April 30, 2026
This segregated fund invests primarily in Canadian fixed-income securities and stocks with exposure to foreign stocks.
Is this fund right for you?
- A person who is investing for the medium to longer term and seeking exposure to bonds and Canadian and foreign stocks and is comfortable with low to moderate risk.
- Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time
RISK RATING
How is the fund invested? (as of April 30, 2026)
| Name | Percent |
|---|---|
| Canadian Equity | 37.8 |
| Domestic Bonds | 30.7 |
| US Equity | 24.1 |
| Cash and Equivalents | 3.9 |
| International Equity | 2.4 |
| Income Trust Units | 1.1 |
| Foreign Bonds | 0.3 |
| Other | -0.3 |
| Name | Percent |
|---|---|
| Canada | 73.4 |
| United States | 24.1 |
| Ireland | 1.2 |
| Switzerland | 1.2 |
| France | 0.2 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Fixed Income | 30.9 |
| Financial Services | 18.1 |
| Consumer Services | 8.7 |
| Technology | 6.5 |
| Industrial Services | 6.1 |
| Healthcare | 4.9 |
| Telecommunications | 4.3 |
| Cash and Cash Equivalent | 3.9 |
| Basic Materials | 3.9 |
| Other | 12.7 |
Growth of $10,000 (since inception)
For the period 11/04/2019 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $13,630
Fund details (as of April 30, 2026)
| Top holdings | Percent (%) |
|---|---|
| Toronto-Dominion Bank | 3.0 |
| Royal Bank of Canada | 2.4 |
| Bank of Montreal | 1.8 |
| Alimentation Couche-Tard Inc | 1.6 |
| Restaurant Brands International Inc | 1.6 |
| Qualcomm Inc | 1.6 |
| Manulife Financial Corp | 1.6 |
| Canadian Pacific Kansas City Ltd | 1.5 |
| eBay Inc | 1.4 |
| NetApp Inc | 1.4 |
| Total allocation in top holdings | 17.9 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.37% |
| Dividend yield | 2.26% |
| Yield to maturity | 3.96% |
| Duration (years) | 7.69% |
| Coupon | 4.08% |
| Average credit rating | AA- |
| Average market cap (million) | $103,031.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 2.14 | 2.81 | 1.71 | 9.91 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 5.93 | 4.38 | - | 4.89 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 4.61 | 9.81 | 5.61 | -4.29 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 9.92 | 4.31 | - | - |
Range of returns over five years (December 01, 2019 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 7.70% | Mar 2025 | 4.10% | Mar 2026 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 5.69% | 100 | 18 | 0 |
Q1 2026 Fund Commentary
Commentary and opinions are provided by Beutel, Goodman & Company Ltd..
Market commentary
The first quarter of 2026 started with volatility across global equity and fixed income markets. Conflict in the Middle East escalated in late February, pushing energy prices sharply higher and raising inflation concerns. Canadian equities gained roughly 3.9% during the quarter, while U.S. equities declined roughly 2.6% in Canadian-dollar terms. Canadian investment-grade bonds returned roughly 0.23%, as rising yields late in the quarter offset earlier gains.
Performance
Within the Canadian equity sleeve, an underweight allocation to the information technology sector and selection within the financials sector contributed to performance. Within the U.S. equity sleeve, overweight allocation and selection in the industrials sector and selection within the consumer discretionary sector contributed to performance. Within the fixed income sleeve, duration positioning added slightly, and a mid-curve overweight contributed as that part of the yield curve outperformed. Government and corporate bond selection was roughly neutral.
Suncor Energy Inc. contributed to performance because of solid fundamentals and rising oil prices. Canadian Natural Resources Limited also contributed to performance for similar reasons. Nutrien Ltd. contributed to performance because nitrogen fertilizer pricing surged after supply disruptions restricted shipments through the Strait of Hormuz.
Within the Canadian equity sleeve, an underweight allocation to the energy sector and overweight allocation and selection within the industrials sector detracted from performance. Within the U.S. equity sleeve, overweight allocation and selection within the consumer staples sector and a zero-weight allocation to the energy sector detracted from performance. Within the fixed income sleeve, sector allocation detracted as an overweight to corporate bonds underperformed during the period.
Gen Digital Inc. detracted from performance because of growing artificial intelligence (AI) disruption concerns across the software sector. CGI Inc. detracted from performance because of muted organic growth and negative sentiment around AI's impact on information technology consulting. Qualcomm Incorporated detracted from performance because of a weaker near-term handset outlook, though the sub-advisor believes the company's automotive and data centre businesses could provide longer-term growth.
Portfolio activity
Within the equity sleeve, the sub-advisor added Gildan Activewear Inc., Union Pacific Corporation, Sysco Corporation, Wells Fargo & Company, Becton Dickinson and Company and Marsh & McLennan Companies Inc. The sub-advisor also increased Boyd Group Services Inc., Brookfield Asset Management Ltd., Canadian Apartment Properties Real Estate Investment Trust, Colliers International Group Inc., Element Fleet Management Corp., NetApp Inc., Amdocs Limited, Qualcomm Incorporated and Elevance Health Inc.
The sub-advisor sold Harley-Davidson Inc., Campbell's Company and Versant Media Inc. The sub-advisor also reduced Bank of Montreal, Canadian Natural Resources Limited, Franco-Nevada Corporation, Nutrien Ltd., TC Energy Corporation, RB Global Inc., Amgen Inc., Kimberly-Clark Corporation, Applied Materials Inc., Omnicom Group Inc., Merck & Co. Inc., Ameriprise Financial Inc., Gen Digital Inc., American Express Company, The Carlyle Group Inc. and Chubb Limited.
Outlook
The sub-advisor believes ongoing geopolitical and trade uncertainty will continue to impact equity markets. Commodity prices may remain supportive for the Canadian market. The sub-advisor continues to focus on high-quality businesses purchased at reasonable valuations.
Within the fixed income sleeve, the sub-advisor believes the environment has become increasingly complex and volatile. The Middle East conflict, renewed inflation uncertainty and elevated energy prices could weigh on fixed income markets. The sub-advisor's positioning balances caution with flexibility to respond as conditions evolve.
Summary
For the period 11/04/2019 through 04/30/2026 with $10,000 CAD investment
Total returns performance
36.30%
Last price
$13.63 CAD
as of market close 04/30/2026
Value of $10,000 investment
$13,629.99 CAD
