The Fund seeks to achieve long-term capital appreciation by investing primarily in equity securities of companies in any country outside of Canada and the United States.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in companies outside of Canada and the U.S.
- You're comfortable with a medium level of risk.
Risk Rating
How is the fund invested?
(as of January 31, 2025)
Asset allocation (%)
|
Name |
Percent |
|
International Equity |
99.1 |
|
Cash and Equivalents |
1.0 |
|
Other |
-0.1 |
Geographic allocation (%)
|
Name |
Percent |
|
United Kingdom |
19.6 |
|
France |
16.1 |
|
Japan |
15.3 |
|
Germany |
13.5 |
|
Sweden |
8.1 |
|
Taiwan |
5.3 |
|
India |
5.1 |
|
Denmark |
4.2 |
|
Switzerland |
3.1 |
|
Other |
9.7 |
Sector allocation (%)
|
Name |
Percent |
|
Industrial Goods |
19.5 |
|
Consumer Goods |
14.7 |
|
Technology |
14.6 |
|
Financial Services |
14.4 |
|
Healthcare |
12.0 |
|
Real Estate |
9.4 |
|
Basic Materials |
4.7 |
|
Industrial Services |
3.7 |
|
Consumer Services |
3.5 |
|
Other |
3.5 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of January 31, 2025)
Top holdings |
% |
Sap SE |
6.5 |
Taiwan Semiconductor Manufactrg Co Ltd - ADR |
5.3 |
HDFC Bank Ltd - ADR |
5.1 |
L'Air Liquide SA |
4.7 |
Novo Nordisk A/S Cl B |
4.2 |
Hoya Corp |
4.2 |
Ferguson PLC |
4.1 |
Relx PLC |
3.7 |
AstraZeneca PLC |
3.7 |
Sony Group Corp |
3.6 |
Total allocation in top holdings |
45.1 |
Portfolio characteristics |
|
Standard deviation |
14.2% |
Dividend yield |
1.7% |
Average market cap (million) |
$263,944.1 |
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
(July 1, 2019 - March 31, 2025)
Best return |
Best period end date |
Worst return |
Worst period end date |
8.6% |
Sept. 2024 |
5.9% |
Dec. 2024 |
Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
7.5% |
100.0% |
10 |
0 |
Q4 2024 Fund Commentary
Market commentary
Global equity markets declined in December after reaching record highs in November following the U.S. presidential election. Equity markets fell in the U.S., Europe and most countries in Asia. The U.S. Federal Reserve Board lowered the federal funds rate for the third time since September. However, it signalled a more gradual approach to future rate cuts.
Performance
The Fund’s relative exposure to Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC), SAP SE and Sony Group Corp. had the most positive impact on performance. There are concerns about artificial intelligence (AI) spending going into 2026 and the need for graphics processing units to train the most advanced AI models. However, TSMC is still expected to benefit from robust growth beyond next year. The need for AI inference should support the growth of ASIC chips and, eventually, Edge AI.
Relative exposure to Novo Nordisk AS had a negative impact on performance. The company released the results of its long-awaited CagriSema trial at the end of December, which fell short of market expectations. This led to the stock falling by 21% in one day. On closer examination, however, the sub-advisor believes the results showed strong efficacy.
At the sector level, stock selection in information technology had a positive impact on the Fund’s performance. Stock selection in financials and industrials had a negative impact.
From a country perspective, exposure to Taiwan had the most positive impact on performance. Overweight exposure to Denmark was negative, driven by the Fund’s overweight holding in Novo Nordisk AS.
Outlook
The Fund remains invested in a balanced portfolio of companies along different parts of the growth spectrum. The sub-advisor continues to focus on unique growth companies with good cash flows and strong balance sheets. The sub-advisor believes this is a good approach for long-term investing and to manage the current environment.