A Canadian value fund seeking a steady stream of dividend income with opportunities for long-term growth.
Is this fund right for you?
- You want investment income and want your money to grow over time.
- You want to invest in Canadian companies and investment trust units.
- You're comfortable with a moderate level of risk.
Risk Rating
How is the fund invested?
(as of April 30, 2025)
Asset allocation (%)
|
Name |
Percent |
|
Canadian Equity |
94.4 |
|
Income Trust Units |
4.3 |
|
Cash and Equivalents |
1.3 |
Geographic allocation (%)
|
Name |
Percent |
|
Canada |
97.8 |
|
Bermuda |
2.1 |
|
United States |
0.1 |
Sector allocation (%)
|
Name |
Percent |
|
Financial Services |
35.1 |
|
Energy |
18.3 |
|
Basic Materials |
9.7 |
|
Industrial Services |
9.5 |
|
Consumer Services |
7.0 |
|
Utilities |
5.2 |
|
Telecommunications |
3.8 |
|
Industrial Goods |
3.8 |
|
Real Estate |
3.1 |
|
Other |
4.5 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of April 30, 2025)
| Top holdings |
% |
| Royal Bank of Canada |
8.6 |
| Toronto-Dominion Bank |
6.3 |
| Canadian Natural Resources Ltd |
4.3 |
| Enbridge Inc |
4.0 |
| Bank of Montreal |
3.8 |
| Canadian Pacific Kansas City Ltd |
3.7 |
| Agnico Eagle Mines Ltd |
3.4 |
| Intact Financial Corp |
3.2 |
| Sun Life Financial Inc |
3.0 |
| Manulife Financial Corp |
3.0 |
| Total allocation in top holdings |
43.3 |
| Portfolio characteristics |
|
| Standard deviation |
13.2% |
| Dividend yield |
3.5% |
| Average market cap (million) |
$80,466.6 |
Understanding returns
Annual compound returns (%)
| 1 MO |
3 MO |
YTD |
1 YR |
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| 3 YR |
5 YR |
10 YR |
INCEPTION |
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Calendar year returns (%)
|
2024 |
2023 |
2022 |
2021 |
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|
2020 |
2019 |
2018 |
2017 |
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Range of returns over five years
(November 1, 2009 - April 30, 2025)
| Best return |
Best period end date |
Worst return |
Worst period end date |
|
12.2% |
March 2025 |
-0.6% |
March 2020 |
| Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
|
6.2% |
98.4% |
125 |
2 |
Q1 2025 Fund Commentary
Market commentary
The Canadian economy faced significant challenges during the first quarter, driven by trade disruptions and tariff uncertainty. While the U.S. postponed its broad-based tariffs multiple times, trade issues loomed large for investors and markets.
Despite these challenges, the Canadian economy was resilient. Canada’s gross domestic product growth was 1.5% last year and was expected to be 1.4% for 2025, according to the International Monetary Fund. However, productivity growth lagged, highlighting ongoing challenges to business investment in the current environment.
The Canadian equity market outperformed the U.S., with the S&P/TSX Composite Index gaining 1.52% on a total return basis. The materials, utilities and energy sectors were the top performers, while health care, information technology and industrials underperformed. Gold stocks rose strongly as investors sought lower-risk investments given the economic uncertainty.
Performance
The Fund’s relative exposure to The Toronto-Dominion Bank, Brookfield Corp. and Intact Financial Corp. was positive for performance. Toronto-Dominion Bank benefited from a new strategic review, the sale of its 10% stake in The Charles Schwab Corp. and a new stock buyback plan. Underweight exposure to Brookfield was positive for the Fund as its share underperformed amid tariff uncertainty. Intact Financial reported positive underwriting performance in all geographies, improving costs in the auto repair market, low catastrophe losses and a continued expectation of a hard pricing market for most operational categories.
Relative exposure to Rogers Communications Inc., Wheaton Precious Metals Corp. and Sun Life Financial Inc. was negative for performance. Rogers underperformed because of concerns about worsening wireless subscriber loading trends. Underweight exposure to Wheaton Precious Metals was negative as gold prices rose. Sun Life underperformed because of rising costs within its stop-loss business in the U.S.
At the sector level, stock selection in financials, utilities and energy was positive for the Fund’s performance. Underweight exposure to materials and the gold sub-sector was negative for performance as gold prices rose.
Portfolio activity
The sub-advisor added Boardwalk REIT after its stock price fell to take advantage of positive inter-provincial migration into Alberta. Cenovus Energy Inc. was increased for its improving free cash flow while Pembina Pipeline Corp. was increased based on expected growth in natural gas production. Loblaw Cos. Ltd. was increased based on its discount food offerings.
The sub-advisor sold Choice Properties REIT to fund the new holding in Boardwalk REIT. Enbridge Inc. and TC Energy Corp. were reduced because of less favourable potential returns. TELUS Corp. was reduced because of lower immigration targets from the Canadian government. Bank of Montreal, The Bank of Nova Scotia and The Toronto-Dominion Bank were trimmed based on the risk of a slowing economy from trade disputes.