April 30, 2026
This segregated fund invests in Canadian and foreign fixed-income securities and Canadian and foreign equities through various Canada Life segregated funds.
Is this fund right for you?
- A person who is investing for the medium to longer term and seeking exposure to bonds and Canadian and foreign stocks and is comfortable with low to moderate risk.
- Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.
RISK RATING
How is the fund invested? (as of January 31, 2026)
| Name | Percent |
|---|---|
| Canadian Equity | 35.4 |
| Domestic Bonds | 31.4 |
| US Equity | 25.0 |
| Cash and Equivalents | 5.0 |
| International Equity | 2.5 |
| Foreign Bonds | 0.6 |
| Income Trust Units | 0.2 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Canada | 72.0 |
| United States | 25.4 |
| United Kingdom | 1.3 |
| Ireland | 1.0 |
| Australia | 0.2 |
| France | 0.1 |
| Germany | 0.1 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Fixed Income | 31.9 |
| Financial Services | 13.4 |
| Technology | 12.7 |
| Basic Materials | 8.9 |
| Consumer Services | 5.6 |
| Energy | 5.4 |
| Cash and Cash Equivalent | 5.0 |
| Healthcare | 4.1 |
| Industrial Goods | 3.9 |
| Other | 9.1 |
Growth of $10,000 (since inception)
For the period 11/04/2019 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $17,303
Fund details (as of January 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Cash and Cash Equivalents | 3.9 |
| Canada Government 3.25% 01-Jun-2035 | 3.3 |
| Royal Bank of Canada | 2.7 |
| Ontario Province 3.95% 02-Dec-2035 | 2.1 |
| Canada Government 2.75% 01-Dec-2055 | 1.8 |
| Toronto-Dominion Bank | 1.7 |
| Alphabet Inc Cl A | 1.6 |
| NVIDIA Corp | 1.5 |
| Shopify Inc Cl A | 1.5 |
| Ontario Province 3.60% 02-Jun-2035 | 1.4 |
| Total allocation in top holdings | 21.5 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 7.57% |
| Dividend yield | 1.37% |
| Yield to maturity | 3.78% |
| Duration (years) | 7.74% |
| Coupon | 3.98% |
| Average credit rating | AA- |
| Average market cap (million) | $748,571.6 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 2.84 | 3.35 | 2.81 | 13.41 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 9.82 | 8.85 | - | 8.82 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 9.78 | 12.71 | 10.98 | -3.11 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 14.94 | 8.54 | - | - |
Range of returns over five years (December 01, 2019 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 10.94% | Mar 2025 | 8.60% | Mar 2026 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 9.32% | 100 | 18 | 0 |
Q1 2026 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
Canada’s economy navigated a challenging first quarter as trade uncertainty continued to weigh on business confidence and manufacturing activity. Employment fell in January and February before stabilizing in March, and the unemployment rate held steady at 6.7%. The outbreak of the conflict in the Middle East in late February added another layer of uncertainty, driving energy prices sharply higher and raising concerns about global inflation.
Monetary policy remained on hold in both Canada and the U.S. throughout the quarter. The Bank of Canada held its policy rate at 2.25% at both its January and March meetings, and the U.S. Federal Reserve Board maintained the federal funds rate at 3.50%–3.75% at the same meetings. Canada’s unemployment rate was 6.7% in March, and the U.S. rate was 4.3%.
The Canadian fixed income market delivered mixed results in the first quarter as geopolitical uncertainty and rising oil prices complicated the investment landscape. The yield on the 10-year Government of Canada bond rose from 3.43% at the start of the quarter to 3.47% by quarter-end, reaching a high of 3.58%, putting downward pressure on government bond prices, particularly late in the quarter. Corporate bonds showed resiliency, but underperformed government bonds with credit spreads widening slightly.
North American equity markets diverged. Canadian equities rose about 4% as the energy sector surged on higher oil prices, with materials also contributing because of record gold prices early in the quarter. U.S. equities declined, with the S&P 500 Index falling about 4.4% as large-cap technology stocks led the retreat amid rising inflation concerns. The energy sector was a bright spot in the U.S. market as well, while smaller-capitalization and defensive companies outperformed the broad index.
Performance
An allocation in the information technology sector and stock selection in the consumer discretionary sector contributed to the Fund’s performance. Ovintiv Inc. and Linde PLC were the top individual contributors to performance .
Allocations to the energy and materials sectors detracted from the Fund’s performance. Cenovus Energy Inc. and Mastercard Inc. were the top individual detractors from performance. .
Portfolio activity
The sub-advisor added Province of Ontario (3.90%, 2036/06/02) and Suncor Energy Inc. The sub-advisor increased Videotron Ltée (4.65%, 2029/07/15). .
Ultra U.S. T-Bond (CBT) Mar 26 and BCI QuadReal Realty (1.073%, 2026/02/04) were sold. AtkinsRéalis Group Inc. was reduced. .
Summary
For the period 11/04/2019 through 04/30/2026 with $10,000 CAD investment
Total returns performance
73.03%
Last price
$17.30 CAD
as of market close 04/30/2026
Value of $10,000 investment
$17,302.61 CAD
