January 31, 2026
The Fund seeks to achieve long-term capital appreciation by investing primarily in equity securities of companies in any country outside of Canada and the United States.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in companies outside of Canada and the U.S.
- You're comfortable with a medium level of risk.
RISK RATING
How is the fund invested? (as of November 30, 2025)
| Name | Percent |
|---|---|
| International Equity | 96.6 |
| US Equity | 3.1 |
| Cash and Equivalents | 0.3 |
| Name | Percent |
|---|---|
| United Kingdom | 16.0 |
| France | 14.5 |
| Germany | 13.3 |
| Japan | 12.6 |
| Netherlands | 7.2 |
| Taiwan | 6.7 |
| Switzerland | 6.3 |
| India | 5.6 |
| Hong Kong | 4.0 |
| Other | 13.8 |
| Name | Percent |
|---|---|
| Technology | 20.1 |
| Consumer Goods | 16.4 |
| Financial Services | 15.1 |
| Industrial Goods | 13.8 |
| Healthcare | 10.7 |
| Real Estate | 9.1 |
| Consumer Services | 5.9 |
| Utilities | 3.0 |
| Basic Materials | 2.9 |
| Other | 3.0 |
Growth of $10,000 (since inception)
For the period 06/17/2019 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $17,286
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| Taiwan Semiconductor Manufactrg Co Ltd - ADR | 6.7 |
| HDFC Bank Ltd - ADR | 5.6 |
| AstraZeneca PLC | 4.4 |
| Sony Group Corp | 4.3 |
| Hoya Corp | 4.1 |
| AIA Group Ltd | 4.0 |
| Siemens AG Cl N | 3.9 |
| Prosus NV | 3.6 |
| Sap SE | 3.6 |
| Assa Abloy AB Cl B | 3.6 |
| Total allocation in top holdings | 43.8 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.84% |
| Dividend yield | 1.69% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $299,362.5 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.12 | 6.13 | 0.12 | 6.63 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 9.50 | 6.46 | - | 8.61 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 11.86 | 6.74 | 16.70 | -9.71 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 7.79 | 19.71 | - | - |
Range of returns over five years (July 01, 2019 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 10.55% | Sep 2024 | 6.28% | Dec 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 8.72% | 100 | 20 | 0 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by C WorldWide Asset Management.
Market commentary
International equities rose during the fourth quarter of 2025, driven by European equities. At the sector level, the main drivers of performance were the information technology and health care sectors.
Performance
Relative exposure to AstraZeneca PLC contributed to the Fund’s performance. The company reported better-than-expected third-quarter 2025 results for sales and earnings because of its oncology segment and cost controls. Exposure to MercadoLibre Inc. detracted from performance. The company saw competition from Amazon.com Inc., which increased its investments in Brazil. A recent announcement related to a partnership between Amazon.com and Nubank in Brazil led to investor worries.
At a sector level, security selection in the health care and utilities sectors contributed to the Fund’s performance. Selection in the consumer discretionary and financials sectors detracted from performance.
At a regional level, overweight exposure to Taiwan contributed to the Fund’s performance. Underweight exposure to Japan detracted from performance.
Portfolio activity
The sub-advisor added to the Fund a holding in Contemporary Amperex Technology Co. Ltd. for the company’s scale, vertical integration, cost leadership and partnerships with leading auto makers. The Fund’s holding in Novo Nordisk AS was sold because of the sub-advisor’s lower confidence in the company’s innovation pipeline.
Outlook
The Fund holds what the sub-advisor believes is a balanced structure of companies in different parts of the growth spectrum. The sub-advisor is focused on growth companies with good cash flows and strong balance sheets, which we believe are not only crucial for long-term investing but also of paramount importance in the current environment.
Summary
For the period 06/17/2019 through 01/31/2026 with $10,000 CAD investment
Total returns performance
72.86%
Last price
$17.29 CAD
as of market close 01/31/2026
Value of $10,000 investment
$17,285.92 CAD
