May 31, 2026
A value European equity fund seeking long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in companies located or active in Western and Eastern Europe and whose shares are principally traded on European stock exchanges.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of May 31, 2026)
| Name | Percent |
|---|---|
| International Equity | 92.7 |
| Foreign Bonds | 3.5 |
| US Equity | 2.2 |
| Cash and Equivalents | 1.6 |
| Name | Percent |
|---|---|
| Ireland | 22.3 |
| France | 13.0 |
| Netherlands | 10.7 |
| Switzerland | 9.3 |
| Germany | 8.1 |
| United Kingdom | 7.8 |
| Italy | 6.3 |
| Denmark | 6.1 |
| Sweden | 4.2 |
| Other | 12.2 |
| Name | Percent |
|---|---|
| Healthcare | 19.8 |
| Industrial Goods | 15.5 |
| Financial Services | 14.5 |
| Consumer Goods | 13.2 |
| Technology | 12.4 |
| Energy | 9.8 |
| Real Estate | 4.5 |
| Fixed Income | 3.5 |
| Industrial Services | 3.0 |
| Other | 3.8 |
Growth of $10,000 (since inception)
For the period 06/05/2006 through 05/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $18,551
Fund details (as of May 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| ASML Holding NV | 9.6 |
| Eni SpA | 6.3 |
| Legrand SA | 4.9 |
| Bank of Ireland Group PLC | 4.3 |
| Nestle SA Cl N | 4.2 |
| Epiroc AB Cl B | 4.2 |
| Demant A/S | 3.7 |
| Roche Holding AG | 3.5 |
| Dcc PLC | 3.5 |
| Steris PLC | 3.4 |
| Total allocation in top holdings | 47.6 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.15% |
| Dividend yield | 2.43% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $166,691.4 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 3.47 | 3.04 | 4.20 | 10.87 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 13.36 | 6.41 | 4.02 | 3.14 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 14.53 | 13.28 | 14.69 | -15.50 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 10.72 | -10.53 | 10.43 | -7.10 |
Range of returns over five years (July 01, 2006 - May 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 15.90% | May 2017 | -10.28% | Dec 2011 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 3.51% | 69 | 124 | 56 |
Q1 2026 Fund Commentary
Commentary and opinions are provided by Keyridge Asset Management Limited.
Market commentary
The first quarter of 2026 was an eventful period for European equity markets. The escalation of conflict in the Middle East in late February disrupted markets that had been advancing until that point. With energy prices rising sharply – Brent oil moved from roughly US$72 to US$118 per barrel at quarter-end – energy sector stocks gained, but most other sectors experienced negative returns. The drawdown in March left European equities with a modest decline for the full quarter.
Performance
A holding in Eni SPA contributed to the Fund’s performance during the quarter. Holdings in ASML Holding NV and Deutsche Boerse AG also contributed to performance.
At a sector level, allocation in the energy and financials sectors contributed to the Fund’s performance.
A position in Ryanair Holdings PLC detracted from the Fund’s performance during the quarter. Holdings in ICON PLC and Coloplast AS also detracted from performance.
Stock selection in the materials and health care sectors detracted from the Fund’s performance.
Portfolio activity
The sub-advisor added to the Fund holdings in Novartis AG, BNP Paribas SA and CaixaBank SA. The sub-advisor sold the Fund’s holding in The Magnum Ice Cream Co. NV.
Outlook
The sub-advisor searches global equity markets for attractively valued companies and isn’t driven by macro events. The sub-advisor doesn’t include macro forecasting in the search or selection process.
Summary
For the period 06/05/2006 through 05/31/2026 with $10,000 CAD investment
Total returns performance
85.51%
Last price
$18.55 CAD
as of market close 05/31/2026
Value of $10,000 investment
$18,551.33 CAD
