January 31, 2026
The Fund seeks to achieve long-term capital growth by investing primarily in a portfolio of equity securities of large-capitalization securities companies in emerging markets.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in equity securities of the developing countries in Latin America, Asia, Africa, Europe and the Middle East.
- You're comfortable with a medium to high level of risk.
RISK RATING
How is the fund invested? (as of November 30, 2025)
| Name | Percent |
|---|---|
| International Equity | 97.2 |
| Cash and Equivalents | 2.8 |
| Name | Percent |
|---|---|
| India | 25.8 |
| Mexico | 21.5 |
| Taiwan | 11.0 |
| Korea, Republic Of | 10.3 |
| Indonesia | 7.5 |
| Brazil | 6.1 |
| Poland | 4.4 |
| Argentina | 3.5 |
| Canada | 2.8 |
| Other | 7.1 |
| Name | Percent |
|---|---|
| Technology | 24.6 |
| Financial Services | 18.8 |
| Consumer Goods | 14.4 |
| Telecommunications | 11.3 |
| Consumer Services | 10.3 |
| Healthcare | 5.5 |
| Real Estate | 5.0 |
| Industrial Services | 4.7 |
| Cash and Cash Equivalent | 2.8 |
| Other | 2.6 |
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 $16,300
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| Taiwan Semiconductor Manufactrg Co Ltd | 9.1 |
| Maruti Suzuki India Ltd | 6.3 |
| Rede D'Or Sao Luiz SA | 5.1 |
| HDFC Bank Ltd - ADR | 5.0 |
| Bank Central Asia Tbk PT | 4.9 |
| Bharti Airtel Ltd | 4.7 |
| Grupo Aeroportuario Pacifico SAB CV - ADR Sr B | 4.7 |
| Dino Polska SA | 4.4 |
| Fomento Economico Mexicano SAB de CV - ADR | 4.3 |
| Wal Mart de Mexico SAB de CV | 4.1 |
| Total allocation in top holdings | 52.6 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 10.36% |
| Dividend yield | 2.14% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $260,416.6 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 1.05 | 12.02 | 1.05 | 22.49 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 10.64 | 3.00 | - | 7.65 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 26.05 | 1.60 | 13.36 | -16.47 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| -3.89 | 35.84 | - | - |
Range of returns over five years (July 01, 2019 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 8.69% | Mar 2025 | 3.00% | Jan 2026 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 5.44% | 100 | 20 | 0 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Northcape Capital.
Market commentary
December closed 2025 with the expectation of monetary policy easing continuing in the U.S. and parts of Europe. In contrast, Japan tightened its monetary policy. Emerging-market equities rose, mostly because of a weaker U.S. dollar. Several large emerging markets also benefited from disinflation trends even as growth held up.
Performance
Relative exposure to Samsung Electronics Co. Ltd. and SK Hynix Inc. contributed to the Fund’s performance. Samsung Electronics saw rising demand and higher prices for its semiconductor memory chips because of artificial intelligence (AI). SK Hynix saw higher demand for its high-bandwidth memory, which is used in AI servers.
Relative exposure to Coway Co. Ltd. and MercadoLibre Inc. detracted from the Fund’s performance. Coway’s stock dipped following strong performance over the previous 18 months. There was no company-specific news. MercadoLibre saw competition from Amazon.com Inc., which increased its investments in Brazil.
At a sector level, security selection in the communication services and information technology sectors contributed to the Fund’s performance. Overweight exposure to the consumer staples sector detracted from performance. At a regional level, underweight exposure to China and overweight exposure to South Korea contributed to performance.
Portfolio activity
The sub-advisor reduced the Fund’s exposure to South Korea’s semiconductor industry to take profits. The proceeds were invested in several stocks in the emerging markets’ communication services, health care and financials sectors.
Outlook
The sub-advisor didn’t make any changes to the Fund’s strategic positioning. Overall, the Fund was focused on what the sub-advisor considers structural growth companies. These companies tend to have high-quality environmental, social and governance characteristics, as well as what the sub-advisor considers defendable business models and balance-sheet strength.
Summary
For the period 06/17/2019 through 01/31/2026 with $10,000 CAD investment
Total returns performance
63.00%
Last price
$16.30 CAD
as of market close 01/31/2026
Value of $10,000 investment
$16,300.10 CAD
