July 31, 2026
An equity fund aiming to provide long-term growth by investing in domestic and international businesses that work in infrastructure development and management.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in companies throughout the world that are involved in, or that indirectly benefit from, infrastructure-related operations.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of July 31, 2026)
| Name | Percent |
|---|---|
| International Equity | 46.6 |
| US Equity | 38.0 |
| Canadian Equity | 8.5 |
| Income Trust Units | 5.7 |
| Cash and Equivalents | 1.2 |
| Foreign Bonds | 0.1 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| United States | 38.1 |
| Canada | 9.6 |
| Spain | 8.0 |
| France | 6.4 |
| Australia | 5.6 |
| Mexico | 4.9 |
| Japan | 4.3 |
| United Kingdom | 4.3 |
| Italy | 4.1 |
| Other | 14.7 |
| Name | Percent |
|---|---|
| Utilities | 40.6 |
| Industrial Services | 29.3 |
| Energy | 17.9 |
| Telecommunications | 6.6 |
| Technology | 1.6 |
| Consumer Services | 1.5 |
| Cash and Cash Equivalent | 1.2 |
| Healthcare | 1.0 |
| Industrial Goods | 0.2 |
| Other | 0.1 |
Growth of $10,000 (since inception)
For the period 10/05/2009 through 07/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $27,231
Fund details (as of July 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Transurban Group - Units | 4.6 |
| Aena SME SA | 4.4 |
| Nextera Energy Inc | 3.7 |
| Iberdrola SA | 3.0 |
| Grupo Aeroportuario Pacifico SAB CV - ADR Sr B | 2.8 |
| Atco Ltd Cl B | 2.6 |
| Duke Energy Corp | 2.5 |
| Enel SpA | 2.4 |
| National Grid PLC | 2.3 |
| Enbridge Inc | 2.3 |
| Total allocation in top holdings | 30.6 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.36% |
| Dividend yield | 3.56% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $74,945.8 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.07 | 6.24 | 10.95 | 15.24 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 15.43 | 10.40 | 5.93 | 6.14 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 14.87 | 19.25 | 2.01 | 2.24 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 6.97 | -10.74 | 13.51 | -4.15 |
Range of returns over five years (November 01, 2009 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 12.15% | Feb 2026 | -1.21% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 5.32% | 99 | 140 | 2 |
Q2 2026 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
The global economy steadied in the second quarter after the energy shock that dominated the start of the year. Crude oil prices stayed high through much of the quarter before retreating late as tensions in the Middle East eased and shipping through the Strait of Hormuz began to resume. The pullback in oil lowered input costs for energy-importing economies and helped cool fears of a broader inflation shock.
Major central banks stayed cautious. The U.S. Federal Reserve Board (Fed) and the Bank of Canada both held interest rates unchanged, and the Fed signaled that rate increases were possible later in the year. The European Central Bank raised its policy interest rates at its June meeting in response to rising inflationary pressures.
Global equity markets rose in the second quarter. Developed markets gained about 13%, led by a strong rally in the U.S. Japanese equities delivered a strong return, supported by firm economic data and continuing corporate governance reforms, though a weaker yen stayed in focus for policymakers. Emerging markets outperformed, rising close to 23%, led by extraordinary gains in South Korea and Taiwan on demand tied to artificial intelligence and semiconductors, while Chinese and Indian equities lagged.
Performance
Stock selection in Canada, Singapore and Sweden contributed to performance. Stock selection in the health care sector also contributed to performance. The Fund’s overweight exposure to ATCO Ltd., Millicom International Cellular SA and SATS Ltd. contributed to performance.
Selection in Japan, Hong Kong and the U.S. detracted. Selection in the utilities, industrials and energy sectors detracted from performance, as did underweight exposure to industrials. Overweight exposures to SoftBank Corp. and Dominion Energy detracted from performance, as did underweight exposure to Consolidated Edison Inc.
Portfolio activity
The Fund’s activity is an outcome of the sub-advisor’s investment process, which is driven by quantitative models.
Summary
For the period 10/05/2009 through 07/31/2026 with $10,000 CAD investment
Total returns performance
172.31%
Last price
$27.23 CAD
as of market close 07/31/2026
Value of $10,000 investment
$27,231.20 CAD
