December 31, 2025
The Fund seeks to achieve long-term capital growth by investing primarily in a portfolio of equity securities of large-capitalization securities companies in emerging markets.
Is this fund right for you?
- A person who is investing for the longer term, is seeking the growth potential of companies in the emerging markets and is comfortable with moderate to high 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 October 31, 2025)
| Name | Percent |
|---|---|
| International Equity | 97.5 |
| Cash and Equivalents | 2.5 |
| Name | Percent |
|---|---|
| India | 22.6 |
| Korea, Republic Of | 19.8 |
| Mexico | 18.3 |
| Taiwan | 12.6 |
| Indonesia | 5.5 |
| Brazil | 5.4 |
| Poland | 4.4 |
| Argentina | 3.6 |
| Canada | 2.5 |
| Other | 5.3 |
| Name | Percent |
|---|---|
| Technology | 33.4 |
| Financial Services | 15.6 |
| Consumer Goods | 14.2 |
| Telecommunications | 9.0 |
| Consumer Services | 8.9 |
| Healthcare | 4.6 |
| Industrial Services | 4.0 |
| Real Estate | 4.0 |
| Industrial Goods | 3.7 |
| Other | 2.6 |
Growth of $10,000 (since inception)
For the period 01/13/2020 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $14,904
Fund details (as of October 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Taiwan Semiconductor Manufactrg Co Ltd | 9.5 |
| Samsung Electronics Co Ltd | 8.1 |
| Maruti Suzuki India Ltd | 6.3 |
| SK Hynix Inc | 5.5 |
| HDFC Bank Ltd - ADR | 4.8 |
| Rede D'Or Sao Luiz SA | 4.6 |
| Dino Polska SA | 4.4 |
| Bharti Airtel Ltd | 4.2 |
| Coway Co Ltd | 4.1 |
| Grupo Aeroportuario Pacifico SAB CV - ADR Sr B | 4.0 |
| Total allocation in top holdings | 55.5 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 11.21% |
| Dividend yield | 2.01% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $323,298.2 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.66 | 10.17 | 25.41 | 25.41 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 12.66 | 2.59 | - | 6.92 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 25.41 | 1.08 | 12.79 | -16.89 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -16.89 | -4.37 | - | - |
Range of returns over five years (February 01, 2020 - December 31, 2025)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 8.14% | Mar 2025 | 2.59% | Dec 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 4.90% | 100 | 12 | 0 |
Q3 2025 Fund Commentary
Market commentary
Emerging market equities rose over the third quarter of 2025, outperforming developed market equity returns since the beginning of the year. Among the best performers over the period were China, Taiwan and South Korea, while the weakest were the Philippines, India and Poland.
Performance
The Fund’s relative exposure to Delta Electronics Inc. and Maruti Suzuki India Ltd. contributed to performance. Delta Electronics’ share price rose 98% because of its artificial intelligence server power supplies and data centre cooling systems, both of which have seen growth. Maruti benefited from the Indian government’s reduction in goods and services tax rates on most consumption items. The reduction is expected to reduce auto prices by about 10%, which should boost sales for the whole industry.
Relative exposure to Bank Central Asia TBK and Dino Polska SA detracted from performance. Bank Central Asia’s stock sold off after Indonesia's finance minister Sri Mulyani Indrawati resigned, which created credibility risks on fiscal discipline in the sub-advisor’s view. Dino Polska reported good revenue but fell short of expectations. Also, Polish equities sold off after Russian drones and military aircraft violated Poland’s sovereign airspace.
At the sector level, stock selection in industrials and information technology contributed to performance. Underweight exposure to financials and a lack of exposure to energy also contributed to performance. Stock selection within financials and communication services detracted from performance.
At the regional level, overweight exposure to South Korea contributed to performance. Underweight exposure to China detracted from performance.
Portfolio activity
There were no notable changes to the Fund during the quarter.
Outlook
There were no changes to the strategic positioning of the Fund, which is focused on growth companies. The sub-advisor looks for companies with good or improving levels of corporate governance, balance sheet strength and high or improved levels of capital returns.
Summary
For the period 01/13/2020 through 12/31/2025 with $10,000 CAD investment
Total returns performance
49.04%
Last price
$14.90 CAD
as of market close 12/31/2025
Value of $10,000 investment
$14,903.54 CAD
