December 31, 2025
This segregated fund invests primarily in stock of companies anywhere in the world 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 global 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 |
|---|---|
| US Equity | 64.0 |
| International Equity | 29.8 |
| Cash and Equivalents | 3.6 |
| Canadian Equity | 2.4 |
| Income Trust Units | 0.1 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| United States | 64.3 |
| Japan | 7.8 |
| Canada | 5.4 |
| United Kingdom | 4.3 |
| Ireland | 3.5 |
| Germany | 3.2 |
| Israel | 2.4 |
| Switzerland | 2.3 |
| Netherlands | 2.0 |
| Other | 4.8 |
| Name | Percent |
|---|---|
| Technology | 22.3 |
| Healthcare | 15.8 |
| Financial Services | 15.7 |
| Consumer Services | 9.7 |
| Real Estate | 8.2 |
| Consumer Goods | 7.4 |
| Telecommunications | 4.4 |
| Cash and Cash Equivalent | 3.6 |
| Energy | 3.3 |
| Other | 9.6 |
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 $18,630
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Apple Inc | 4.4 |
| Microsoft Corp | 4.0 |
| Cash and Cash Equivalents | 3.0 |
| NVIDIA Corp | 2.8 |
| Alphabet Inc Cl A | 2.0 |
| Amazon.com Inc | 1.4 |
| Barclays PLC | 1.3 |
| Synchrony Financial | 1.3 |
| Bristol-Myers Squibb Co | 1.3 |
| AIB Group PLC | 1.3 |
| Total allocation in top holdings | 22.8 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.13% |
| Dividend yield | 2.53% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $985,556.9 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.95 | 10.33 | 16.13 | 16.13 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 15.97 | 12.32 | - | 10.63 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 16.13 | 23.06 | 9.14 | -2.19 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -2.19 | 17.17 | 1.71 | - |
Range of returns over five years (December 01, 2019 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 13.67% | Mar 2025 | 9.38% | Dec 2024 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 11.56% | 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 relative exposure to Contemporary Amperex Technology Co. Ltd. (CATL) contributed to performance. CATL performed well amid optimism that it will benefit from its dominant position in the expanding energy storage battery system.
Relative exposure to Deutsche Boerse AG and SAP SE detracted from the Fund’s performance. Deutsche Boerse was affected by lower derivatives and cash-equity volumes because of shifting interest rate expectations. SAP’s stock price consolidated after a multi-quarter run as investors reassessed the cadence of the cloud transition and the company’s margin trajectory.
At the sector level, stock selection within health care and industrials contributed to the Fund’s performance. Stock selection in financials detracted from performance amid weakness in Europe. Overweight exposure to consumer staples detracted from performance because of weakness in tobacco companies.
Portfolio activity
The sub-advisor added British American Tobacco PLC to diversify the Fund’s tobacco exposure. The company is expanding its reduced-risk product/nicotine pouch franchise. NVIDIA Corp. was increased as it benefits from AI investment. Philip Morris International Inc. was reduced in favour of British American Tobacco.
Summary
For the period 11/04/2019 through 12/31/2025 with $10,000 CAD investment
Total returns performance
86.30%
Last price
$18.63 CAD
as of market close 12/31/2025
Value of $10,000 investment
$18,630.17 CAD
