July 31, 2026
A large-cap growth fund that seeks to balance growth and 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 Canadian fixed-income securities and Canadian and foreign equities.
- 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 | 29.1 |
| Foreign Bonds | 22.5 |
| Domestic Bonds | 20.1 |
| US Equity | 17.2 |
| International Equity | 7.0 |
| Cash and Equivalents | 3.3 |
| Income Trust Units | 0.8 |
| Name | Percent |
|---|---|
| Canada | 52.3 |
| United States | 37.0 |
| United Kingdom | 1.8 |
| Japan | 1.0 |
| France | 0.9 |
| Norway | 0.9 |
| Taiwan | 0.8 |
| Germany | 0.8 |
| Spain | 0.5 |
| Other | 4.0 |
| Name | Percent |
|---|---|
| Fixed Income | 42.6 |
| Financial Services | 13.5 |
| Technology | 9.7 |
| Energy | 7.1 |
| Basic Materials | 6.1 |
| Industrial Services | 4.0 |
| Industrial Goods | 3.3 |
| Cash and Cash Equivalent | 3.3 |
| Consumer Services | 2.9 |
| Other | 7.5 |
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 $15,948
Fund details (as of May 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Canada Government 3.25% 01-Jun-2035 | 2.8 |
| Royal Bank of Canada | 2.6 |
| Canada Government 2.75% 01-Dec-2055 | 2.2 |
| Cash and Cash Equivalents | 1.8 |
| Agnico Eagle Mines Ltd | 1.7 |
| Toronto-Dominion Bank | 1.7 |
| NVIDIA Corp | 1.4 |
| Apple Inc | 1.4 |
| Canadian Pacific Kansas City Ltd | 1.4 |
| Manulife Financial Corp | 1.3 |
| Total allocation in top holdings | 18.3 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 6.13% |
| Dividend yield | 1.93% |
| Yield to maturity | 4.85% |
| Duration (years) | 4.97% |
| Coupon | 4.52% |
| Average credit rating | BBB+ |
| Average market cap (million) | $907,741.8 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.21 | 5.99 | 6.91 | 13.00 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 11.91 | 7.08 | - | 5.96 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 11.76 | 13.21 | 8.27 | -8.71 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 12.54 | 1.35 | 11.30 | - |
Range of returns over five years (August 01, 2018 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 8.60% | Oct 2025 | 2.18% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 5.73% | 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
59.48%
Last price
$15.95 CAD
as of market close 07/31/2026
Value of $10,000 investment
$15,948.12 CAD
