January 31, 2026
An equity fund aiming to provide long-term growth by investing in domestic and international businesses that work in infrastructure development and management.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in companies throughout the world that are involved in, or that indirectly benefit from, infrastructure-related operations.
- 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 | 46.5 |
| US Equity | 38.5 |
| Canadian Equity | 8.3 |
| Income Trust Units | 5.6 |
| Cash and Equivalents | 1.1 |
| Name | Percent |
|---|---|
| United States | 38.5 |
| Canada | 9.4 |
| Spain | 6.8 |
| Australia | 6.3 |
| Mexico | 6.0 |
| Italy | 4.5 |
| France | 4.2 |
| China | 4.2 |
| Japan | 3.7 |
| Other | 16.4 |
| Name | Percent |
|---|---|
| Utilities | 40.5 |
| Industrial Services | 30.0 |
| Energy | 16.0 |
| Telecommunications | 6.4 |
| Healthcare | 2.4 |
| Technology | 2.0 |
| Consumer Services | 1.4 |
| Cash and Cash Equivalent | 1.1 |
| Other | 0.2 |
Growth of $10,000 (since inception)
For the period 07/09/2018 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $17,265
Fund details (as of January 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Aena SME SA | 4.8 |
| Nextera Energy Inc | 4.2 |
| Transurban Group - Units | 3.9 |
| Grupo Aeroportuario Pacifico SAB CV - ADR Sr B | 3.0 |
| Duke Energy Corp | 2.8 |
| Enel SpA | 2.4 |
| Enbridge Inc | 2.4 |
| Atco Ltd Cl B | 2.2 |
| Williams Cos Inc | 2.1 |
| Consolidated Edison Inc | 2.1 |
| Total allocation in top holdings | 29.9 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.97% |
| Dividend yield | 3.53% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $65,787.4 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 4.55 | 9.25 | 4.55 | 17.80 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 14.26 | 11.98 | - | 7.49 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 16.54 | 20.99 | 3.47 | 3.72 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 8.52 | -9.47 | 15.12 | - |
Range of returns over five years (August 01, 2018 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 12.39% | Oct 2025 | 2.59% | Feb 2024 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 6.45% | 100 | 31 | 0 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
The global economy remained resilient in the fourth quarter despite policy uncertainty and the effects of the prolonged U.S. government shutdown. Investor sentiment improved as inflation eased across major regions and expectations grew for continued monetary and fiscal policy support into 2026. Non?U.S. markets benefited from a weaker U.S. dollar and improving valuations, while Asia and Europe saw stronger earnings momentum.
Central banks maintained or extended easing cycles. The U.S. Federal Reserve Board delivered additional rate cuts in October and December, while other major policymakers signaled that accommodative policy conditions will persist. These measures helped sustain risk appetite even as global manufacturing remained soft.
Global equity markets rose. The MSCI World Index approached record levels, supported by solid earnings, broadening participation beyond U.S. mega?capitalization stocks and continued enthusiasm for AI. Emerging markets outperformed developed market peers, helped by improved sentiment, a favourable currency backdrop and stronger relative earnings trends.
Performance
Stock selection in Canada and the U.S. contributed to Fund’s performance. Stock selection in the utilities sector also contributed to performance. Overweight positions in ATCO Ltd. and PACS Group Inc., as well as an underweight position in The Southern Co., contributed to performance.
Stock selection in Spain detracted from the Fund’s performance. An allocation to the consumer discretionary sector also detracted from performance. An underweight position in Iberdrola SA and overweight positions in National Fuel Gas Co. and Perdoceo Education Corp. detracted from performance.
Portfolio activity
Portfolio activity during any the quarter is an outcome of a disciplined process that is driven by quantitative models.
Summary
For the period 07/09/2018 through 01/31/2026 with $10,000 CAD investment
Total returns performance
72.65%
Last price
$17.26 CAD
as of market close 01/31/2026
Value of $10,000 investment
$17,264.70 CAD
