October 31, 2026
This segregated fund invests primarily in global equity securities currently through the Counsel Global Listed Private Equity Pool.
Is this fund right for you?
- A person who is investing for the medium to longer term, seeking the growth potential of global stocks 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 August 31, 2026)
| Name | Percent |
|---|---|
| US Equity | 50.8 |
| International Equity | 34.8 |
| Canadian Equity | 10.1 |
| Cash and Equivalents | 0.9 |
| Income Trust Units | 0.8 |
| Foreign Bonds | 0.3 |
| Other | 2.3 |
| Name | Percent |
|---|---|
| United States | 51.3 |
| United Kingdom | 18.9 |
| Canada | 11.5 |
| Sweden | 6.2 |
| Switzerland | 4.1 |
| France | 2.4 |
| Multi-National | 2.2 |
| Japan | 1.1 |
| Belgium | 0.9 |
| Other | 1.4 |
| Name | Percent |
|---|---|
| Financial Services | 83.0 |
| Mutual Fund | 9.7 |
| Industrial Goods | 1.6 |
| Industrial Services | 1.4 |
| Cash and Cash Equivalent | 0.9 |
| Consumer Goods | 0.6 |
| Fixed Income | 0.3 |
| Other | 2.5 |
Growth of $10,000 (since inception)
Data not available based on date of inception
Fund details
| Top holdings | Percent (%) |
|---|---|
| 3i Group PLC | 7.1 |
| Blackstone Inc | 6.9 |
| KKR & Co Inc | 5.4 |
| Apollo Global Management Inc | 5.0 |
| Brookfield Corp Cl A | 4.9 |
| EQT AB | 4.7 |
| Ares Capital Corp | 4.6 |
| Partners Group Holding AG | 4.1 |
| Intermediate Capital Group PLC | 3.4 |
| Carlyle Group Inc | 2.9 |
| Total allocation in top holdings | 49.0 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | - |
| Dividend yield | 4.84% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $55,237.4 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| Data not available based on date of inception | |||
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| Data not available based on date of inception | |||
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| Data not available based on date of inception | |||
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| Data not available based on date of inception | |||
Range of returns over five years
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| Data not available based on date of inception | |||
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| Data not available based on date of inception | |||
Q3 2026 Fund Commentary
Commentary and opinions are provided by Keyridge Asset Management Limited.
Market commentary
The listed private equity market, made up of publicly traded companies that invest in or manage private businesses, rose from June into mid-August as the fundamental backdrop for private equity improved. The exit environment, which is the market for selling private holdings, was the main source of that improvement. The market gave back much of that gain over the rest of the quarter and finished only modestly higher.
Performance
Country positioning contributed the most to performance during the quarter. An underweight allocation to Australia and modest overweight allocations to the U.K. and Japan each contributed.
Overweight exposures to Syncona Ltd., Bridgepoint Group PLC and Georgia Capital PLC contributed to performance.
Underweight exposures to certain risk factors, in particular stocks with value and quality characteristics, detracted from performance.
The sub-advisor doesn't hold Washington H. Soul Pattinson and Co. Ltd., which is an environmental, social and governance exclusion, and that absence detracted from performance. The company carries a large weight in the benchmark, which makes the exclusion a significant driver of the Fund's results. Overweight exposure to Onex Corp. also detracted from performance.
Portfolio activity
The sub-advisor rebalanced the portfolio on September 23 and adjusted all positions accordingly. The sub-advisor increased Apollo Global Management Inc., Brookfield Asset Management Ltd., Onex and Alaris Equity Partners Income Trust. The sub-advisor sold WhiteHorse Finance Inc., MidCap Financial Investment Corp. and Crescent Capital BDC Inc. The sub-advisor reduced The Carlyle Group Inc., KKR & Co. Inc. and 3i Infrastructure PLC.
Outlook
In the sub-advisor's view, the outlook for listed private equity remains mixed, though the fundamentals are improving. A recovery in private equity exits and resilient deal activity could support that improvement. At the same time, renewed inflationary pressure has pushed U.S. interest rates higher, which raises financing costs and credit risk. The sub-advisor believes performance in the fourth quarter could be sensitive to the path of U.S. interest rates.
Data not available based on date of inception
