January 31, 2026
A value European equity fund seeking long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in companies located or active in Western and Eastern Europe and whose shares are principally traded on European stock exchanges.
- 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 | 94.4 |
| US Equity | 4.3 |
| Cash and Equivalents | 1.4 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| Ireland | 25.2 |
| France | 12.8 |
| Switzerland | 11.5 |
| Netherlands | 9.5 |
| United Kingdom | 8.7 |
| Germany | 8.3 |
| Denmark | 6.1 |
| Italy | 5.2 |
| United States | 4.3 |
| Other | 8.4 |
| Name | Percent |
|---|---|
| Healthcare | 24.5 |
| Industrial Goods | 15.3 |
| Consumer Goods | 13.5 |
| Financial Services | 13.4 |
| Technology | 11.5 |
| Energy | 7.9 |
| Real Estate | 6.3 |
| Industrial Services | 3.7 |
| Consumer Services | 2.5 |
| Other | 1.4 |
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 $13,715
Fund details (as of January 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| ASML Holding NV | 8.2 |
| Bank of Ireland Group PLC | 6.7 |
| Eni SpA | 5.2 |
| Legrand SA | 4.4 |
| Roche Holding AG - Partcptn | 4.0 |
| Steris PLC | 4.0 |
| Epiroc AB Cl B | 3.9 |
| Sanofi SA | 3.9 |
| Nestle SA Cl N | 3.8 |
| Ryanair Holdings PLC - ADR | 3.7 |
| Total allocation in top holdings | 47.8 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.04% |
| Dividend yield | 2.28% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $154,002.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 3.66 | 11.96 | 3.66 | 14.44 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 14.48 | 9.03 | - | 4.26 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 15.79 | 14.53 | 15.96 | -14.56 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 11.95 | -9.54 | 11.64 | - |
Range of returns over five years (August 01, 2018 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 10.81% | Oct 2025 | -0.46% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 4.69% | 90 | 28 | 3 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Setanta Asset Management Limited.
Market commentary
During the year, gold, silver and Bitcoin hit record highs. In equities, the Bloomberg Europe Defense Select Index rose 73% (in euro terms), while the MSCI Europe Financials Index returned almost 50% (in euro terms). Despite strong performance across many asset classes, it was also a year of higher volatility with global equity markets falling 17% in the run-up to the U.S. administration’s April 2025 tariff announcement before rebounding. Overall, the MSCI Europe Index rose 29% (in Canadian-dollar terms) for the full year.
Performance
The Fund’s relative exposures to Roche Holding AG, Bank of Ireland Group PLC and ASML Holding NV contributed to performance. Relative exposures to Legrand SA, GEA Group AG and Dassault Systemes SE detracted from performance.
At a sector level, overweight exposure to the communication services sector contributed to the Fund’s performance. Stock selection in the health care and consumer discretionary sectors detracted from performance.
Portfolio activity
There were no notable transactions made in the Fund during the quarter.
Outlook
The sub-advisor looks for attractively valued companies in European 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.
Summary
For the period 07/09/2018 through 01/31/2026 with $10,000 CAD investment
Total returns performance
37.15%
Last price
$13.72 CAD
as of market close 01/31/2026
Value of $10,000 investment
$13,715.24 CAD
