January 31, 2026
This segregated fund invests primarily in Canadian equities currently through the AGF Canadian Dividend Income Fund.
Is this fund right for you?
- You’re looking to preserve your investment while still allowing it to grow.
- You want to invest in a range of Canadian equities, with a focus on blue-chip companies; however, the fund may also invest in small or mid-sized companies if there is potential for strong growth.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of December 31, 2025)
| Name | Percent |
|---|---|
| Canadian Equity | 72.8 |
| US Equity | 20.3 |
| Income Trust Units | 3.3 |
| International Equity | 2.0 |
| Cash and Equivalents | 1.6 |
| Name | Percent |
|---|---|
| Canada | 75.7 |
| United States | 20.2 |
| Bermuda | 1.9 |
| Ireland | 1.1 |
| United Kingdom | 1.0 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| Financial Services | 32.7 |
| Energy | 13.2 |
| Technology | 12.2 |
| Basic Materials | 11.6 |
| Industrial Services | 11.1 |
| Consumer Services | 6.7 |
| Real Estate | 4.3 |
| Healthcare | 2.6 |
| Industrial Goods | 2.6 |
| Other | 3.0 |
Growth of $10,000 (since inception)
For the period 11/27/1998 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $49,986
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Royal Bank of Canada | 7.1 |
| Toronto-Dominion Bank | 4.7 |
| Canadian Pacific Kansas City Ltd | 4.4 |
| Canadian Natural Resources Ltd | 4.1 |
| Agnico Eagle Mines Ltd | 4.0 |
| Cameco Corp | 3.6 |
| Constellation Software Inc | 3.3 |
| Thomson Reuters Corp | 3.3 |
| Enbridge Inc | 3.2 |
| WSP Global Inc | 3.0 |
| Total allocation in top holdings | 40.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.59% |
| Dividend yield | 2.05% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $461,988.2 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.23 | 5.51 | -0.23 | 12.05 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 10.64 | 10.20 | 6.33 | 6.10 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 16.59 | 12.43 | 8.61 | -7.96 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 23.59 | -1.01 | 17.24 | -8.07 |
Range of returns over five years (December 01, 1998 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 15.26% | May 2008 | -4.35% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 5.14% | 86 | 230 | 37 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by AGF Investments Inc..
Market commentary
The Canadian economy faced challenges in 2025 as tariffs imposed by the U.S. and China on Canadian exports weighed on growth.
Performance
The Fund’s relative exposures to Eli Lilly and Co., Pan American Silver Corp. and Loblaw Cos. Ltd. contributed to performance. In November, Eli Lilly became the first health care firm with a market capitalization to cross the USD$1-trillion mark, driven by the sales of its Mounjaro and Zepbound drugs. The company’s third-quarter 2025 earnings beat expectations, and the company raised its full-year earnings forecast.
Relative exposures to Thomson Reuters Corp., The Home Depot Inc. and Constellation Software Inc. detracted from performance. Thomson Reuters reported lower revenue from its legacy businesses, which weighed on the company’s stock. The company’s fourth-quarter 2025 growth is expected to be lower because of lower growth in commercial print volumes, downgrades and cancellations within the government segment, and weaker booking activity in the corporate segment.
At a sector level, security selection and underweight exposure to the utilities sector contributed to performance, as did selection within the health care sector. Security selection and an overweight exposure to the energy sector also contributed to performance. Selection in the industrials, materials and information technology sectors detracted from the Fund’s performance. Overweight exposure to the industrials sector and underweight exposure to the materials sector also detracted from performance.
Portfolio activity
There were no significant trades made in the Fund during the period.
Outlook
The sub-advisor expects the year ahead to be challenging, with renegotiations of the Canada-United States-Mexico Agreement and tariff pressures likely to sustain uncertainty and weigh on Canadian exports. These trade-related risks are also expected to temper business investment sentiment.
Against this backdrop, the sub-advisor believes consumer spending should remain the biggest driver of economic growth in Canada. External and investment-related factors are likely to constrain broader momentum. The Bank of Canada enters 2026 cautiously. While inflation remains near target and economic growth shows resilience, monetary policy direction is data-dependent, with interest rate adjustments possible if economic conditions shift.
In the sub-advisor’s view, the Fund is well positioned to capitalize on growth opportunities. Artificial intelligence innovation and global demand for energy and commodities should drive momentum in resource-heavy sectors such as energy and mining. The sub-advisor maintains a disciplined approach, focusing on sectors with strong earnings momentum and identifying emerging leaders.
Summary
For the period 11/27/1998 through 01/31/2026 with $10,000 CAD investment
Total returns performance
399.86%
Last price
$49.99 CAD
as of market close 01/31/2026
Value of $10,000 investment
$49,986.20 CAD
