July 31, 2026
A Canadian mid-cap growth fund designed to capitalize on companies' nimbleness in adapting to changing market conditions.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in Canadian mid-cap and small-cap companies.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of July 31, 2026)
| Name | Percent |
|---|---|
| Canadian Equity | 92.2 |
| Income Trust Units | 3.3 |
| International Equity | 2.8 |
| Cash and Equivalents | 1.8 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Canada | 97.2 |
| Australia | 2.0 |
| Ireland | 0.9 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Basic Materials | 17.2 |
| Energy | 15.2 |
| Real Estate | 14.5 |
| Industrial Goods | 10.0 |
| Consumer Goods | 9.8 |
| Financial Services | 9.6 |
| Industrial Services | 6.4 |
| Technology | 6.2 |
| Consumer Services | 4.1 |
| Other | 7.0 |
Growth of $10,000 (since inception)
For the period 05/14/2012 through 07/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $39,493
Fund details (as of July 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| iA Financial Corp Inc | 4.1 |
| Savaria Corp | 3.8 |
| Jamieson Wellness Inc | 3.4 |
| Chartwell Retirement Residences - Units | 3.3 |
| Aritzia Inc | 3.1 |
| Badger Infrastructure Solutions Ltd | 3.0 |
| Enerflex Ltd | 3.0 |
| CES Energy Solutions Corp | 2.9 |
| Kinaxis Inc | 2.8 |
| Artemis Gold Inc | 2.7 |
| Total allocation in top holdings | 32.1 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 12.83% |
| Dividend yield | 1.13% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $5,620.1 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -3.66 | 2.21 | 4.36 | 13.96 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 13.86 | 6.19 | 8.92 | 10.15 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 19.22 | 15.65 | 6.82 | -12.88 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 10.58 | 24.83 | 27.29 | -10.03 |
Range of returns over five years (June 01, 2012 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 13.28% | Jun 2017 | 3.41% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 8.76% | 100 | 111 | 0 |
Q2 2026 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
Canada’s economy stayed under pressure in the second quarter as trade uncertainty continued to weigh on business confidence, though the labour market showed signs of stabilizing. Employment picked up in May, and the unemployment rate eased to 6.6%. Inflation accelerated, with the annual pace rising to 3.2% in May from 2.8% in April, as higher gasoline prices linked to the conflict in the Middle East pushed up energy costs. Core inflation measures held closer to 2%.
The Bank of Canada held its policy interest rate steady at 2.25% at both its April and June meetings as inflation picked up to 3.2% in May, driven largely by higher gasoline prices. Core inflation measures held closer to the BoC’s 2% target, suggesting inflationary pressures were largely contained to energy.
Canadian small- and mid-capitalization equities rose in the second quarter as improving risk appetite and the broad advance in Canadian equities supported smaller companies. Energy-oriented names performed well early in the quarter while crude oil prices stayed elevated. Gains moderated later in the period as oil prices retreated, and domestically focused companies remained sensitive to trade uncertainty.
Performance
Stock selection in the industrials and materials sectors contributed to performance, as did exposure to materials. Exposure to Hammond Power Solutions Inc., Badger Infrastructure Solutions Ltd. and MDA Space Ltd. contributed to performance.
Stock selection in the information technology and real estate sectors detracted from performance. Lack of exposure to utilities also detracted. Lack of exposure to BlackBerry Ltd. detracted from performance. Exposure to Artemis Gold Inc. and Groupe Dynamite Inc. also detracted from performance.
Portfolio activity
The sub-advisor added Bird Construction Inc., Descartes Systems Group Inc., Aecon Group Inc. and SSR Mining Inc. Badger Infrastructure Solutions, 5N Plus Inc., Arizona Sonoran Copper Co. Inc., Kinaxis Inc., and Groupe Dynamite Inc., among others, were increased.
Coeur Mining Inc., Vitalhub Corp., Capstone Copper Corp. and Boyd Group Services Inc. were sold. Trisura Group Ltd., Tamarack Valley Energy Ltd., OceanaGold Corp. and CES Energy Solutions Corp., among others, were reduced.
Summary
For the period 05/14/2012 through 07/31/2026 with $10,000 CAD investment
Total returns performance
294.93%
Last price
$39.49 CAD
as of market close 07/31/2026
Value of $10,000 investment
$39,493.15 CAD
