July 31, 2026
A growth-style fund seeking long-term growth in the Canadian resource sector.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in the securities of Canadian oil, gas and natural resource companies that offer above-average prospects for growth with slightly higher volatility.
- You're comfortable with a high level of risk.
RISK RATING
How is the fund invested? (as of May 31, 2026)
| Name | Percent |
|---|---|
| Canadian Equity | 38.2 |
| International Equity | 31.4 |
| US Equity | 23.0 |
| Cash and Equivalents | 4.6 |
| Foreign Bonds | 1.0 |
| Income Trust Units | 0.4 |
| Other | 1.4 |
| Name | Percent |
|---|---|
| Canada | 42.7 |
| United States | 24.0 |
| United Kingdom | 7.6 |
| Brazil | 5.6 |
| France | 5.2 |
| Germany | 2.6 |
| Norway | 1.8 |
| Multi-National | 1.6 |
| Australia | 1.4 |
| Other | 7.5 |
| Name | Percent |
|---|---|
| Energy | 45.0 |
| Basic Materials | 37.4 |
| Cash and Cash Equivalent | 4.6 |
| Industrial Goods | 3.4 |
| Mutual Fund | 1.6 |
| Real Estate | 1.1 |
| Fixed Income | 1.0 |
| Industrial Services | 0.4 |
| Utilities | 0.4 |
| Other | 5.1 |
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 $27,490
Fund details (as of May 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Cash and Cash Equivalents | 4.6 |
| TotalEnergies SE | 3.4 |
| Cenovus Energy Inc | 3.2 |
| First Quantum Minerals Ltd | 2.9 |
| Alcoa Corp | 2.6 |
| Ovintiv Inc | 2.6 |
| Phillips 66 | 2.5 |
| HF Sinclair Corp | 2.4 |
| Shell PLC - ADR | 2.3 |
| Barrick Mining Corp | 2.3 |
| Total allocation in top holdings | 28.8 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 13.87% |
| Dividend yield | 2.41% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $50,303.6 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 5.78 | 9.41 | 18.49 | 52.29 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 22.64 | 21.47 | 11.11 | 7.37 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 44.95 | 10.82 | 3.87 | 16.84 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 46.21 | 3.17 | 8.39 | -22.54 |
Range of returns over five years (June 01, 2012 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 29.58% | Mar 2025 | -11.67% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 6.09% | 64 | 71 | 40 |
Q2 2026 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
The global natural resources sector remained volatile in the second quarter as the energy shock that began late in the first quarter continued to play out. Crude oil prices stayed elevated through much of the quarter, with Brent crude trading above USD$110 per barrel early in the quarter while the Strait of Hormuz remained disrupted, before easing to around USD$80 per barrel by late June as tensions in the Middle East eased and shipping through the strait began to resume.
Canadian energy equities were among the strongest performers early in the quarter as high oil prices improved operating conditions for producers and pipeline companies, though gains moderated as crude prices retreated late in the quarter. International energy equities also advanced, with results varying by region. Natural gas prices eased as export constraints through the Strait of Hormuz began to unwind.
Gold retreated sharply after setting a record high above USD$5,400 per ounce earlier in 2026, falling to around USD$4,000 per ounce at the end of June as higher interest-rate expectations weighed on lower-risk assets. Gold mining companies followed prices lower. Base metals were broadly stable as industrial demand signals stayed mixed.
Performance
Selection in Canada contributed to performance. Stock selection in the energy sector also contributed to performance, as did underweight exposure to integrated oil and gas companies.
Relative underweight exposure to Exxon Mobil Corp. and Chevron Corp. contributed to the Fund’s performance. Exposure to First Quantum Minerals Ltd. Also contributed to performance, supported by company-specific operating momentum.
Underweight exposure to diversified metals and mining detracted from performance. Overweight exposure to oil and gas exploration and production stocks also detracted from performance.
Aluminum, commodity chemicals and selected oil and gas exploration and production stocks detracted from performance. TotalEnergies SE and Shell PLC stocks declined as the oil price rebound lost momentum later in the quarter. Alcoa Corp. also detracted from performance.
Portfolio activity
The sub-advisor added Compass Gas e Energia SA, Kinder Morgan Inc., Rumo SA and Venture Global Inc. to the Fund to reposition within energy, materials and natural resource infrastructure. First Quantum Minerals Ltd. and other selected energy and materials stocks were increased. Coterra Energy Inc. was sold while Shell PLC, Tourmaline Oil Corp., SM Energy Co. and Saturn Oil & Gas Inc. were reduced.
Summary
For the period 05/14/2012 through 07/31/2026 with $10,000 CAD investment
Total returns performance
174.90%
Last price
$27.49 CAD
as of market close 07/31/2026
Value of $10,000 investment
$27,490.28 CAD
