February 28, 2026
This segregated fund invests primarily in U.S. companies that are in the middle capitalization range of the equity market.
Is this fund right for you?
- A person who is investing for the longer term, seeking the growth potential of U.S. stocks and is comfortable with moderate to high 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 February 28, 2026)
| Name | Percent |
|---|---|
| US Equity | 96.4 |
| Cash and Equivalents | 3.1 |
| International Equity | 0.5 |
| Name | Percent |
|---|---|
| United States | 96.4 |
| Canada | 3.1 |
| Ireland | 0.5 |
| Name | Percent |
|---|---|
| Healthcare | 27.8 |
| Technology | 26.5 |
| Industrial Goods | 15.9 |
| Industrial Services | 9.2 |
| Consumer Services | 8.6 |
| Financial Services | 5.2 |
| Real Estate | 3.1 |
| Cash and Cash Equivalent | 3.1 |
| Utilities | 0.5 |
| Other | 0.1 |
Growth of $10,000 (since inception)
For the period 11/04/2019 through 02/28/2026 tr.with $10,000 CAD investment, The value of the investment would be $15,770
Fund details (as of February 28, 2026)
| Top holdings | Percent (%) |
|---|---|
| Hologic Inc | 5.0 |
| DexCom Inc | 4.6 |
| Akamai Technologies Inc | 4.4 |
| Cirrus Logic Inc | 3.9 |
| Maximus Inc | 3.6 |
| Keysight Technologies Inc | 3.6 |
| Vontier Corp | 3.5 |
| Jack Henry & Associates Inc | 3.5 |
| Align Technology Inc | 3.5 |
| OVERNIGHT DEPOSITS | 3.4 |
| Total allocation in top holdings | 39.0 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 13.71% |
| Dividend yield | 0.34% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $26,726.3 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 1.05 | 3.77 | 1.55 | 3.27 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 6.70 | 5.05 | - | 7.48 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 0.19 | 14.65 | 12.33 | -18.66 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 25.73 | 15.13 | - | - |
Range of returns over five years (December 01, 2019 - February 28, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 10.89% | Mar 2025 | 5.05% | Feb 2026 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 7.79% | 100 | 16 | 0 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
The U.S. economy remained resilient in the fourth quarter despite significant disruptions from the record-long government shutdown and slowing job creation. Consumer spending and continued strength in AI-related business investment helped support overall activity.
The U.S. Federal Reserve Board delivered two additional 25-basis-point interest rate cuts in October and December, lowering the federal funds rate to 3.50%–3.75% as policymakers responded to softer labour-market conditions and elevated economic uncertainty. The unemployment rate was 4.4% in December as job gains moderated and labour-market momentum cooled.
The U.S. equity market advanced, with the S&P 500 Index rising 2.7% and reaching fresh record highs in December. Information technology and communication services remained influential, and health care outperformed as investors rotated toward stability amid slowing economic growth signals.
Performance
Stock selection in, and an overweight allocation to, the health care sector contributed to performance. Overweight allocations to Exact Sciences Corp., Charles River Laboratories International and Waters Corp. contributed to performance as the companies performed well.
Stock selection in the consumer staples, industrials and information technology sectors detracted from the Fund’s performance. Overweight positions in e.l.f. Beauty Inc., CoStar Group Inc. and Cognex Corp. detracted from performance as the companies underperformed.
Portfolio activity
Holdings in Brown & Brown Inc., one of the world’s largest independent insurance intermediaries, and Verisk Analytics Inc., a leading global data analytics and technology provider that primarily serves the insurance industry, were added to the Fund.
Fund holdings in Equifax Inc. and Block Inc. Class A shares were increased as the sub-advisor was positive on the businesses at current valuations.
Fund holdings in Waters Corp. and Exact Sciences Corp. were reduced based on the sub-advisor’s views on stock price action and their valuations.
Summary
For the period 11/04/2019 through 02/28/2026 with $10,000 CAD investment
Total returns performance
57.70%
Last price
$15.77 CAD
as of market close 02/28/2026
Value of $10,000 investment
$15,770.43 CAD
