Fund overview & performance

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CAN Global Growth Equity

75/75 - Partner

April 30, 2025

A growth-style equity fund seeking strong long-term growth from investments around the world.

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 Medium 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

Risk Rating: Moderate

How is the fund invested? (as of March 31, 2025)

Asset allocation (%)

Name Percent
US Equity 56.3
International Equity 41.0
Canadian Equity 1.9
Cash and Equivalents 0.8

Geographic allocation (%)

Name Percent
United States 57.1
India 4.6
China 3.9
Vietnam 3.6
United Kingdom 3.2
Germany 3.1
Indonesia 3.1
Japan 2.8
Philippines 2.7
Other 15.9

Sector allocation (%)

Name Percent
Technology 32.0
Financial Services 20.4
Consumer Services 10.4
Healthcare 8.3
Industrial Goods 6.8
Consumer Goods 5.1
Industrial Services 4.1
Energy 4.0
Basic Materials 3.5
Other 5.4

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of March 31, 2025)

Top holdings %
Apple Inc 4.1
Microsoft Corp 3.8
NVIDIA Corp 3.2
Amazon.com Inc 3.2
Meta Platforms Inc Cl A 2.7
Alphabet Inc Cl C 1.9
Eli Lilly and Co 1.6
Bank of America Corp 1.5
Tencent Holdings Ltd 1.1
Roper Technologies Inc 1.1
Total allocation in top holdings 24.2
Portfolio characteristics
Standard deviation 12.5%
Dividend yield 1.3%
Average market cap (million) $853,262.6

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

Best return Best period end date Worst return
Worst period end date
Data not available based on date of inception
Average return % of periods with positive returns Number of positive periods Number of negative periods
Data not available based on date of inception

Q1 2025 Fund Commentary

Market commentary

Global equities fell in the first quarter of 2025, despite early optimism about the incoming Trump administration’s business-friendly policies. Sentiment turned negative because of concerns over unpredictable U.S. trade policy and rapidly shifting geopolitical dynamics. This led to market volatility as investors wrestled with potential impacts on global economic growth, trade and geopolitical relationships.

U.S. stocks fell because of U.S. trade policy, weaker-than-expected economic data, falling consumer spending and sentiment, and ongoing cuts to the federal workforce. Information technology stocks fell the most because of worries around the sustainability of artificial intelligence (AI)-related spending. Despite uncertainty, the U.S. Federal Reserve Board kept interest rates on hold.

Developed European equities were up, outperforming U.S. equity markets, driven by positive corporate earnings. Trade tensions affected sentiment, as did Donald Trump’s stance on the Russia–Ukraine war, leading European countries to announce increased fiscal spending on infrastructure and defense. The European Central Bank cut interest rates, while the Bank of England kept interest rates steady.

Developed Asian equity markets were positive, with Singapore outperforming as investors looked for large-capitalization banks for their perceived “safe haven” status. In Japan, equity markets were also modestly positive, but the strengthening yen weighed on the profit outlooks of Japan’s exporters. The Bank of Japan raised interest rates in January but adopted a cautious stance as the quarter progressed and kept rates steady thereafter. Both New Zealand and Australian equities were affected by tariff concerns, and share prices fell.

Emerging market equites gained, outperforming developed market peers. In Asia, foreign investor shares in China rose sharply thanks to growing optimism about the country’s AI advancements and supportive policies from Beijing. Indian stocks fell amid rising fears about stock valuations and economic growth as well as Trump’s tariffs. Latin American equities rose, especially in Colombia, Chile and Brazil, the latter’s economy benefiting from strong domestic demand.

Performance

At the sector level, stock selection in communication services and real estate had a positive impact on the Fund’s performance. Stock selection in consumer staples, financials, industrials and business services was negative for performance. Regionally, stock selection in North America was negative for performance.

Portfolio activity

There were no significant portfolio trades made during the first quarter of 2025.

Outlook

Uncertainties around U.S. tariffs, immigration, military strategy and government spending have led to wider investment opportunities for global equity investors. The sub-advisor believes there is greater market and recession risk, but investment opportunity across a wider range of sectors and regions is positive. The U.S. tariff situation is fluid, and the sub-advisor expects uncertainty and market volatility to continue.

The sub-advisor reduced the Fund’s volatility by adding more defensive positions and sectors as the risk of a recession has risen. The sub-advisor added new positions in Europe, where shifting fiscal policies aimed at becoming more self-reliant could lead to new investment cycles across the region. In the sub-advisor’s view, emerging markets, particularly countries like Vietnam, Indonesia, the Philippines and India, offer long-term growth opportunities despite their risks. The sub-advisor’s outlook for China is cautious because of tariff announcements and has been selective in Chinese holdings.

T. Rowe Price Group Inc

Contact information

Toll free: 1-888-252-1847

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Summary

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Total returns performance

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Last price

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Value of $10,000 investment

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