July 31, 2026
This segregated fund invests primarily in U.S. companies that are in the middle capitalization range of the equity market.
Is this fund right for you?
- A person who is investing for the longer term, seeking the growth potential of U.S. stocks and is comfortable with moderate to high risk.
- Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.
RISK RATING
How is the fund invested? (as of July 31, 2026)
| Name | Percent |
|---|---|
| US Equity | 90.5 |
| International Equity | 8.1 |
| Cash and Equivalents | 1.4 |
| Name | Percent |
|---|---|
| United States | 91.9 |
| Bermuda | 3.3 |
| Switzerland | 1.6 |
| Puerto Rico | 0.9 |
| Netherlands | 0.9 |
| United Kingdom | 0.8 |
| Israel | 0.7 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Technology | 18.3 |
| Financial Services | 15.1 |
| Real Estate | 10.5 |
| Healthcare | 8.9 |
| Consumer Services | 8.7 |
| Industrial Services | 7.9 |
| Energy | 6.6 |
| Industrial Goods | 6.5 |
| Utilities | 5.2 |
| Other | 12.3 |
Growth of $10,000 (since inception)
For the period 11/04/2019 through 07/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $14,656
Fund details (as of July 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| USD Currency | 1.4 |
| United Rentals Inc | 1.3 |
| Hewlett Packard Enterprise Co | 1.3 |
| Cardinal Health Inc | 1.2 |
| PayPal Holdings Inc | 1.2 |
| Teradyne Inc | 1.2 |
| Comfort Systems USA Inc | 1.2 |
| Ventas Inc | 1.2 |
| Nasdaq Inc | 1.1 |
| Expedia Group Inc | 1.1 |
| Total allocation in top holdings | 12.2 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 14.01% |
| Dividend yield | 1.44% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $29,389.3 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.27 | 1.67 | 2.06 | 4.29 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 6.60 | 1.29 | - | 5.84 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| -1.07 | 13.20 | 10.91 | -19.68 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 24.12 | 13.68 | - | - |
Range of returns over five years (December 01, 2019 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 9.49% | Mar 2025 | 0.74% | Apr 2026 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 5.19% | 100 | 21 | 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
Stock selection in the consumer discretionary and communication services sectors contributed to performance. Exposure to consumer discretionary and utilities also contributed.
Exposure to Akamai Technologies Inc. contributed to the Fund’s performance. It reported growth in cloud infrastructure and security and announced a seven-year cloud services commitment from a leading frontier-model provider. The agreement reinforced the company’s role in AI infrastructure.
Selection in the information technology, industrials and health care sectors detracted from performance.
The Fund’s underweight exposure to Sandisk Corp. detracted from performance as the stock rose. It reported AI-driven data centre demand, stronger memory pricing and record fiscal third-quarter results.
Portfolio activity
The majority of Fund activity was related to portfolio rebalancing amid a shift in sub-advisor in May. Following this transition, the trades reflected the sub-advisor’s process of daily stock selection and portfolio construction.