January 31, 2026
A growth-style fund seeking long-term growth in the Canadian resource sector.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in the securities of Canadian oil, gas and natural resource companies that offer above-average prospects for growth with slightly higher volatility.
- You're comfortable with a high level of risk.
RISK RATING
How is the fund invested? (as of November 30, 2025)
| Name | Percent |
|---|---|
| Canadian Equity | 48.0 |
| International Equity | 33.6 |
| US Equity | 11.9 |
| Cash and Equivalents | 2.9 |
| Income Trust Units | 0.3 |
| Domestic Bonds | 0.3 |
| Other | 3.0 |
| Name | Percent |
|---|---|
| Canada | 51.2 |
| United States | 11.9 |
| United Kingdom | 10.9 |
| France | 5.7 |
| Brazil | 5.4 |
| Multi-National | 3.1 |
| Germany | 2.3 |
| Australia | 1.7 |
| Netherlands | 1.3 |
| Other | 6.5 |
| Name | Percent |
|---|---|
| Basic Materials | 43.2 |
| Energy | 35.1 |
| Industrial Goods | 5.4 |
| Cash and Cash Equivalent | 2.9 |
| Mutual Fund | 2.3 |
| Real Estate | 1.6 |
| Utilities | 1.5 |
| Exchange Traded Fund | 1.1 |
| Technology | 0.4 |
| Other | 6.5 |
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 $25,872
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| Barrick Mining Corp | 4.9 |
| TotalEnergies SE - ADR | 3.1 |
| Shell PLC - ADR | 3.0 |
| Cash and Cash Equivalents | 2.9 |
| Endeavour Mining PLC | 2.9 |
| Advantage Energy Ltd | 2.7 |
| Tourmaline Oil Corp | 2.6 |
| Anglogold Ashanti PLC | 2.5 |
| Cenovus Energy Inc | 2.3 |
| Alcoa Corp | 2.3 |
| Total allocation in top holdings | 29.2 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 13.73% |
| Dividend yield | 2.32% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $45,233.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 8.24 | 38.71 | 8.24 | 49.53 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 19.07 | 24.28 | 13.43 | 6.00 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 43.94 | 10.06 | 3.18 | 16.06 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 45.21 | 2.43 | 7.62 | -23.09 |
Range of returns over five years (November 01, 2009 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 28.69% | Mar 2025 | -13.68% | Feb 2016 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 2.31% | 48 | 65 | 71 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
The global natural resources sector faced mixed conditions in the fourth quarter as crude markets continued to weaken. The price of crude oil declined through the quarter, averaging about USD$60–63 over the quarter, reflecting ongoing oversupply and rising global inventories. Metals were comparatively firmer, supported by steady demand for electrification?related materials and renewed interest in gold amid persistent geopolitical uncertainty.
In Canada, the natural resources sector lagged the broader market as softer crude oil pricing pressured energy producers. Refining margins improved modestly, but overall sector sentiment remained cautious. Materials provided relative support, with gold and base?metals names benefiting from resilient global demand and investor preference for defensive commodities amid geopolitical tensions.
Globally, energy equities continued to trail broader indices due to oversupply concerns, while mining companies saw steadier performance as international equity markets strengthened late in the year.
Performance
Relative exposures to Barrick Mining Corp. and Rio2 Ltd. contributed to the Fund’s performance as the stocks of both companies rose as gold prices rose. Barrick Mining also benefited from its gold discovery in Nevada. Rio2 made progress at the Fenix gold mine in Chile.
The Fund’s relative exposure to Interfor Corp. detracted from performance. The company raised equity but was under pressure from low lumber prices because of lower housing activity in the U.S. and rising tariffs.
At a sector level, overweight exposure to gold, aluminum and copper-focused companies contributed to the Fund’s performance. Stock selection within the diversified metals and mining industry detracted from performance.
Portfolio activity
A holding in G Mining Ventures Corp. was added to the Fund because of promising output at one of the company’s mines. A holding in EQT Corp. was increased as the company is a leading gas producer. The Fund’s holding in EOG Resources Inc. was sold for better risk/reward opportunities. The sub-advisor reduced the Fund’s holding in Endeavour Mining PLC.
Summary
For the period 10/05/2009 through 01/31/2026 with $10,000 CAD investment
Total returns performance
158.72%
Last price
$25.87 CAD
as of market close 01/31/2026
Value of $10,000 investment
$25,871.74 CAD
