August 31, 2026
This segregated fund invests primarily in global equity securities currently through the Counsel Global Listed Private Equity Pool.
Is this fund right for you?
- A person who is investing for the medium to longer term, seeking the growth potential of global 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 June 30, 2026)
| Name | Percent |
|---|---|
| US Equity | 52.3 |
| International Equity | 34.8 |
| Canadian Equity | 11.1 |
| Income Trust Units | 1.0 |
| Cash and Equivalents | 0.5 |
| Foreign Bonds | 0.3 |
| Name | Percent |
|---|---|
| United States | 52.8 |
| United Kingdom | 18.5 |
| Canada | 12.4 |
| Sweden | 5.8 |
| Switzerland | 4.2 |
| France | 2.5 |
| Japan | 1.3 |
| Belgium | 1.1 |
| Brazil | 0.6 |
| Other | 0.8 |
| Name | Percent |
|---|---|
| Financial Services | 84.9 |
| Mutual Fund | 7.7 |
| Industrial Goods | 1.8 |
| Industrial Services | 1.5 |
| Consumer Goods | 0.7 |
| Cash and Cash Equivalent | 0.5 |
| Fixed Income | 0.3 |
| Other | 2.6 |
Growth of $10,000 (since inception)
Data not available based on date of inception
Fund details (as of June 30, 2026)
| Top holdings | Percent (%) |
|---|---|
| Blackstone Inc | 7.4 |
| 3i Group PLC | 7.0 |
| Brookfield Corp Cl A | 5.8 |
| KKR & Co Inc | 5.2 |
| Apollo Global Management Inc | 4.9 |
| Ares Capital Corp | 4.8 |
| EQT AB | 4.3 |
| Partners Group Holding AG | 4.2 |
| Intermediate Capital Group PLC | 3.2 |
| Carlyle Group Inc | 2.9 |
| Total allocation in top holdings | 49.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | - |
| Dividend yield | 5.34% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $49,560.2 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| Data not available based on date of inception | |||
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| Data not available based on date of inception | |||
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| Data not available based on date of inception | |||
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| Data not available based on date of inception | |||
Range of returns over five years
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| Data not available based on date of inception | |||
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| Data not available based on date of inception | |||
Q2 2026 Fund Commentary
Commentary and opinions are provided by Keyridge Asset Management Limited.
Market commentary
Listed private equity delivered a positive return over the second quarter of 2026 but didn't keep pace with the broad U.S. equity market, where gains came from a narrow group of artificial intelligence (AI) and technology companies.
Returns varied significantly across individual private equity firms, reflecting concerns about valuations, exits and financing conditions. In the sub-advisor's view, the growth of AI has also prompted greater caution toward software and technology assets, because assumptions about future revenues and competitive positioning continue to evolve.
Performance
The fund launched in May 2026 and does not yet have a sufficient track record to support meaningful performance commentary.
Portfolio activity
The fund launched in May 2026 and does not yet have a sufficient history to provide meaningful commentary on portfolio activity.
Outlook
Looking beyond the short term, the sub-advisor views recent macroeconomic developments as a potential value opportunity, because the sector continues to offer exposure to a growing private markets industry.
In the sub-advisor's view, listed private equity may also provide access to AI infrastructure assets that are largely absent from public equity indices, which are instead dominated by large cloud-computing providers and semiconductor companies.
Data not available based on date of inception
