A blended-style equity fund seeking long-term growth by employing a sector-centric approach.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in equities outside of Canada and the U.S.
- You're comfortable with a moderate level of risk.
Risk Rating
How is the fund invested?
(as of May 31, 2025)
Asset allocation (%)
|
Name |
Percent |
|
International Equity |
96.6 |
|
Cash and Equivalents |
2.6 |
|
Canadian Equity |
0.9 |
|
Other |
-0.1 |
Geographic allocation (%)
|
Name |
Percent |
|
United Kingdom |
24.7 |
|
Japan |
19.4 |
|
France |
15.5 |
|
Netherlands |
11.0 |
|
Switzerland |
4.2 |
|
Germany |
3.9 |
|
Ireland |
3.9 |
|
Spain |
3.2 |
|
Italy |
2.7 |
|
Other |
11.5 |
Sector allocation (%)
|
Name |
Percent |
|
Financial Services |
23.5 |
|
Industrial Goods |
13.1 |
|
Consumer Goods |
12.5 |
|
Consumer Services |
10.6 |
|
Healthcare |
9.0 |
|
Technology |
7.3 |
|
Basic Materials |
5.3 |
|
Real Estate |
4.4 |
|
Industrial Services |
4.0 |
|
Other |
10.3 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of May 31, 2025)
| Top holdings |
% |
| London Stock Exchange Group PLC |
3.2 |
| Iberdrola SA |
3.2 |
| Thales SA |
2.7 |
| Sony Group Corp |
2.7 |
| Tesco PLC |
2.7 |
| Mitsubishi UFJ Financial Group Inc |
2.6 |
| Natwest Group PLC |
2.6 |
| ASML Holding NV |
2.5 |
| Euronext NV |
2.4 |
| Deutsche Boerse AG Cl N |
2.4 |
| Total allocation in top holdings |
27.0 |
| Portfolio characteristics |
|
| Standard deviation |
12.4% |
| Dividend yield |
2.3% |
| Average market cap (million) |
$147,323.7 |
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
(February 1, 2015 - May 31, 2025)
| Best return |
Best period end date |
Worst return |
Worst period end date |
|
9.4% |
March 2025 |
-2.5% |
Oct. 2022 |
| Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
|
3.1% |
78.5% |
51 |
14 |
Q1 2025 Fund Commentary
Market commentary
Non-U.S. equities rose over the first quarter of 2025.
In January, the European Central Bank (ECB) lowered interest rates by 0.25%, the fifth cut since June 2024. Global equity markets were volatile after the release of lower-cost artificial intelligence (AI) models by Chinese company DeepSeek. The release raised concerns about the outlook for AI spending and the potential impact on chip makers, infrastructure suppliers and power stocks. The Bank of Japan raised its short-term policy rate by 0.25%, and Japan reported rising core inflation.
In February, equity markets were volatile due to the potential for an escalating global trade conflict. European markets reached record highs amid higher expectations for European defence spending. In Japan, data showed retail sales grew in January, and the country reported that inflation rose 4% year over year. In the U.K., the Bank of England made its first interest-rate cut of 2025 amid concerns over slow growth in the British economy.
International equities fell in March, and most non-U.S. equity markets experienced volatility in response to the U.S. administration’s tariffs and policy uncertainty. The ECB cut interest rates by 0.25%, and European equities rose on optimism about Germany’s debt reform bill. In Japan, yields on long-term government bonds reached levels not seen since 2008. This may have been fuelled by expectations of early interest-rate increases by the Bank of Japan and increased defence spending.
China reported that its economy expanded by 5% year over year in 2024, helped by growth in investment and exports. The Chinese government announced a plan to increase consumer spending by raising people’s incomes. Other measures included plans to stabilize the stock and real estate markets and raise the country’s birth rate.
Performance
The Fund’s relative exposure to Thales SA and Deutsche Boerse AG was positive for performance. Relative exposure to Hoya Corp. and Prysmian SPA was negative for performance.
Overall, stock selection, sector allocation and country allocation had a positive impact on the Fund’s performance. Exposure to growth equities and the materials sector was negative for performance.
Portfolio activity
The sub-advisor added Schneider Electric SE, Taiwan Semiconductor Manufacturing Co. Ltd. and Shell PLC to the Fund. Holdings in Siemens AG and National Bank of Greece SA were increased.
Holdings in ITOCHU Corp., argenx SE, Capgemini SE and Cenovus Energy Inc. were sold. The sub-advisor reduced CK Hutchinson Holdings Ltd. and AstraZeneca PLC.
Outlook
At the end of the quarter, the Fund’s largest absolute exposures by region were to Europe, Japan and Asia Pacific. The Fund’s largest relative overweight exposures were to the U.K., the U.S. and France. The Fund had underweight exposure to Switzerland and Australia. By sector, the Fund had overweight exposure to industrials and communication services and underweight exposure to information technology and consumer discretionary.
These allocations were the result of stock selection and overall risk management.