February 28, 2026
The Fund seeks to achieve strong capital growth with a high degree of reliability over the long term. The Fund invests primarily in equities of companies 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 December 31, 2025)
| Name | Percent |
|---|---|
| International Equity | 96.5 |
| Cash and Equivalents | 3.5 |
| Name | Percent |
|---|---|
| Ireland | 22.3 |
| France | 11.5 |
| Switzerland | 10.3 |
| Japan | 8.6 |
| Denmark | 5.7 |
| Thailand | 5.4 |
| Korea, Republic Of | 5.2 |
| United Kingdom | 5.0 |
| Germany | 4.7 |
| Other | 21.3 |
| Name | Percent |
|---|---|
| Healthcare | 24.4 |
| Financial Services | 16.6 |
| Industrial Goods | 14.8 |
| Technology | 12.8 |
| Consumer Goods | 12.6 |
| Energy | 5.2 |
| Industrial Services | 4.0 |
| Cash and Cash Equivalent | 3.5 |
| Real Estate | 3.1 |
| Other | 3.0 |
Growth of $10,000 (since inception)
For the period 06/17/2019 through 02/28/2026 tr.with $10,000 CAD investment, The value of the investment would be $15,761
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Samsung Electronics Co Ltd | 5.2 |
| Bank of Ireland Group PLC | 4.4 |
| Roche Holding AG - Partcptn | 4.2 |
| Nabtesco Corp | 4.0 |
| Ryanair Holdings PLC - ADR | 4.0 |
| Cash and Cash Equivalents | 3.5 |
| Crh PLC | 3.5 |
| Deutsche Boerse AG Cl N | 3.5 |
| Sanofi SA | 3.4 |
| Thai Beverage PCL | 3.4 |
| Total allocation in top holdings | 39.1 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.43% |
| Dividend yield | 2.47% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $187,069.1 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 3.80 | 15.75 | 8.12 | 21.40 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 16.56 | 9.66 | - | 7.02 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 20.29 | 12.74 | 12.54 | -10.99 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 8.07 | -4.66 | - | - |
Range of returns over five years (July 01, 2019 - February 28, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 10.01% | Oct 2025 | 2.52% | Jun 2024 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 6.46% | 100 | 21 | 0 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Setanta Asset Management Limited.
Market commentary
During the year, gold, silver and Bitcoin hit record highs. In equities, the Bloomberg Europe Defense Select Index rose 73% (in euro terms), while MSCI EAFE Index returns exceeded MSCI U.S. Index returns for only the third time in 10 years. Despite strong performance across many asset classes, it was also a year of higher volatility with global equity markets falling 17% in the run-up to the U.S. administration’s April 2025 tariff announcement before rebounding. Overall, the MSCI EAFE Index rose 26% (in U.S.-dollar terms) for the full year.
Performance
The Fund’s relative exposures to Samsung Electronics Co. Ltd., Roche Holding AG and Bank of Ireland Group PLC contributed to performance. Relative exposures to Tencent Holdings Ltd., Legrand SA and Dassault Systemes SE detracted from performance.
At a sector level, stock selection in the information technology and communication services sectors contributed to the Fund’s performance. Exposure to the health care sector detracted from performance.
Portfolio activity
There were no notable transactions made in the Fund during the quarter.
Outlook
The sub-advisor looks for attractively valued companies in European, Australasian and Far Eastern markets. The sub-advisor’s investment decisions are not driven by macroeconomic events and does not include any macroeconomic forecasting in the search or selection process.
Summary
For the period 06/17/2019 through 02/28/2026 with $10,000 CAD investment
Total returns performance
57.61%
Last price
$15.76 CAD
as of market close 02/28/2026
Value of $10,000 investment
$15,761.01 CAD
