July 31, 2026
A value-oriented fund seeking strong dividend income and long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in common and preferred equities of companies anywhere in the world.
- 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 | 63.4 |
| US Equity | 35.0 |
| Cash and Equivalents | 1.6 |
| Name | Percent |
|---|---|
| United States | 35.0 |
| France | 11.1 |
| Switzerland | 11.0 |
| Sweden | 6.1 |
| Finland | 5.4 |
| Ireland | 4.1 |
| Germany | 3.9 |
| Denmark | 3.3 |
| Italy | 2.8 |
| Other | 17.3 |
| Name | Percent |
|---|---|
| Healthcare | 20.1 |
| Financial Services | 19.1 |
| Consumer Goods | 12.8 |
| Utilities | 9.6 |
| Energy | 7.5 |
| Consumer Services | 6.7 |
| Industrial Goods | 6.7 |
| Basic Materials | 6.5 |
| Technology | 5.3 |
| Other | 5.7 |
Growth of $10,000 (since inception)
For the period 01/12/2015 through 07/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $21,932
Fund details (as of July 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Exxon Mobil Corp | 4.7 |
| CME Group Inc Cl A | 4.0 |
| Allianz SE | 3.9 |
| Novartis AG Cl N | 3.8 |
| Home Depot Inc | 3.6 |
| Procter & Gamble Co | 3.4 |
| Johnson & Johnson | 3.2 |
| Mcdonald's Corp | 3.1 |
| L'Air Liquide SA | 3.0 |
| Cie Financiere Richemont SA | 2.9 |
| Total allocation in top holdings | 35.6 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.31% |
| Dividend yield | 3.29% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $309,595.4 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.33 | 7.77 | 12.16 | 22.33 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 13.49 | 8.66 | 6.90 | 7.04 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 17.43 | 8.15 | 8.15 | -4.08 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 8.56 | -1.37 | 12.24 | -1.73 |
Range of returns over five years (February 01, 2015 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 9.84% | Oct 2025 | 0.68% | Oct 2022 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 4.70% | 100 | 79 | 0 |
Q2 2026 Fund Commentary
Commentary and opinions are provided by Keyridge Asset Management Limited.
Market commentary
Global equity markets were affected by the conflict in the Middle East, although higher oil prices and inflation expectations moderated over the quarter as a ceasefire was agreed.
Expectations for U.S. monetary policy were in flux as the newly appointed U.S. Federal Reserve Board Chair Kevin Warsh sought to establish his priorities for his mandate. The U.S. dollar strengthened against major currencies, and earnings growth remained strong across global equity indices.
Performance
Stock selection in the information technology sector contributed to performance, as the Fund's holdings substantially outperformed. An underweight allocation to the energy sector and the communication services sector, and an overweight allocation to the financials sector, also contributed to performance.
Samsung Electronics Co., Ltd. contributed to performance. The company reported its strongest ever quarterly revenue and operating profit, driven by artificial intelligence (AI) technology innovations, and pointed to a strong outlook given a sharp supply/demand imbalance for AI-related semiconductors. Taiwan Semiconductor Manufacturing Co., Ltd. also contributed to performance, reporting strong operating results and business outlook with continued technological leadership. In the sub-advisor's view, the company is benefiting from sustained demand driven by investment in AI infrastructure. Compagnie Financière Richemont SA contributed to performance after a solid earnings report showed healthy sales growth and cost discipline, supported by differentiated products, a strong brand identity and disciplined pricing.
Stock selection in the financials sector detracted from performance, as U.S. regional and national banks performed strongly over the quarter while Fund holding CME Group Inc. was weak.
CME Group Inc. detracted from performance. The company owns a number of the largest, most liquid financial derivatives markets in the U.S., and these exchanges benefit from secular growth in volume by providing high utility value to market participants as a venue for safe and liquid trading of economic exposures. The sector was under pressure on concerns about potential market entry from upstart prediction markets.
Portfolio activity
There were no significant trades during the quarter.
Outlook
In the sub-advisor's view, the Fund is conservatively positioned across a diversified selection of value and quality stocks. The sub-advisor doesn't anticipate changes to the Fund's strategy.
Summary
For the period 01/12/2015 through 07/31/2026 with $10,000 CAD investment
Total returns performance
119.32%
Last price
$21.93 CAD
as of market close 07/31/2026
Value of $10,000 investment
$21,932.11 CAD
