December 31, 2025
This segregated fund invests primarily in U.S. companies that are in the middle capitalization range of the equity market.
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 to high 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 | 97.5 |
| Cash and Equivalents | 2.6 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| United States | 97.5 |
| Canada | 2.6 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Healthcare | 30.7 |
| Technology | 27.6 |
| Industrial Goods | 16.1 |
| Industrial Services | 10.7 |
| Consumer Services | 4.8 |
| Real Estate | 4.1 |
| Financial Services | 3.5 |
| Cash and Cash Equivalent | 2.6 |
| Other | -0.1 |
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 $13,419
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Charles River Laboratories Intl Inc | 5.0 |
| Hologic Inc | 4.8 |
| Maximus Inc | 4.7 |
| Akamai Technologies Inc | 4.5 |
| DexCom Inc | 4.1 |
| Cirrus Logic Inc | 4.0 |
| Keysight Technologies Inc | 3.9 |
| Jack Henry & Associates Inc | 3.8 |
| SS&C Technologies Holdings Inc | 3.8 |
| Bio-Techne Corp | 3.6 |
| Total allocation in top holdings | 42.2 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 14.10% |
| Dividend yield | 0.33% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $25,397.1 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -1.73 | 3.56 | -2.15 | -2.15 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 6.32 | 3.22 | - | 4.89 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| -2.15 | 11.95 | 9.70 | -20.55 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -20.55 | 22.74 | 12.43 | - |
Range of returns over five years (December 01, 2019 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 8.29% | Mar 2025 | 3.22% | Dec 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 5.60% | 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 Cognex Corp. and Maximus Inc. contributed to performance. Cognex benefited from higher demand in consumer electronics and factory automation, which led to higher profitability. Maximus’ shares rose because of its focus on efficiencies and reduced waste. New opportunities, like Medicaid redeterminations, allowed Maximus to increase organic growth by 2% for the first half of 2025.
Relative exposure to Dexcom Inc. and Gartner Inc. detracted from the Fund’s performance. Dexcom’s shares fell because of concerns around product quality and a change in Chief Executive Officer. Gartner’s stock declined amid concerns around AI. Some believe that AI can replace some of the knowledge that Gartner provides.
At the sector level, stock selection in communication services and consumer staples contributed to the Fund’s performance. Stock selection within health care and financials detracted from performance.
Portfolio activity
The sub-advisor added to The Cooper Cos. Inc. and Bio-Techne Corp. Tenable Holdings Inc. was sold given that its market capitalization was on the smaller end of the Fund’s investable range. Reddit Inc. and Broadridge Financial Solutions Inc. were reduced.
Summary
For the period 11/04/2019 through 12/31/2025 with $10,000 CAD investment
Total returns performance
34.19%
Last price
$13.42 CAD
as of market close 12/31/2025
Value of $10,000 investment
$13,419.08 CAD
