January 31, 2026
A Canadian large-cap fund seeking long-term growth through undervalued investments.
Is this fund right for you?
- You want investment income and want your money to grow over time.
- You want to invest in Canadian companies.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of January 31, 2026)
| Name | Percent |
|---|---|
| Canadian Equity | 92.3 |
| US Equity | 3.7 |
| Income Trust Units | 3.3 |
| Cash and Equivalents | 0.6 |
| International Equity | 0.1 |
| Name | Percent |
|---|---|
| Canada | 96.2 |
| United States | 3.7 |
| Ireland | 0.1 |
| Name | Percent |
|---|---|
| Financial Services | 30.6 |
| Basic Materials | 15.5 |
| Energy | 11.8 |
| Industrial Services | 9.6 |
| Technology | 7.2 |
| Consumer Services | 6.3 |
| Consumer Goods | 5.2 |
| Real Estate | 5.1 |
| Utilities | 2.7 |
| Other | 6.0 |
Growth of $10,000 (since inception)
For the period 10/05/2009 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $23,638
Fund details (as of January 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Royal Bank of Canada | 7.0 |
| Agnico Eagle Mines Ltd | 5.5 |
| Toronto-Dominion Bank | 4.9 |
| Kinross Gold Corp | 4.3 |
| Suncor Energy Inc | 3.2 |
| Canadian Natural Resources Ltd | 3.0 |
| Canadian National Railway Co | 2.8 |
| Brookfield Corp Cl A | 2.8 |
| Canadian Pacific Kansas City Ltd | 2.7 |
| Shopify Inc Cl A | 2.7 |
| Total allocation in top holdings | 38.9 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 10.02% |
| Dividend yield | 2.12% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $163,962.0 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.53 | 13.20 | 0.53 | 20.57 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 14.08 | 13.83 | 8.62 | 5.41 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 22.93 | 18.52 | 7.75 | -3.78 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 24.02 | -3.95 | 15.51 | -11.81 |
Range of returns over five years (November 01, 2009 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 15.45% | Oct 2025 | -4.62% | Feb 2016 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 4.15% | 87 | 118 | 18 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
Canada’s economy showed signs of strain in the fourth quarter as U.S. tariffs and weakening trade flows continued to pressure manufacturing and export?oriented sectors. Business confidence softened, and labour?market momentum faded, although household spending remained stable heading into year?end.
The Bank of Canada held its policy rate at 2.25% in December following its 25-basis-point rate cut in October, citing moderating inflation and persistent economic uncertainty. Canada’s unemployment rate rose to 6.8% in December, as labour?force growth outpaced hiring and trade?sensitive industries showed renewed weakness.
The Canadian equity market advanced in the quarter, with the S&P/TSX Composite Index rising about 6.3%, supported by strength in the materials and consumer discretionary sectors. Information technology also contributed, while energy lagged broader market gains amid softer crude oil prices through year?end.
Performance
Relative exposures to Kinross Gold Corp., CCL Industries Inc. and Constellation Software Inc. contributed to the Fund’s performance. Kinross Gold benefited from a 12% increase in the price of gold, cost discipline and production consistency. Shares of CCL Industries rose because of improvement across the company’s core businesses, with more stable volumes in key segments. No exposure to Constellation Software was a contributor to performance as the company’s shares fell amid investor concerns about the potential impact of artificial intelligence on the business.
Relative exposures to Barrick Mining Corp., Allied Properties REIT and Northland Power Inc. detracted from the Fund’s performance. Underweight exposure to Barrick Mining detracted from performance. The company’s stock rose as the price of gold rose, and the company benefited from discussions around simplifying its portfolio. Allied Properties REIT was affected by the slow recovery in the office sector following the COVID-19 pandemic. The company’s stock fell after the company made a 60% cut to its monthly distribution. Northland Power cut its distribution despite reassurances from a new management team that a cut had not been under consideration.
At a sector level, stock selection in the industrials, health care and energy sectors contributed to the Fund’s performance. Underweight exposure to the energy sector and overweight exposure to the consumer discretionary sector also contributed to performance. Underweight exposure and stock selection in the materials sector detracted from performance, as did selection in the utilities, financials and real estate sectors.
Portfolio activity
The sub-advisor increased the Fund’s holding in Waste Connections Inc. and reduced the Fund’s holding in Bank of Montreal. These transactions were based on the stocks’ individual risk/reward profile.
Summary
For the period 10/05/2009 through 01/31/2026 with $10,000 CAD investment
Total returns performance
136.38%
Last price
$23.64 CAD
as of market close 01/31/2026
Value of $10,000 investment
$23,638.46 CAD
