July 31, 2026
A Canadian large-cap fund seeking long-term growth through undervalued investments.
Is this fund right for you?
- You want investment income and want your money to grow over time.
- You want to invest in Canadian 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 | 93.5 |
| US Equity | 3.1 |
| Income Trust Units | 2.6 |
| Cash and Equivalents | 0.6 |
| International Equity | 0.2 |
| Name | Percent |
|---|---|
| Canada | 96.7 |
| United States | 3.1 |
| Other | 0.2 |
| Name | Percent |
|---|---|
| Financial Services | 34.4 |
| Basic Materials | 13.2 |
| Energy | 12.8 |
| Industrial Services | 9.6 |
| Technology | 7.0 |
| Consumer Services | 6.3 |
| Consumer Goods | 4.5 |
| Real Estate | 3.5 |
| Utilities | 2.7 |
| Other | 6.0 |
Growth of $10,000 (since inception)
For the period 07/09/2018 through 07/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $22,901
Fund details (as of July 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Royal Bank of Canada | 8.4 |
| Toronto-Dominion Bank | 6.0 |
| Agnico Eagle Mines Ltd | 4.1 |
| Canadian National Railway Co | 3.4 |
| Suncor Energy Inc | 3.4 |
| Canadian Natural Resources Ltd | 3.3 |
| Bank of Montreal | 3.0 |
| Kinross Gold Corp | 3.0 |
| Canadian Pacific Kansas City Ltd | 3.0 |
| Sun Life Financial Inc | 2.8 |
| Total allocation in top holdings | 40.4 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.77% |
| Dividend yield | 1.96% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $184,236.4 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 1.72 | 10.77 | 11.49 | 26.34 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 19.88 | 14.18 | - | 10.83 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 24.82 | 20.36 | 9.41 | -2.31 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 25.92 | -2.48 | 17.27 | - |
Range of returns over five years (August 01, 2018 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 17.22% | Oct 2025 | 5.07% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 11.27% | 100 | 37 | 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 (BoC) held its policy rate at 2.25% at both its April and June meetings, its fourth and fifth consecutive holds. The BoC said it was looking through the temporary effect of higher energy prices while watching for signs that price pressures were becoming more persistent, and it pointed to risks on both sides from the trade dispute with the U.S. and the energy shock.
Canadian equities advanced in the second quarter. The S&P/TSX Composite Index climbed to a record high in June, extending its gain for the year to about 10%. The energy sector was a standout early in the quarter as crude oil prices stayed elevated, and most sectors ended higher. The Materials sector was down as gold prices retreated sharply after their earlier record run. Market leadership broadened as the quarter progressed and oil prices eased.
Performance
Underweight exposure to the materials and energy sectors contributed to performance, as did stock selection in the U.S. Lack of exposure to Wheaton Precious Metals Corp. and Barrick Mining Corp. contributed to performance. Both companies were affected by a pullback in several gold-linked equities. Overweight exposure to Sun Life Financial Inc. contributed to performance after its shares rose. Sun Life is a diversified insurance and wealth-management company whose businesses include insurance, asset management and retirement solutions in Canada and international markets.
Stock selection in Canada detracted from performance, as did selection in energy and information technology. Underweight exposure to financials also detracted. Overweight exposure to gold producers Agnico Eagle Mines Ltd. and Kinross Gold Corp. detracted from performance as their shares fell. A lack of exposure to Canadian Imperial Bank of Commerce detracted as its shares rose with the broader Canadian banking sector.
Portfolio activity
The sub-advisor increased Dollarama Inc., Intact Financial Corp., Agnico Eagle Mines Ltd. and Kinross Gold Corp. A company in the consumer staples sector was sold. CT REIT, Bombardier Inc., Canadian Tire Corp. Ltd., iA Financial Corp. Inc., Suncor Energy Inc., Cenovus Energy Inc. and Canadian Natural Resources Ltd. were reduced.
Summary
For the period 07/09/2018 through 07/31/2026 with $10,000 CAD investment
Total returns performance
129.01%
Last price
$22.90 CAD
as of market close 07/31/2026
Value of $10,000 investment
$22,900.64 CAD
