December 31, 2025
This segregated fund invests primarily in stocks anywhere in the world, while maintaining a commitment to protection of its capital through strategies that position it defensively during times of market stress, currently through the Canada Life Global Tactical mutual fund.
Is this fund right for you?
- A person who is investing for the longer term, seeking the growth potential of Canadian and U.S. companies operating in the science and technology sector and is comfortable with moderate to high risk due to investing solely in this one economic sector.
RISK RATING
How is the fund invested? (as of December 31, 2025)
| Name | Percent |
|---|---|
| US Equity | 73.4 |
| Canadian Equity | 19.7 |
| International Equity | 4.3 |
| Cash and Equivalents | 2.7 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| United States | 73.4 |
| Canada | 22.4 |
| Netherlands | 2.6 |
| Ireland | 1.7 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Technology | 88.2 |
| Consumer Services | 3.6 |
| Industrial Goods | 2.8 |
| Cash and Cash Equivalent | 2.7 |
| Telecommunications | 1.5 |
| Healthcare | 1.2 |
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 $25,752
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Alphabet Inc Cl A | 8.5 |
| Apple Inc | 8.1 |
| Shopify Inc Cl A | 7.7 |
| Microsoft Corp | 7.5 |
| NVIDIA Corp | 7.4 |
| Broadcom Inc | 5.9 |
| Celestica Inc | 3.8 |
| Meta Platforms Inc Cl A | 3.6 |
| Constellation Software Inc | 3.3 |
| Amazon.com Inc | 3.0 |
| Total allocation in top holdings | 58.8 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 15.34% |
| Dividend yield | 0.42% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $2,212,080.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -3.30 | 6.30 | 5.63 | 5.63 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 27.67 | 12.06 | - | 16.61 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 5.63 | 34.74 | 46.19 | -28.95 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -28.95 | 19.52 | 39.60 | - |
Range of returns over five years (December 01, 2019 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 18.52% | Feb 2025 | 12.06% | Dec 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 15.51% | 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.
Technology stocks continued to lead U.S. equity market gains. NVIDIA Corp. posted record quarterly revenue, driven by strong demand for AI infrastructure and chips. Amazon.com Inc. and Microsoft Corp. delivered solid earnings, supported by cloud growth and rising capital investment in AI. The “Magnificent 7” remained central to market momentum.
Performance
The Fund’s relative exposure to Alphabet Inc. and Amphenol Corp. contributed to performance. Alphabet benefited from a milder antitrust ruling than expected and promising integration of AI into core products. Amphenol reported strong second-quarter earnings because of AI enthusiasm. A lack of exposure to Salesforce Inc. also contributed to performance.
Relative exposure to Roper Technologies Inc. detracted from the Fund’s performance. Its stock fell because of concerns around AI disintermediation. A lack of exposure to Celestica Inc. detracted from performance.
At the sector level, underweight exposure to information technology contributed to the Fund’s performance. Stock selection within information technology and overweight exposure to consumer discretionary detracted from performance.
Portfolio activity
The sub-advisor added Synopsys Inc. for its earnings growth prospects. Oracle Corp. was increased for its long-term earnings growth prospects as a key enabler in AI. Broadcom Inc. was increased based on its cash flow growth and stable growth trajectory.
Gartner Inc. was sold because of concerns that its earnings growth could be affected as corporate budgets are relocated toward AI. IDEXX Laboratories Inc. was sold because of lower demand for veterinary services amid reduced consumer spending. Mastercard Inc. and Netflix Inc. were reduced because of their high relative valuations.
Summary
For the period 11/04/2019 through 12/31/2025 with $10,000 CAD investment
Total returns performance
157.52%
Last price
$25.75 CAD
as of market close 12/31/2025
Value of $10,000 investment
$25,752.28 CAD
