January 31, 2026
An American-focused equity fund that aims to reduce volatility while providing opportunities for long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want in invest in large U.S. companies with lower volatility than the S&P 500 index.
- 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 | 96.4 |
| International Equity | 3.3 |
| Cash and Equivalents | 0.3 |
| Name | Percent |
|---|---|
| United States | 96.6 |
| Bermuda | 1.6 |
| United Kingdom | 0.8 |
| Switzerland | 0.5 |
| Ireland | 0.2 |
| Canada | 0.1 |
| Puerto Rico | 0.1 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| Technology | 39.8 |
| Financial Services | 12.8 |
| Healthcare | 10.0 |
| Consumer Services | 9.2 |
| Consumer Goods | 7.9 |
| Industrial Goods | 6.3 |
| Utilities | 3.0 |
| Telecommunications | 2.8 |
| Energy | 2.6 |
| Other | 5.6 |
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 $20,408
Fund details (as of January 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| NVIDIA Corp | 7.5 |
| Apple Inc | 7.0 |
| Alphabet Inc Cl A | 7.0 |
| Microsoft Corp | 3.9 |
| Amazon.com Inc | 3.7 |
| Meta Platforms Inc Cl A | 3.5 |
| Merck & Co Inc | 2.0 |
| Lockheed Martin Corp | 1.8 |
| Broadcom Inc | 1.8 |
| Lam Research Corp | 1.7 |
| Total allocation in top holdings | 39.9 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.13% |
| Dividend yield | 1.13% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $1,831,851.4 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.04 | 5.99 | 0.04 | 6.13 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 18.09 | 12.95 | - | 9.89 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 10.55 | 28.91 | 17.77 | -10.87 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 21.55 | 6.72 | 7.00 | - |
Range of returns over five years (August 01, 2018 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 14.47% | Oct 2025 | 5.40% | Sep 2023 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 10.50% | 100 | 31 | 0 |
Q2 2025 Fund Commentary
Commentary and opinions are provided by Putnam Investments.
Market commentary
U.S. equities rose during the second quarter of 2025, despite significant volatility. In early April, the U.S. administration announced steep tariffs on nearly all imports, which led to sharp losses for U.S. equities. Stocks recovered after the administration announced a 90-day pause on certain tariffs to most countries. Equities rebounded in May, with U.S. equities posting their biggest monthly gains since November 2023.
A better-than-expected jobs report for April eased recession fears, and on May 2, the U.S. equities market marked its longest winning streak in over 20 years. The U.S. Federal Reserve Board kept interest rates unchanged for a third consecutive meeting. Stocks continued their rebound through the close of the quarter, when U.S. equity markets reached record highs.
Performance
The Fund’s underweight exposure to UnitedHealth Group Inc. and Apple Inc. and overweight exposure to DoorDash Inc. was positive for performance. Underweight exposure to NVIDIA Corp., Microsoft Corp. and Broadcom Inc. was negative for the Fund’s performance.
At the sector level, stock selection was positive for the Fund’s performance, as was exposure to health care and consumer discretionary. Sector allocation was negative for the Fund’s performance, with exposure to information technology and industrials weighing on results.
Portfolio activity
The sub-advisor added holdings in Philip Morris International Inc. and RTX Corp. to the Fund and increased existing holdings in Amazon.com Inc. and Netflix Inc. Holdings in NVIDIA and The Coca-Cola Co. were reduced.
Outlook
Higher volatility and major market corrections should be favourable to the Fund’s risk-adjusted performance compared with the benchmark. A high interest rate environment is likely to weigh on the performance of portfolios that tend to favour interest rate sensitive sectors. Therefore, the sub-advisor’s sector-neutral approach could outperform in this environment.
Summary
For the period 07/09/2018 through 01/31/2026 with $10,000 CAD investment
Total returns performance
104.08%
Last price
$20.41 CAD
as of market close 01/31/2026
Value of $10,000 investment
$20,407.55 CAD
