July 31, 2026
A U.S. value fund that invests in stocks that are demonstrating a turnaround or emerging trend of growth in order to provide long-term capital growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in medium- to large-cap U.S. Companies.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of July 31, 2026)
| Name | Percent |
|---|---|
| US Equity | 94.0 |
| International Equity | 4.6 |
| Cash and Equivalents | 1.5 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| United States | 95.4 |
| Bermuda | 1.3 |
| Switzerland | 1.2 |
| Puerto Rico | 0.8 |
| Ireland | 0.7 |
| United Kingdom | 0.6 |
| Netherlands | 0.1 |
| Canada | 0.1 |
| Other | -0.2 |
| Name | Percent |
|---|---|
| Technology | 20.1 |
| Financial Services | 17.1 |
| Healthcare | 11.6 |
| Consumer Services | 9.9 |
| Consumer Goods | 8.7 |
| Industrial Goods | 6.2 |
| Energy | 6.2 |
| Real Estate | 5.0 |
| Utilities | 4.6 |
| Other | 10.6 |
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 $23,787
Fund details (as of July 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Apple Inc | 8.4 |
| Amazon.com Inc | 5.1 |
| Bank of America Corp | 2.2 |
| Procter & Gamble Co | 1.9 |
| UnitedHealth Group Inc | 1.7 |
| Intel Corp | 1.6 |
| Citigroup Inc | 1.5 |
| USD Currency | 1.4 |
| Charles Schwab Corp | 1.4 |
| Mastercard Inc Cl A | 1.4 |
| Total allocation in top holdings | 26.6 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 11.81% |
| Dividend yield | 1.59% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $1,007,337.6 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 1.46 | 16.73 | 20.14 | 32.21 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 21.38 | 16.31 | - | 11.35 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 9.45 | 25.17 | 24.25 | -3.25 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 25.04 | -6.21 | 12.06 | - |
Range of returns over five years (August 01, 2018 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 18.29% | Oct 2025 | 5.02% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 12.78% | 100 | 37 | 0 |
Q2 2026 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
The U.S. economy expanded at a solid pace in the second quarter, supported by resilient consumer spending and business investment. The labour market changed little, and the unemployment rate held broadly steady. Inflation stayed well above the U.S. Federal Reserve Board’s (Fed) 2% target, partly because of higher energy costs tied to the conflict in the Middle East.
The Fed held the federal funds rate steady at a target range of 3.50%–3.75% at its June meeting, keeping its interest rate-cutting cycle on pause. Fed officials adopted a more hawkish tone, and their latest projections pointed to the possibility of interest-rate increases later in the year rather than cuts, as they focused on returning inflation to target.
The U.S. equity market rallied in the second quarter, with the S&P 500 Index gaining about 15%, one of its strongest quarters in years. Semiconductor stocks were strong contributors, rising more than 70% on demand tied to artificial intelligence (AI) infrastructure. The gains came despite elevated valuations and a more cautious interest-rate outlook. The largest mega-capitalization technology stocks lagged the broad market and were little changed for the year, as investors questioned the timing of returns on heavy AI spending.
Performance
Security selection in the information technology, financials and consumer staples sectors contributed to performance. Information technology was supported by exposure to AI infrastructure, memory and hardware-related companies. Exposure to growth and value stocks contributed, as did the informed investor factor. Among risk factors, exposure to market sensitivity and volatility contributed to performance.
Exposure to Micron Technology Inc. contributed to performance, as did overweight exposure to Dell Technologies Inc. and Seagate Technology Holdings PLC. Micron benefited from record results and strong memory demand. Dell reported record revenue based on AI-optimized server demand. Seagate shares rose amid storage demand, record margins and free cash flow.
Exposure to the health care, consumer discretionary and communication services sectors detracted from performance. Quality stocks also detracted from performance.
Underweight exposure to Western Digital Corp., overweight exposure to AT&T Inc., and Primoris Services Corp. detracted from performance. Western Digital shares rose, while AT&T stock fell amid competition and balance sheet concerns. Primoris shares fell after it reported weaker first-quarter results, cost pressures and execution delays.
Portfolio activity
Portfolio activity is an outcome of the sub-advisor’s investment process, which is driven by stock selection, optimization and a vetting process that runs on a daily basis.
Summary
For the period 07/09/2018 through 07/31/2026 with $10,000 CAD investment
Total returns performance
137.87%
Last price
$23.79 CAD
as of market close 07/31/2026
Value of $10,000 investment
$23,786.59 CAD
