January 31, 2026
A value-oriented fund seeking strong dividend income and long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in common and preferred equities of companies anywhere in the world.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of January 31, 2026)
| Name | Percent |
|---|---|
| International Equity | 68.3 |
| US Equity | 30.4 |
| Cash and Equivalents | 1.3 |
| Name | Percent |
|---|---|
| United States | 30.4 |
| France | 10.3 |
| Switzerland | 9.9 |
| Sweden | 8.8 |
| Ireland | 5.3 |
| Finland | 5.2 |
| Korea, Republic Of | 5.1 |
| Germany | 3.5 |
| United Kingdom | 3.2 |
| Other | 18.3 |
| Name | Percent |
|---|---|
| Healthcare | 18.4 |
| Financial Services | 18.1 |
| Consumer Goods | 12.1 |
| Technology | 9.8 |
| Utilities | 9.7 |
| Industrial Goods | 9.0 |
| Basic Materials | 6.7 |
| Energy | 5.5 |
| Consumer Services | 4.9 |
| Other | 5.8 |
Growth of $10,000 (since inception)
For the period 01/12/2015 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $20,724
Fund details (as of January 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Samsung Electronics Co Ltd - Pfd | 4.6 |
| Johnson & Johnson | 4.3 |
| Sandvik AB | 4.2 |
| Novartis AG Cl N | 3.7 |
| Allianz SE | 3.5 |
| CME Group Inc Cl A | 3.5 |
| Exxon Mobil Corp | 3.3 |
| Procter & Gamble Co | 3.2 |
| National Grid PLC | 3.2 |
| Terna Rete Elettrica Nazionale SpA | 3.1 |
| Total allocation in top holdings | 36.6 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.26% |
| Dividend yield | 3.10% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $302,343.2 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 4.09 | 13.61 | 4.09 | 16.01 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 11.46 | 8.58 | 6.45 | 6.82 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 17.65 | 8.35 | 8.35 | -3.91 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 8.76 | -1.19 | 12.44 | -1.58 |
Range of returns over five years (February 01, 2015 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 10.04% | Oct 2025 | 0.85% | Oct 2022 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 4.56% | 100 | 73 | 0 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Setanta Asset Management Limited.
Market commentary
The International Monetary Fund estimates global gross domestic product growth to be 3.2% for 2025, similar to the growth rates of the previous three years. Inflation appeared to be under control in major markets, allowing interest rates to decline from previous peaks.
The U.S. administration’s attempts to influence interest rates could undermine price stability in the U.S. Mortgage rates in the U.S., typically based on long-term interest rates, remained relatively high, lowering housing demand. The balance sheets of most corporations, as well as households in general, continued to be strong in both North America and Europe.
Performance
The Fund’s relative exposures to Samsung Electronics Co. Ltd., Boliden AB and Sandvik AB contributed to performance. Relative exposures to The Home Depot Inc., Air Liquide SA and The Procter & Gamble Co. detracted from performance.
At a sector level, overweight exposures to the financials and information technology sectors contributed to the Fund’s performance. Reflecting lower consumer confidence, particularly in the U.S., exposure to consumer discretionary sector detracted from performance.
Portfolio activity
The sub-advisor sold Fund holdings in Viscofan SA and DCC PLC during the quarter.
Outlook
The sub-advisor looks for attractively valued companies in global markets. The sub-advisor’s investment decisions are not driven by macroeconomic events and does not include any macroeconomic forecasting in the search or selection process.
The sub-advisor searches for companies with both capacity and commitment to pay dividends, which means that balance sheets and cash flow are important. The sub-advisor expects stocks to have a sustainable payout ratio, which means that dividend growth is also important. The Fund is also focused in high-yield sectors and regions, but the sub-advisor also believes in diversification.
Summary
For the period 01/12/2015 through 01/31/2026 with $10,000 CAD investment
Total returns performance
107.24%
Last price
$20.72 CAD
as of market close 01/31/2026
Value of $10,000 investment
$20,723.90 CAD
