January 31, 2026
A Canadian value fund that seeks to provide capital appreciation and income.
Is this fund right for you?
- You want your investment to boost your income returns.
- You want to invest in Canadian government bonds and some corporate bonds.
- You're comfortable with a low to moderate level of risk.
RISK RATING
How is the fund invested? (as of November 30, 2025)
| Name | Percent |
|---|---|
| Domestic Bonds | 61.8 |
| Canadian Equity | 14.5 |
| US Equity | 13.6 |
| International Equity | 7.4 |
| Foreign Bonds | 2.3 |
| Income Trust Units | 0.4 |
| Name | Percent |
|---|---|
| North America | 61.7 |
| United States | 15.5 |
| Canada | 14.8 |
| United Kingdom | 1.5 |
| France | 1.1 |
| Japan | 0.9 |
| Switzerland | 0.6 |
| Germany | 0.6 |
| Ireland | 0.5 |
| Other | 2.8 |
| Name | Percent |
|---|---|
| Fixed Income | 64.0 |
| Financial Services | 7.8 |
| Technology | 6.3 |
| Energy | 3.7 |
| Basic Materials | 3.1 |
| Healthcare | 2.6 |
| Consumer Services | 2.5 |
| Consumer Goods | 2.3 |
| Industrial Goods | 2.2 |
| Other | 5.5 |
Growth of $10,000 (since inception)
For the period 05/14/2012 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $23,278
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| Mackenzie Canadian Enhanced Core Plus Fixed Income | 61.7 |
| Royal Bank of Canada | 1.2 |
| Microsoft Corp | 1.0 |
| Agnico Eagle Mines Ltd | 1.0 |
| Apple Inc | 0.9 |
| NVIDIA Corp | 0.9 |
| SPDR S&P 500 ETF Trust (SPY) | 0.8 |
| Alphabet Inc Cl A | 0.8 |
| Manulife Financial Corp | 0.7 |
| Amazon.com Inc | 0.7 |
| Total allocation in top holdings | 69.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 5.56% |
| Dividend yield | 2.25% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $891,010.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.97 | 5.83 | 0.97 | 9.01 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 8.52 | 5.20 | 6.06 | 6.35 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 10.12 | 9.88 | 8.40 | -8.47 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 5.56 | 8.97 | 12.44 | -0.31 |
Range of returns over five years (June 01, 2012 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 7.89% | May 2017 | 3.01% | Oct 2022 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 5.42% | 100 | 105 | 0 |
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 fixed income market delivered modest gains in the fourth quarter given easing inflation and a stable policy stance towards the end of the quarter. The yield on the 10-year Government of Canada (GoC) bond ended December at 3.43%, up from 3.18% at the beginning of the quarter. Government bond prices moved lower and underperformed corporate bonds, which gained. High?yield bonds also rose, supported by the late?year rally in equities and investor demand for carry in a lower?rate environment.
The Canadian equity market advanced in the quarter, with the S&P/TSX Composite Index rising about 5.6%, 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
Overweight exposures to Manulife Financial Corp., Alphabet Inc. and Finning International Inc. contributed to the Fund’s performance. All three stocks posted positive returns during the quarter. Overweight exposure to GoC (3.25%, 2035/06/01) and GoC (2.75%, 2055/12/01) bonds detracted from performance. Underweight exposure to Barrick Mining Corp. detracted from performance as the company’s stock rose.
At a sector level, stock selection in the communication services sector contributed to the Fund’s performance. Stock selection in the materials sector detracted from performance.
At a regional level, underweight exposure to Australia contributed to the Fund’s performance. Stock selection in Canada detracted from performance.
Within fixed income securities, exposure to corporate bonds and the energy sector contributed to the Fund’s performance. Duration (interest rate sensitivity) management in federal government bonds detracted from performance.
Portfolio activity
The sub-advisor increased the Fund’s holding in Province of Ontario (3.95%, 2035/12/02) bonds for its attractive yield. Holdings in GoC (3.25%, 2035/06/01) and Province of Ontario (3.6%, 2035/06/02) bonds were reduced. The federal bond was reduced to align with the Fund’s duration and asset allocation objectives. The provincial bond was part of a switch trade within the provincial yield curve, to shift to higher-yielding holdings.
Summary
For the period 05/14/2012 through 01/31/2026 with $10,000 CAD investment
Total returns performance
132.78%
Last price
$23.28 CAD
as of market close 01/31/2026
Value of $10,000 investment
$23,277.64 CAD
