July 31, 2026
A value equity fund that invests in a broad range of small- to large-cap Canadian companies to seek a balance between growth and interest income.
Is this fund right for you?
- You’re looking to preserve your investment while still allowing it to grow.
- You want to invest in the common shares (or their equivalents) of Canadian companies and fixed-income investments.
- You're comfortable with a low to moderate level of risk.
RISK RATING
How is the fund invested? (as of May 31, 2026)
| Name | Percent |
|---|---|
| Canadian Equity | 37.6 |
| US Equity | 22.8 |
| Foreign Bonds | 19.2 |
| Domestic Bonds | 13.9 |
| International Equity | 4.8 |
| Cash and Equivalents | 1.8 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Canada | 52.7 |
| United States | 40.5 |
| United Kingdom | 2.2 |
| Netherlands | 1.1 |
| Ireland | 1.0 |
| Multi-National | 0.7 |
| Germany | 0.5 |
| Norway | 0.4 |
| Europe | 0.1 |
| Other | 0.8 |
| Name | Percent |
|---|---|
| Fixed Income | 33.0 |
| Financial Services | 16.6 |
| Technology | 16.3 |
| Basic Materials | 8.8 |
| Consumer Services | 6.1 |
| Industrial Services | 4.4 |
| Energy | 4.1 |
| Industrial Goods | 3.4 |
| Healthcare | 3.3 |
| Other | 4.0 |
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 $15,802
Fund details (as of May 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Royal Bank of Canada | 4.1 |
| Toronto-Dominion Bank | 3.3 |
| Franco-Nevada Corp | 2.7 |
| Canadian Pacific Kansas City Ltd | 2.2 |
| Alphabet Inc Cl A | 2.0 |
| Apple Inc | 1.8 |
| Canadian Imperial Bank of Commerce | 1.7 |
| Shopify Inc Cl A | 1.7 |
| NVIDIA Corp | 1.6 |
| Canadian Natural Resources Ltd | 1.6 |
| Total allocation in top holdings | 22.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 7.06% |
| Dividend yield | 1.22% |
| Yield to maturity | 5.21% |
| Duration (years) | 4.75% |
| Coupon | 5.00% |
| Average credit rating | BBB |
| Average market cap (million) | $1,021,135.4 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.23 | 0.67 | -0.53 | -0.99 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 5.64 | 3.64 | - | 5.84 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 4.15 | 11.00 | 9.79 | -9.68 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 14.71 | 10.80 | 17.85 | - |
Range of returns over five years (August 01, 2018 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 9.33% | Mar 2025 | 3.64% | Jul 2026 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 6.43% | 100 | 37 | 0 |
Q2 2026 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
The global economy steadied in the second quarter after the energy shock that dominated the start of the year. Crude oil prices stayed high through much of the quarter before retreating late in the period as tensions in the Middle East eased and shipping through the Strait of Hormuz began to resume. The pullback in oil lowered input costs for energy-importing economies and helped cool fears of a broader inflation shock.
Major central banks stayed cautious. The U.S. Federal Reserve Board (Fed) and the Bank of Canada both kept interest rates unchanged, and the Fed signaled that rate increases were possible later in the year. The European Central Bank raised its policy interest rates at its June meeting in response to rising inflationary pressures.
Global fixed income markets delivered mixed results. U.S. government bond yields rose as the market priced in the possibility of Federal Reserve rate increases, while Canadian yields eased late in the quarter. Investment-grade corporate bonds were broadly resilient, particularly energy-sector issuers, while high-yield bonds were mixed.
Global equity markets rose in the second quarter. Developed markets gained about 13%, led by a strong rally in the U.S. Japanese equities delivered a strong return, supported by firm economic data and continuing corporate governance reforms, though a weaker yen stayed in focus for policymakers. Emerging markets outperformed, rising close to 23%, led by extraordinary gains in South Korea and Taiwan on demand tied to artificial intelligence and semiconductors, while Chinese and Indian equities lagged.
Performance
Exposure to Taiwan, underweight exposure to the communication services sector and stock selection in energy contributed to performance. Overweight exposure to Lam Research Corp., Alphabet Inc. and Teck Resources Ltd. Also contributed to performance.
Underweight exposure and selection in the U.S. detracted from performance. Stock selection in information technology, financials and industrials also detracted from performance, as did underweight exposure to information technology. Exposures to CME Group Inc., Agnico Eagle Mines Ltd. and CGI Inc. detracted from performance.
In fixed income, currency positioning in corporate bonds contributed to performance, particularly in industrials, energy and communication services.
Portfolio activity
The sub-advisor increased Royal Bank of Canada and reduced Agnico Eagle Mines Ltd. and Canadian Natural Resources Ltd. These transactions were made based on the sub-advisor’s investment process.
Summary
For the period 07/09/2018 through 07/31/2026 with $10,000 CAD investment
Total returns performance
58.02%
Last price
$15.80 CAD
as of market close 07/31/2026
Value of $10,000 investment
$15,802.01 CAD
