. equity market rose, with the S&P 500 Index gaining 10.5%. Information technology and communication services outperformed, driven by enthusiasm for artificial intelligence (AI). Financials and materials also posted gains. The consumer staples sector declined over the quarter.
Performance
The Fund’s relative exposure to Amphenol Corp. and Fastenal Co. contributed to performance. Amphenol reported strong second-quarter earnings because of AI enthusiasm. Fastenal had strong organic growth because of its focus on deeper integration with large customers.
Relative exposure to Roper Technologies Inc. and Verisk Analytics Inc. detracted from the Fund’s performance. Both companies’ stock prices fell because of concerns around AI disintermediation.
At the sector level, underweight exposure to consumer staples, real estate and energy contributed to the Fund’s performance. Stock selection in industrials, information technology and health care detracted from performance.
Portfolio activity
The sub-advisor added TJX Cos. Inc. for its cash flow growth and industry-leading position in discount retail. Oracle Corp. was added for its long-term earnings growth prospects as a key enabler in AI. NVIDIA Corp. and Broadcom Inc. were increased based on their growth prospects related to AI.
Gartner Inc. was sold because of concerns that its earnings growth could be affected as corporate budgets are relocated toward AI. Alcon AG was reduced because of weakening earnings prospects amid higher competition and concerns around market share. Verisk Analytics was trimmed as its performance may be capped for the near future because of investors’ shift into AI.
Summary
For the period 11/04/2019 through 12/31/2025 with $10,000 CAD investment
Total returns performance
56.89%
Last price
$15.69 CAD
as of market close 12/31/2025
Value of $10,000 investment
$15,688.68 CAD
