A blended-style fund that focuses on long-term growth from Canada.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in mix of Canadian equities, bonds and other fixed-income securities.
- You're comfortable with a moderate level of risk.
Risk Rating
How is the fund invested?
(as of February 28, 2025)
Asset allocation (%)
|
Name |
Percent |
|
Canadian Equity |
52.2 |
|
US Equity |
36.7 |
|
International Equity |
8.7 |
|
Income Trust Units |
1.4 |
|
Cash and Equivalents |
1.1 |
|
Other |
-0.1 |
Geographic allocation (%)
|
Name |
Percent |
|
Canada |
53.9 |
|
United States |
36.7 |
|
Ireland |
4.4 |
|
United Kingdom |
1.5 |
|
Switzerland |
1.4 |
|
France |
0.8 |
|
Bermuda |
0.7 |
|
Italy |
0.6 |
Sector allocation (%)
|
Name |
Percent |
|
Financial Services |
23.0 |
|
Technology |
20.4 |
|
Industrial Services |
9.7 |
|
Consumer Services |
8.2 |
|
Basic Materials |
8.1 |
|
Healthcare |
7.6 |
|
Industrial Goods |
7.6 |
|
Energy |
6.2 |
|
Real Estate |
3.7 |
|
Other |
5.5 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of February 28, 2025)
| Top holdings |
% |
| Royal Bank of Canada |
3.5 |
| Constellation Software Inc |
2.8 |
| Shopify Inc Cl A |
2.7 |
| Amazon.com Inc |
2.3 |
| Aon PLC Cl A |
2.3 |
| Apple Inc |
2.2 |
| Roper Technologies Inc |
2.1 |
| Toronto-Dominion Bank |
2.1 |
| Microsoft Corp |
2.1 |
| Mastercard Inc Cl A |
2.0 |
| Total allocation in top holdings |
24.1 |
| Portfolio characteristics |
|
| Standard deviation |
12.0% |
| Dividend yield |
1.3% |
| Average market cap (million) |
$456,049.1 |
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 |
|
11.1% |
March 2025 |
0.6% |
March 2020 |
| Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
|
6.4% |
100.0% |
127 |
0 |
Q1 2025 Fund Commentary
Market commentary
The Canadian and U.S. economies faced significant challenges during the first quarter, driven by shifting tariff policies and the trade disruptions that followed.
The U.S. gross domestic product (GDP) growth forecast was revised downward for the quarter. Trade issues and weaker consumer spending negatively affected the domestic U.S. economy more than its global peers. This was a sharp reversal from the previous quarter’s growth of 2.4%. Inflation concerns and tariff uncertainties further weighed on business investment.
Despite its challenges, the Canadian economy was resilient. Canada’s GDP growth was 1.5% last year and was expected to be 1.4% for 2025, according to the International Monetary Fund.
The U.S. equity market experienced a volatile quarter. The S&P 500 Index declined by 4.28% on a total return basis. Growth stocks, particularly in the information technology and communication services sectors, underperformed. Stocks in the materials, health care and energy sectors outperformed.
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 Roper Technologies Inc. and Alamos Gold Inc. was positive for performance. Roper reported positive growth, proving to be resilient to changing tariff policies, while Alamos Gold benefited from rising gold prices. The Fund’s lack of exposure to large-capitalization information technology stocks, such as NVIDIA Corp. and Tesla Inc., was positive for performance as these stocks underperformed.
Relative exposure to Gartner Inc. was negative for performance. As information technology stocks declined, investors became concerned about the impact this would have on Gartner’s underlying growth rates.
At the sector level, stock selection in information technology and consumer discretionary was positive for the Fund’s performance. Stock selection in health care was negative for performance.
At the country level, stock selection in the U.S. was positive for performance.
Portfolio activity
The sub-advisor added Automatic Data Processing Inc. to the Fund based on its scale, brand and stable revenue. A holding in The Toronto-Dominion Bank was increased, while Royal Bank of Canada was reduced.