February 28, 2026
The Fund seeks to achieve long-term capital appreciation by investing primarily in equity securities of companies in any country outside of Canada and the United States.
Is this fund right for you?
RISK RATING
How is the fund invested? (as of December 31, 2025)
| Name | Percent |
|---|---|
| International Equity | 98.6 |
| Cash and Equivalents | 1.4 |
| Name | Percent |
|---|---|
| United Kingdom | 16.4 |
| Germany | 15.5 |
| France | 14.2 |
| Japan | 10.0 |
| Netherlands | 8.1 |
| Taiwan | 6.9 |
| Switzerland | 6.3 |
| India | 5.5 |
| Hong Kong | 3.9 |
| Other | 13.2 |
| Name | Percent |
|---|---|
| Technology | 21.5 |
| Consumer Goods | 17.9 |
| Industrial Goods | 15.2 |
| Financial Services | 14.7 |
| Healthcare | 8.4 |
| Real Estate | 6.0 |
| Consumer Services | 5.9 |
| Industrial Services | 3.2 |
| Utilities | 3.0 |
| Other | 4.2 |
Growth of $10,000 (since inception)
Data not available based on date of inception
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Taiwan Semiconductor Manufactrg Co Ltd - ADR | 6.9 |
| HDFC Bank Ltd - ADR | 5.5 |
| Prosus NV | 4.5 |
| AstraZeneca PLC | 4.3 |
| Hoya Corp | 4.1 |
| Siemens AG Cl N | 4.1 |
| AIA Group Ltd | 3.9 |
| Sony Group Corp | 3.7 |
| ASML Holding NV | 3.6 |
| Assa Abloy AB Cl B | 3.6 |
| Total allocation in top holdings | 44.2 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | - |
| Dividend yield | 1.59% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $316,407.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| Data not available based on date of inception | |||
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| Data not available based on date of inception | |||
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| Data not available based on date of inception | |||
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| Data not available based on date of inception | |||
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 | |||
Q4 2025 Fund Commentary
Commentary and opinions are provided by C WorldWide Asset Management.
Market commentary
International equities rose during the fourth quarter of 2025, driven by European equities. At the sector level, the main drivers of performance were the information technology and health care sectors.
Performance
Relative exposure to AstraZeneca PLC contributed to the Fund’s performance. The company reported better-than-expected third-quarter 2025 results for sales and earnings because of its oncology segment and cost controls. Exposure to MercadoLibre Inc. detracted from performance. The company saw competition from Amazon.com Inc., which increased its investments in Brazil. A recent announcement related to a partnership between Amazon.com and Nubank in Brazil led to investor worries.
At a sector level, security selection in the health care and utilities sectors contributed to the Fund’s performance. Selection in the consumer discretionary and financials sectors detracted from performance.
At a regional level, overweight exposure to Taiwan contributed to the Fund’s performance. Underweight exposure to Japan detracted from performance.
Portfolio activity
The sub-advisor added to the Fund a holding in Contemporary Amperex Technology Co. Ltd. for the company’s scale, vertical integration, cost leadership and partnerships with leading auto makers. The Fund’s holding in Novo Nordisk AS was sold because of the sub-advisor’s lower confidence in the company’s innovation pipeline.
Outlook
The Fund holds what the sub-advisor believes is a balanced structure of companies in different parts of the growth spectrum. The sub-advisor is focused on growth companies with good cash flows and strong balance sheets, which we believe are not only crucial for long-term investing but also of paramount importance in the current environment.
Data not available based on date of inception
