December 31, 2025
A fund that aims to find balance between long-term growth and consistent income.
Is this fund right for you?
- A person who is investing for the medium to longer term and seeking exposure to foreign bonds and stocks and is comfortable with low to Medium 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 October 31, 2025)
| Name | Percent |
|---|---|
| US Equity | 43.1 |
| International Equity | 19.2 |
| Domestic Bonds | 17.7 |
| Foreign Bonds | 15.3 |
| Cash and Equivalents | 2.9 |
| Canadian Equity | 1.8 |
| Name | Percent |
|---|---|
| United States | 51.4 |
| Canada | 22.1 |
| United Kingdom | 6.4 |
| France | 4.5 |
| Germany | 3.1 |
| Italy | 1.8 |
| Ireland | 1.5 |
| Taiwan | 1.4 |
| Japan | 1.3 |
| Other | 6.5 |
| Name | Percent |
|---|---|
| Fixed Income | 32.7 |
| Technology | 22.8 |
| Consumer Services | 7.3 |
| Healthcare | 6.9 |
| Industrial Goods | 6.4 |
| Industrial Services | 6.0 |
| Consumer Goods | 5.1 |
| Financial Services | 4.7 |
| Basic Materials | 4.0 |
| Other | 4.1 |
Growth of $10,000 (since inception)
For the period 05/11/2020 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $12,070
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| NVIDIA Corp | 3.8 |
| Apple Inc | 3.6 |
| Microsoft Corp | 3.6 |
| Alphabet Inc Cl A | 2.9 |
| Compass Group PLC | 2.6 |
| Cash and Cash Equivalents | 2.3 |
| Meta Platforms Inc Cl A | 2.3 |
| Ferrari NV | 1.8 |
| Waste Connections Inc | 1.8 |
| Linde PLC | 1.7 |
| Total allocation in top holdings | 26.4 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 7.76% |
| Dividend yield | 0.91% |
| Yield to maturity | 4.20% |
| Duration (years) | 7.44% |
| Coupon | 4.14% |
| Average credit rating | AA- |
| Average market cap (million) | $1,640,146.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -2.14 | -1.86 | -2.26 | -2.26 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 5.35 | 1.61 | - | 3.39 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| -2.26 | 9.42 | 9.32 | -17.97 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -17.97 | 12.96 | - | - |
Range of returns over five years (June 01, 2020 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 3.89% | May 2025 | 1.61% | Dec 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 2.90% | 100 | 8 | 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 Amphenol Corp. and Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) contributed to performance. Amphenol reported strong second-quarter earnings because of AI enthusiasm. TSMC’s dominance in semiconductor fabrication made it a beneficiary in the AI trade.
Relative exposure to Roper Technologies Inc. and Verisk Analytics Inc. detracted from the Fund’s performance. Both companies’ stock prices fell because of concerns around AI disintermediation.
At the sector level, underweight exposure to consumer staples and real estate contributed to the Fund’s performance. Stock selection in industrials, consumer discretionary and health care detracted from performance.
At the regional level, overweight exposure to China and Taiwan contributed to performance. Stock selection in the U.S. detracted from the Fund’s performance.
Portfolio activity
The sub-advisor added TJX Cos. Inc. for its cash flow growth and industry-leading position in discount retail. Oracle Corp. was added for its long-term earnings growth prospects as a key enabler in AI. NVIDIA Corp. and Broadcom Inc. were increased based on their growth prospects related to AI.
Gartner Inc. was sold because of concerns that its earnings growth could be affected as corporate budgets are relocated toward AI. Wolters Kluwer NV and RELX PLC were decreased because of risks around AI disintermediation.
Summary
For the period 05/11/2020 through 12/31/2025 with $10,000 CAD investment
Total returns performance
20.70%
Last price
$12.07 CAD
as of market close 12/31/2025
Value of $10,000 investment
$12,069.61 CAD
