July 31, 2026
An equity fund seeking long-term growth by investing in emerging markets.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in equity securities of the developing countries in Latin America, Asia, Africa, Europe and the Middle East.
- You're comfortable with a high level of risk.
RISK RATING
How is the fund invested? (as of May 31, 2026)
| Name | Percent |
|---|---|
| International Equity | 96.9 |
| Cash and Equivalents | 3.1 |
| Name | Percent |
|---|---|
| Taiwan | 28.3 |
| Korea, Republic Of | 21.0 |
| China | 19.3 |
| India | 9.5 |
| Canada | 3.1 |
| Saudi Arabia | 2.7 |
| Brazil | 2.6 |
| South Africa | 2.0 |
| Hong Kong | 1.9 |
| Other | 9.6 |
| Name | Percent |
|---|---|
| Technology | 44.7 |
| Financial Services | 16.6 |
| Industrial Goods | 6.1 |
| Consumer Goods | 5.4 |
| Basic Materials | 5.4 |
| Industrial Services | 3.4 |
| Healthcare | 3.2 |
| Cash and Cash Equivalent | 3.1 |
| Energy | 2.7 |
| Other | 9.4 |
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 $21,648
Fund details (as of May 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Taiwan Semiconductor Manufactrg Co Ltd | 10.2 |
| Samsung Electronics Co Ltd | 7.8 |
| SK Hynix Inc | 6.4 |
| Tencent Holdings Ltd | 3.2 |
| Cash and Cash Equivalents | 3.1 |
| Delta Electronics Inc | 2.0 |
| ASE Technology Holding Co Ltd - ADR | 1.3 |
| Alibaba Group Holding Ltd | 1.3 |
| Accton Technology Corp | 1.1 |
| Fubon Financial Holding Co Ltd | 1.1 |
| Total allocation in top holdings | 37.5 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 14.64% |
| Dividend yield | 2.20% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $625,343.9 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -6.52 | 12.72 | 22.39 | 35.61 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 22.92 | 11.41 | - | 10.06 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 28.61 | 17.83 | 14.94 | -15.03 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 4.08 | 16.71 | 10.14 | - |
Range of returns over five years (August 01, 2018 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 12.39% | Oct 2025 | 3.00% | Aug 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 8.10% | 100 | 37 | 0 |
fundgrade A+ logo
Fund category
Emerging Markets Equity
Inception date
July 09, 2018
Management expense ratio (MER)*
1.20%
(December 31, 2023)
Fund management
Mackenzie Investments
Net assets (million)
$157.4
Price
$21.65
Number of holdings
176
Minimum Investment
$500
A minimum $500,000 in eligible assets required for preferred pricing.
Fund codes
FEL — CLGD111I
Contact information
Customer service centre
Toll free: 1-888-252-1847
Corporate website
Q2 2026 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
Emerging markets had a strong second quarter. The retreat in crude oil prices late in the quarter eased pressure on oil-importing economies in Asia, including China, India, Japan and South Korea, after higher energy costs had weighed on trade balances earlier in the year. The easing of tensions in the Middle East and the resumption of shipping through the Strait of Hormuz supported sentiment.
Regional performance varied. Demand tied to artificial intelligence (AI) and semiconductors drove extraordinary gains in South Korea and Taiwan. Commodity-exporting markets benefited from firm commodity prices early in the quarter. Chinese and Indian equities lagged, while Latin American markets were supported by resilient domestic demand.
Emerging market equities rose close to 23% for the quarter, outperforming developed markets. Technology-oriented markets led, and energy-related companies performed well in markets with significant oil and gas exposure. Consumer-oriented sectors were mixed amid uneven domestic demand signals.
Performance
Selection in Taiwan, Saudi Arabia and Malaysia contributed to performance. Security selection in the information technology and energy sectors also contributed to performance. Exposure to growth and quality equities factors contributed to performance, as did exposure to market sensitivity and profitability.
Relative overweight exposure to SK Hynix Inc., Kingboard Holdings Ltd. and Global Unichip Corp. contributed to the Fund’s performance. These information technology stocks benefited from an advance across the AI-related semiconductor and electronics supply chain.
Security selection in India, Indonesia and South Korea detracted from performance. Selection in industrials, consumer discretionary and real estate also detracted from performance. Value and informed investor factors detracted from performance, as did the Fund’s smaller size bias.
Underweight exposure to MediaTek Inc., Taiwan Semiconductor Manufacturing Co. Ltd. and SK Square Co. Ltd. detracted from performance.
Portfolio activity
Activity in the Fund is driven by stock selection, optimization and the sub-advisor’s vetting process, which is run daily.
Summary
For the period 07/09/2018 through 07/31/2026 with $10,000 CAD investment
Total returns performance
116.48%
Last price
$21.65 CAD
as of market close 07/31/2026
Value of $10,000 investment
$21,647.51 CAD
