December 31, 2025
This segregated fund invests primarily in Canadian stocks with a focus on those companies and/or sectors that are believed to likely have lower sensitivity to broader market movements.
Is this fund right for you?
- A person who is investing for the longer term, seeking the growth potential of 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 |
|---|---|
| Canadian Equity | 95.8 |
| Cash and Equivalents | 2.0 |
| Income Trust Units | 1.5 |
| International Equity | 0.7 |
| Name | Percent |
|---|---|
| Canada | 99.2 |
| Australia | 0.7 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| Financial Services | 31.4 |
| Consumer Services | 12.9 |
| Basic Materials | 11.9 |
| Energy | 10.4 |
| Utilities | 7.3 |
| Industrial Services | 6.7 |
| Technology | 3.9 |
| Consumer Goods | 3.7 |
| Telecommunications | 3.4 |
| Other | 8.4 |
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 $20,013
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Toronto-Dominion Bank | 4.2 |
| Bank of Nova Scotia | 3.4 |
| National Bank of Canada | 3.0 |
| Sun Life Financial Inc | 2.9 |
| Canadian Imperial Bank of Commerce | 2.9 |
| Hydro One Ltd | 2.9 |
| Royal Bank of Canada | 2.8 |
| Bank of Montreal | 2.7 |
| Dollarama Inc | 2.6 |
| Fortis Inc | 2.6 |
| Total allocation in top holdings | 30.0 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.63% |
| Dividend yield | 2.47% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $65,638.3 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 1.13 | 10.90 | 22.70 | 22.70 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 18.16 | 15.03 | - | 11.93 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 22.70 | 24.55 | 7.95 | -1.48 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -1.48 | 23.89 | -2.69 | - |
Range of returns over five years (December 01, 2019 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 15.33% | Oct 2025 | 9.72% | Jan 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 13.13% | 100 | 14 | 0 |
Q3 2025 Fund Commentary
Market commentary
Canada’s economy faced challenges in the third quarter as trade tensions with the U.S. continued. This weighed on trade activity and the manufacturing sector. Household spending demonstrated resiliency despite a slowing labour market and economic uncertainty.
The Bank of Canada (BoC) lowered its key interest rate to 2.50%, citing a weaker labour market and easing inflation. The BoC emphasized a cautious approach to balancing growth and price stability. Canada’s unemployment rate was 7.1%, the highest since 2021, with youth unemployment rising sharply.
The Canadian equity market posted strong gains, with the S&P/TSX Composite Index rising 12.5%. Materials, information technology, energy and financials outperformed. The energy sector performed largely in line with the market, challenged by lower oil prices and trade-related issues.
Performance
The Fund’s overweight exposure to Avino Silver & Gold Mines Ltd., OceanaGold Corp. and SSR Mining Inc. contributed to performance. Avino reported strong results in September, driven by growth and quality factors. A lack of exposure to Great-West Lifeco Inc. and Power Corp. of Canada detracted from the Fund’s performance. An underweight exposure to Barrick Mining Corp. also detracted from performance.
At the sector level, stock selection within materials and among growth factor stocks contributed to the Fund’s performance. Overweight exposure to materials and exposure to volatility stocks also contributed to performance. Stock selection within financials detracted from performance.
Portfolio activity
Portfolio activity is an outcome of the sub-advisor’s stock selection, optimization and vetting process, which runs on a daily basis.
Summary
For the period 11/04/2019 through 12/31/2025 with $10,000 CAD investment
Total returns performance
100.13%
Last price
$20.01 CAD
as of market close 12/31/2025
Value of $10,000 investment
$20,013.49 CAD
