December 31, 2025
This segregated fund invests primarily in stocks worldwide currently through the Mackenzie Ivy Foreign Equity Fund.
Is this fund right for you?
- A person who is investing for the longer term, seeking the growth potential of foreign 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 October 31, 2025)
| Name | Percent |
|---|---|
| US Equity | 57.5 |
| International Equity | 32.3 |
| Cash and Equivalents | 7.3 |
| Canadian Equity | 3.1 |
| Other | -0.2 |
| Name | Percent |
|---|---|
| United States | 57.5 |
| United Kingdom | 13.2 |
| Canada | 10.3 |
| Switzerland | 3.2 |
| Germany | 2.7 |
| Ireland | 2.7 |
| Spain | 2.3 |
| Taiwan | 2.0 |
| Netherlands | 1.7 |
| Other | 4.4 |
| Name | Percent |
|---|---|
| Healthcare | 18.5 |
| Technology | 16.8 |
| Consumer Services | 16.8 |
| Financial Services | 15.8 |
| Consumer Goods | 10.5 |
| Cash and Cash Equivalent | 7.3 |
| Industrial Goods | 7.1 |
| Industrial Services | 5.7 |
| Basic Materials | 1.6 |
| 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 $15,872
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Cash and Cash Equivalents | 7.3 |
| Microsoft Corp | 4.5 |
| Alphabet Inc Cl A | 4.3 |
| Danaher Corp | 3.9 |
| Johnson & Johnson | 3.6 |
| Amazon.com Inc | 3.5 |
| Halma PLC | 3.4 |
| Brookfield Corp Cl A | 3.1 |
| Berkshire Hathaway Inc Cl B | 3.0 |
| Abbott Laboratories | 2.9 |
| Total allocation in top holdings | 39.5 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.49% |
| Dividend yield | 1.81% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $867,602.8 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -1.57 | 5.66 | 7.25 | 7.25 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 12.62 | 6.86 | - | 7.79 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 7.25 | 21.72 | 9.43 | -9.08 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -9.08 | 7.28 | 12.60 | - |
Range of returns over five years (December 01, 2019 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 9.79% | Feb 2025 | 6.86% | Dec 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 7.94% | 100 | 14 | 0 |
Q3 2025 Fund Commentary
Market commentary
The global economy was resilient in the third quarter despite trade uncertainty and geopolitical issues. U.S. tariffs weighed on sentiment, but monetary easing in key regions supported growth. Developed markets underperformed, while emerging markets, particularly in Asia, benefited from a weaker U.S. dollar.
Inflation moderated in most regions. Central banks in Canada and the U.K. cut interest rates, while the U.S. Federal Reserve Board lowered its policy rate to 4.00%–4.25%. Trade tensions continued to hamper investment and industrial activity, which government spending in Europe and China helped offset.
Global equity markets rose. The MSCI World Index gained 9.7%, supported by strong earnings and enthusiasm for artificial intelligence (AI). U.S. large-cap technology stocks drove the S&P 500 Index and NASDAQ Composite Index to new highs. Emerging market equities outperformed their developed market peers.
Performance
The Fund’s overweight exposure to Alphabet Inc. and exposure to Amphenol Corp. contributed to performance. Alphabet’s stock rose because its earnings results beat expectations, particularly in its cloud and YouTube segments. Amphenol reported strong second-quarter earnings because of AI enthusiasm.
Exposure to Texas Instruments Inc. and lack of exposure to NVIDIA Corp. detracted from the Fund’s performance. Texas Instruments’ stock fell after it released a cautious outlook because of geopolitical risks and weak automotive sector recovery, which affected demand for analog chips. NVIDIA returned 21% for the third quarter and accounted for 11% of the benchmark return.
At the sector level, stock selection in communication services contributed to the Fund’s performance. Stock selection in information technology and financials detracted from the Fund’s performance. U.S. software and cloud services companies were weak amid lower tech spending. Within financials, payment processors and financial exchanges underperformed because of regulatory uncertainty and investors’ shift toward high-growth sectors.
At the regional level, stock selection in the U.S. detracted from the Fund’s performance.
Portfolio activity
The sub-advisor added to Colgate-Palmolive Co., Taiwan Semiconductor Manufacturing Co. Ltd. and Accenture PLC. Colgate’s share price fell after it announced a lower growth forecast and a restructuring program was started.
VeriSign Inc. was sold after its successful contract renewal and a stabilization of the domain name base. TJX Cos. Inc., Texas Instruments and Johnson & Johnson were reduced for valuation reasons.
Summary
For the period 11/04/2019 through 12/31/2025 with $10,000 CAD investment
Total returns performance
58.72%
Last price
$15.87 CAD
as of market close 12/31/2025
Value of $10,000 investment
$15,871.83 CAD
