April 30, 2026
This segregated fund invests primarily in dividend yielding stocks anywhere in the world currently through the Counsel Global Dividend mutual fund. On or about June 5, 2026, this fund's name changed to Global Dividend Equity from Global Founders and Acadian Asset Management LLC assumed portfolio management responsibilities from Beutel, Goodman & Company Ltd. With this change the segregated fund no longer invests directly in stocks of companies anywhere in the world but invests primarily in global dividend yielding stocks through the Counsel Global Dividend mutal fund. The performance prior to the above dates were achieved under previous manager and/or investment objective.
Is this fund right for you?
- A person who is investing for the longer term, seeking the growth potential of foreign stocks and is comfortable with moderate risk.
- Since the fund invests in stocks its value is affected 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 |
|---|---|
| US Equity | 59.0 |
| International Equity | 33.4 |
| Canadian Equity | 3.5 |
| Cash and Equivalents | 2.5 |
| Foreign Bonds | 1.5 |
| Income Trust Units | 0.1 |
| Name | Percent |
|---|---|
| United States | 59.0 |
| Switzerland | 6.8 |
| Canada | 6.1 |
| United Kingdom | 5.7 |
| Germany | 3.4 |
| Norway | 3.1 |
| Ireland | 2.8 |
| Netherlands | 2.7 |
| Japan | 2.5 |
| Other | 7.9 |
| Name | Percent |
|---|---|
| Financial Services | 18.6 |
| Technology | 16.4 |
| Healthcare | 16.2 |
| Telecommunications | 8.4 |
| Industrial Goods | 8.3 |
| Consumer Goods | 6.6 |
| Consumer Services | 6.6 |
| Basic Materials | 5.3 |
| Industrial Services | 3.1 |
| Other | 10.5 |
Growth of $10,000 (since inception)
For the period 05/11/2020 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $16,699
Fund details (as of April 30, 2026)
| Top holdings | Percent (%) |
|---|---|
| Qualcomm Inc | 3.9 |
| eBay Inc | 3.4 |
| NetApp Inc | 3.4 |
| PPG Industries Inc | 3.2 |
| Chubb Ltd | 3.0 |
| Ameriprise Financial Inc | 2.9 |
| Elevance Health Inc | 2.8 |
| Medtronic PLC | 2.8 |
| Omnicom Group Inc | 2.7 |
| Amdocs Ltd | 2.7 |
| Total allocation in top holdings | 30.8 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 10.98% |
| Dividend yield | 2.57% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $104,945.4 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 4.07 | 4.05 | 1.94 | 13.42 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 7.83 | 6.21 | - | 8.97 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 5.20 | 14.56 | 7.90 | -0.49 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 9.98 | - | - | - |
Range of returns over five years (June 01, 2020 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 9.07% | Oct 2025 | 5.53% | Mar 2026 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 7.72% | 100 | 12 | 0 |
Q1 2026 Fund Commentary
Commentary and opinions are provided by Acadian Asset Management LLC.
Market commentary
The first quarter of 2026 started with heightened volatility across global equity markets. Geopolitical tensions escalated in late February when conflict broke out in the Middle East, disrupting energy supply through the Strait of Hormuz and pushing oil prices sharply higher. The energy sector led, while software and technology companies came under pressure.
Performance
Within the U.S. equity sleeve, selection within the consumer discretionary sector, and overweight allocation and selection within the industrials sector, contributed to performance. Within the international equity sleeve, selection within the consumer discretionary and health care sectors contributed to performance. Within the Canadian equity sleeve, an underweight allocation to the information technology sector contributed to performance.
Wabtec Corp. contributed to performance after reporting strong freight rail results, including 18% revenue growth, double-digit earnings-per-share growth and a 24% dividend increase. Merck & Co. Inc. contributed to performance because fiscal year 2025 results came in ahead of expectations. Applied Materials Inc. contributed to performance because of strong quarterly results and increased forward guidance, supported by broad-based semiconductor equipment demand.
Within the U.S. equity sleeve, a zero-weight allocation to the energy sector and selection within the consumer staples sector detracted from performance. Within the international equity sleeve, selection within the industrials and information technology sectors detracted from performance. Within the Canadian equity sleeve, an underweight allocation to the energy sector detracted from performance.
Gen Digital Inc. detracted from performance because of growing concerns that artificial intelligence could disrupt the consumer software industry. Qualcomm Inc. detracted from performance because of a weaker near-term handset outlook, although the sub-advisor believes the company's automotive segment continues to grow and a data centre opportunity could emerge by 2027. Amdocs Ltd. detracted from performance because of revenue issues and the announced retirement of the company's CEO. The sub-advisor noted that contract renewal rates remain at roughly 100%.
Portfolio activity
The sub-advisor added Gildan Activewear Inc., Union Pacific Corp., Sysco Corp., Wells Fargo & Co., Becton Dickinson and Co., Marsh & McLennan Companies Inc. and Danone S.A. during the quarter. The sub-advisor also increased The Magnum Ice Cream Co., Euronext N.V., Nippon Telegraph and Telephone Corp., 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 Ltd., Qualcomm Inc. and Elevance Health Inc.
The sub-advisor sold Harley-Davidson Inc., Campbell's Co. and Versant Media Inc. The sub-advisor also reduced Bank of Montreal, Canadian Natural Resources Ltd., Franco-Nevada Corp., Nutrien Ltd., TC Energy Corp., Amgen Inc., Heidelberg Materials AG, Shionogi & Co. Ltd., DBS Group Holdings Ltd., GSK plc, SMC Corp., RB Global Inc., Kimberly-Clark Corp., Applied Materials Inc., Omnicom Group Inc., Merck & Co. Inc., Ameriprise Financial Inc., Gen Digital Inc., American Express Co., The Carlyle Group Inc., Chubb Ltd., Konecranes Oyj and Infineon Technologies AG.
Outlook
The sub-advisor maintains moderate performance expectations given ongoing geopolitical and trade uncertainties. Commodity prices may remain supportive for the Canadian market in the near term. The sub-advisor continues to apply a long-term, bottom-up value framework, patiently waiting for dislocations to add to high-quality businesses at attractive valuations. The sub-advisor believes the Fund's portfolio of defensive, high-quality businesses may provide resilience through uncertain market conditions.
Summary
For the period 05/11/2020 through 04/30/2026 with $10,000 CAD investment
Total returns performance
66.99%
Last price
$16.70 CAD
as of market close 04/30/2026
Value of $10,000 investment
$16,699.50 CAD
