January 31, 2026
A U.S. value fund that invests in stocks that are demonstrating a turnaround or emerging trend of growth in order to provide long-term capital growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in medium- to large-cap U.S. Companies.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of January 31, 2026)
| Name | Percent |
|---|---|
| US Equity | 92.3 |
| International Equity | 5.9 |
| Cash and Equivalents | 1.7 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| United States | 92.3 |
| Ireland | 2.5 |
| Canada | 1.7 |
| Bermuda | 1.2 |
| United Kingdom | 1.2 |
| Puerto Rico | 0.8 |
| Netherlands | 0.2 |
| Switzerland | 0.1 |
| Name | Percent |
|---|---|
| Technology | 19.9 |
| Financial Services | 16.4 |
| Consumer Services | 10.9 |
| Healthcare | 9.8 |
| Consumer Goods | 9.6 |
| Industrial Goods | 8.9 |
| Real Estate | 5.8 |
| Energy | 5.2 |
| Utilities | 4.0 |
| Other | 9.5 |
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 $19,922
Fund details (as of January 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Apple Inc | 7.7 |
| Amazon.com Inc | 4.2 |
| Procter & Gamble Co | 1.9 |
| Bank of America Corp | 1.8 |
| Citigroup Inc | 1.5 |
| Lockheed Martin Corp | 1.4 |
| AT&T Inc | 1.4 |
| OVERNIGHT DEPOSITS | 1.4 |
| Goldman Sachs Group Inc | 1.2 |
| Boeing Co | 1.2 |
| Total allocation in top holdings | 23.7 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 11.37% |
| Dividend yield | 1.81% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $794,607.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 2.91 | 13.12 | 2.91 | 7.66 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 18.27 | 15.68 | - | 9.54 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 9.16 | 24.83 | 23.93 | -3.73 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 24.72 | -6.47 | 11.75 | - |
Range of returns over five years (August 01, 2018 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 17.92% | Oct 2025 | 4.69% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 11.95% | 100 | 31 | 0 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
The U.S. economy remained resilient in the fourth quarter despite significant disruptions from the record?long government shutdown and slowing job creation. Consumer spending and continued strength in AI?related business investment helped support overall activity.
The U.S. Federal Reserve Board delivered two additional 25?basis?point interest rate cuts in October and December, lowering the federal funds rate to 3.50%–3.75% as policymakers responded to softer labour?market conditions and elevated economic uncertainty. The unemployment rate was 4.4% in December as job gains moderated and labour?market momentum cooled.
The U.S. equity market advanced, with the S&P 500 Index rising 2.7% and reaching fresh record highs in December. Information technology and communication services remained influential, and health care outperformed as investors rotated toward stability amid slowing economic growth signals.
Performance
Stock selection in the financials, health care and consumer staples sectors contributed to the Fund’s performance. From a factor perspective, the stock selection model contributed positively to performance, and the value and growth factors contributed to performance.
Overweight allocations to Micron Technology Inc., Dollar General Corp. and Lam Research Corp. contributed to the Fund’s performance. Micron Technology delivered strong gains, supported by improving memory pricing trends and optimism around demand for AI-driven data center applications. Dollar General contributed as better-than-expected holiday sales and disciplined inventory management drove margin resilience, despite a challenging retail backdrop. Lam Research also contributed, benefiting from robust semiconductor equipment demand and positive outlooks tied to next-generation chip manufacturing and AI-related investments.
Stock selection in the information technology sector detracted from performance. From a factor perspective, the Quality factor detracted from performance.
Overweight allocations to Advanced Micro Devices Inc., Nutanix Inc. and Johnson & Johnson detracted from performance. Advanced Micro Devices declined during the quarter as investor sentiment softened on concerns around near-term demand for personal computer and gaming microchips, despite optimism for artificial intelligence (AI)-related growth over the longer term. Nutanix underperformed following mixed quarterly results and cautious earnings guidance, which raised questions about the pace of the company’s subscription growth and margin improvement.
Portfolio activity
Portfolio activity during the quarter is an outcome of a disciplined process that is largely driven by stock selection, optimization and a vetting process that runs daily.
Summary
For the period 07/09/2018 through 01/31/2026 with $10,000 CAD investment
Total returns performance
99.22%
Last price
$19.92 CAD
as of market close 01/31/2026
Value of $10,000 investment
$19,922.20 CAD
