January 31, 2026
A blended-style large-cap equity fund seeking long-term growth.
Is this fund right for you?
- You want your money to grow over the longer term.
- You want to invest mainly 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 | 100.0 |
| Name | Percent |
|---|---|
| Canada | 100.0 |
| Name | Percent |
|---|---|
| Mutual Fund | 100.0 |
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 $19,222
Fund details (as of January 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Fiera Canadian Dividend Plus Fund F | 100.0 |
| Total allocation in top holdings | 100.0 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.53% |
| Dividend yield | - |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | - |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -5.45 | -5.19 | -5.45 | -3.74 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 7.08 | 9.18 | 6.61 | 4.88 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 4.72 | 15.80 | 11.37 | -4.05 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 23.21 | -2.89 | 9.96 | -9.94 |
Range of returns over five years (June 01, 2012 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 13.24% | Mar 2025 | -4.93% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 3.40% | 76 | 80 | 25 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by CGOV Asset Management.
Market commentary
Canadian equities were volatile during the fourth quarter of 2025 because of uncertainty and concerns around the sustainability of the equity rebound. Despite the volatility, the S&P/TSX Composite Index posted its eighth consecutive month of positive returns during the quarter, the longest such streak in more than nine years.
Thematically, performance drivers were similar to the prior quarter. The materials sector led performance and artificial intelligence (AI)-driven sentiment affected several companies in the information technology sector and beyond. The strongest-performing sectors were materials (up 11.9%) and consumer discretionary (up 11.0%), with real estate (-5.8%) and communication services (-1.7%) the weakest performers.
Performance
The Fund’s relative exposures to Quebecor Inc. and National Bank of Canada contributed to performance. Quebecor has been working to expand and grow its wireless brands nationwide and saw its market share grow. National Bank of Canada was the best performer of the “Big Six” Canadian banks during the quarter and announced a higher return on equity target for 2027.
Relative exposures to Constellation Software Inc. and Thomson Reuters Corp. detracted from the Fund’s performance. Constellation Software stock fell as investors faced uncertainty around the place of software companies in a world of AI. Thomson Reuters has also faced questions around how it will address the potential disruptions from AI. While the company’s share price fell during the quarter, the company is focused on improving its AI-enabled product offering and optimizing its pricing strategy.
At the sector level, security selection in the consumer staples and consumer discretionary sectors contributed to the Fund’s performance. Security selection within the information technology and financials sectors detracted from performance.
Portfolio activity
The sub-advisor added to the Fund a holding in Waste Connections Inc. and sold the Fund’s holding in PepsiCo Inc.
Outlook
The Fund is invested in what the sub-advisor views as high-quality businesses currently trading at an attractive discount to their intrinsic value.
Summary
For the period 05/14/2012 through 01/31/2026 with $10,000 CAD investment
Total returns performance
92.22%
Last price
$19.22 CAD
as of market close 01/31/2026
Value of $10,000 investment
$19,222.17 CAD
