January 31, 2026
A growth-oriented large-cap equity fund seeking strong returns and growth from the U.S.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in large U.S. Companies.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of December 31, 2025)
| Name | Percent |
|---|---|
| US Equity | 95.4 |
| Cash and Equivalents | 4.6 |
| Name | Percent |
|---|---|
| United States | 95.4 |
| Canada | 4.6 |
| Name | Percent |
|---|---|
| Technology | 39.0 |
| Consumer Services | 13.5 |
| Financial Services | 11.0 |
| Healthcare | 10.6 |
| Industrial Goods | 9.5 |
| Cash and Cash Equivalent | 4.6 |
| Real Estate | 4.3 |
| Energy | 2.6 |
| Consumer Goods | 2.4 |
| Other | 2.5 |
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 $76,880
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| NVIDIA Corp | 8.2 |
| Apple Inc | 7.4 |
| Alphabet Inc Cl A | 5.8 |
| Amazon.com Inc | 5.5 |
| Goldman Sachs Group Inc | 4.8 |
| Cash and Cash Equivalents | 4.6 |
| Broadcom Inc | 3.9 |
| Danaher Corp | 3.7 |
| Meta Platforms Inc Cl A | 3.5 |
| Applied Materials Inc | 3.3 |
| Total allocation in top holdings | 50.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 14.44% |
| Dividend yield | 0.68% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $1,852,066.4 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 2.81 | 4.25 | 2.81 | 6.20 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 19.83 | 14.64 | 15.25 | 16.03 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 9.86 | 39.69 | 14.68 | -9.89 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 20.37 | 42.12 | 11.57 | 2.87 |
Range of returns over five years (June 01, 2012 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 20.38% | Jan 2025 | 7.23% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 14.82% | 100 | 105 | 0 |
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Fund category
U.S. Equity
Inception date
May 14, 2012
Management expense ratio (MER)*
2.89%
(December 31, 2024)
Fund management
AGF Investments Inc.
Net assets (million)
$929.7
Price
$76.88
Number of holdings
35
Minimum Investment
$500
A minimum $500,000 in eligible assets required for preferred pricing.
Fund codes
FEL — CLGC060E
DSC^ — CLGC060F
CB2 — CLGC060R
CB4 — CLGC060G
Contact information
Customer service centre
Toll free: 1-888-252-1847
Corporate website
Q4 2025 Fund Commentary
Commentary and opinions are provided by AGF Investments Inc..
Market commentary
Equity markets rebounded in mid-November 2025, supported by a U.S.-China trade truce, strong earnings and U.S. Federal Reserve Board (Fed) interest rate cuts. U.S. gross domestic product grew 4.3% for the third quarter of 2025. However, a prolonged federal government shutdown disrupted data as inflation eased, unemployment rose and manufacturing activity slowed.
Global equities ended the year higher despite volatility from artificial intelligence (AI) bubble fears, geopolitical tensions and the U.S. government shutdown. U.S. equities gained 2.6%, supported by easing trade tensions and continued strength in AI-related stocks. Stocks of companies in the health care, communication services and financials sectors led U.S. markets, while small-capitalization and value stocks outperformed large-capitalization and growth stocks.
Performance
The Fund’s relative exposures to Alphabet Inc., Intuitive Surgical Inc. and Applied Materials Inc. contributed to performance. Relative exposures to Oracle Corp., Uber Technologies Inc. and Netflix Inc. detracted from the Fund’s performance.
At a sector level, security selection in the consumer staples and real estate sectors contributed to the Fund’s performance. Selection in the industrials, consumer discretionary and information technology sectors detracted from performance.
Portfolio activity
The sub-advisor added to the Fund holdings in Danaher Corp., Corning Inc., Ulta Beauty Inc., AbbVie Inc., Applied Materials, Valero Energy Corp., Natera Inc., Capital One Financial Corp., Advanced Micro Devices. Inc. and Northrop Grumman Corp.
Several Fund holdings were sold, including LPL Financial Holdings Inc., GE Vernova Inc., AppLovin Corp., Netflix Inc., Intercontinental Exchange Inc., Booking Holdings Inc. and Uber Technologies. The sub-advisor also sold Fund holdings in O’Reilly Automotive Inc., Oracle, Cheniere Energy Inc. and ServiceNow Inc.
Outlook
The sub-advisor believes that corporate earnings and fundamentals are supportive of U.S. equities. Fiscal stimulus and the Fed’s monetary easing continue to boost investment.
Key risks in 2026, in the sub-advisor’s view, include sticky inflation, geopolitical uncertainty, AI market concentration and fiscal tightening. The Fund has a pro-cyclical growth bias, focusing on earnings momentum and selective buying on pullbacks.
Summary
For the period 05/14/2012 through 01/31/2026 with $10,000 CAD investment
Total returns performance
668.80%
Last price
$76.88 CAD
as of market close 01/31/2026
Value of $10,000 investment
$76,880.27 CAD
