January 31, 2026
A Canadian all-cap growth fund seeking strong, long-term increases in value.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in a wide range of Canadian growth companies, including junior growth companies.
- You're comfortable with a moderate to high level of risk.
RISK RATING
How is the fund invested? (as of December 31, 2025)
| Name | Percent |
|---|---|
| Canadian Equity | 92.1 |
| US Equity | 4.5 |
| Cash and Equivalents | 2.4 |
| Income Trust Units | 1.1 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Canada | 94.4 |
| United States | 4.5 |
| Bermuda | 1.1 |
| Name | Percent |
|---|---|
| Financial Services | 35.9 |
| Basic Materials | 15.0 |
| Energy | 11.3 |
| Consumer Goods | 6.9 |
| Industrial Services | 6.6 |
| Utilities | 6.2 |
| Technology | 6.0 |
| Real Estate | 3.8 |
| Industrial Goods | 3.3 |
| Other | 5.0 |
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 $29,581
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Royal Bank of Canada | 11.2 |
| Shopify Inc Cl A | 5.3 |
| Canadian Imperial Bank of Commerce | 4.7 |
| Goldman Sachs Group Inc | 4.5 |
| Manulife Financial Corp | 4.2 |
| Suncor Energy Inc | 4.2 |
| RB Global Inc | 4.0 |
| AltaGas Ltd | 3.7 |
| Brookfield Corp Cl A | 3.6 |
| Premium Brands Holdings Corp | 3.1 |
| Total allocation in top holdings | 48.5 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 10.42% |
| Dividend yield | 1.89% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $104,666.4 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 2.40 | 18.09 | 2.40 | 31.85 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 18.97 | 14.55 | 9.87 | 8.23 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 33.80 | 17.68 | 12.49 | -9.42 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 18.98 | 0.34 | 18.53 | -15.25 |
Range of returns over five years (June 01, 2012 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 15.34% | Oct 2025 | -2.76% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 5.58% | 97 | 102 | 3 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by AGF Investments Inc..
Market commentary
Global equities rose over the fourth quarter of 2025 because of strong corporate earnings and U.S. Federal Reserve Board interest rate cuts, which offset early volatility. The S&P/TSX Composite Index gained 6.3%, led by the materials, consumer discretionary and financials sectors, with large-capitalization and value stocks outperforming.
U.S. economic growth remained strong, but a federal government shutdown and softer jobs and manufacturing data signalled cooling momentum. Inflation eased in the U.S., supporting a shift in monetary policy from the Fed and improving market sentiment. Canada’s economy rebounded on trade gains, though domestic demand and manufacturing stayed weak.
Performance
The Fund’s relative exposures to Royal Bank of Canada, Hudbay Minerals Inc. and Aritzia Inc. contributed to performance. Relative exposures to RB Global Inc., Brookfield Corp. and Atkinsrealis Group Inc. detracted from performance.
At the sector level, security selection in the consumer discretionary and financials sectors contributed to the Fund’s performance. Underweight exposure to the real estate sector and overweight exposure to the financials sector also contributed to performance. Stock selection in the industrials and energy sectors detracted from performance. Underweight exposure to the materials sector and overweight exposure to the industrials sector detracted from performance.
Portfolio activity
The sub-advisor both added to the Fund a holding in Altus Group Ltd. and then sold it during the quarter. Other additions included holdings in NFI Group Inc., National Bank of Canada, Gildan Activewear Inc., Finning International Inc. and Emera Inc.
Fund holdings in Constellation Software Inc., Galaxy Digital Inc., DoorDash Inc., Jamieson Wellness Inc. and Zillow Group Inc. were sold.
Outlook
Canada’s economic growth in 2025 was pressured by U.S. and China tariffs, with trade uncertainty set to persist into 2026 amid Canada-United States-Mexico Agreement renegotiations. In the sub-advisor’s view, ongoing tariff risks are likely to weigh on exports and dampen business investment sentiment.
Consumer spending is projected to be the main driver of Canadian economic growth in 2026. The Bank of Canada enters 2026 cautiously, with monetary policy remaining data-dependent as inflation stays near the central bank’s target of 2%.
According to the sub-advisor, the Fund is positioned to benefit from AI and energy-driven demand, focusing on resource sectors, earnings strength and growth exposure.
Summary
For the period 05/14/2012 through 01/31/2026 with $10,000 CAD investment
Total returns performance
195.81%
Last price
$29.58 CAD
as of market close 01/31/2026
Value of $10,000 investment
$29,581.09 CAD
