January 31, 2026
This segregated fund invests primarily in United States stocks.
Is this fund right for you?
- A person who is investing for the longer term, seeking the growth potential of U.S. stocks and is comfortable with moderate risk.
- Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.
RISK RATING
How is the fund invested? (as of January 31, 2026)
| Name | Percent |
|---|---|
| US Equity | 87.6 |
| International Equity | 8.8 |
| Cash and Equivalents | 2.5 |
| Canadian Equity | 1.2 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| United States | 87.6 |
| United Kingdom | 4.9 |
| Ireland | 3.9 |
| Canada | 1.3 |
| Other | 2.3 |
| Name | Percent |
|---|---|
| Technology | 37.9 |
| Healthcare | 13.0 |
| Consumer Services | 11.8 |
| Financial Services | 11.4 |
| Industrial Goods | 8.7 |
| Basic Materials | 7.0 |
| Industrial Services | 4.2 |
| Cash and Cash Equivalent | 2.5 |
| Consumer Goods | 2.3 |
| Other | 1.2 |
Growth of $10,000 (since inception)
For the period 11/04/2019 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $16,391
Fund details (as of January 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Alphabet Inc Cl A | 6.3 |
| NVIDIA Corp | 5.9 |
| Apple Inc | 5.3 |
| Microsoft Corp | 4.8 |
| Meta Platforms Inc Cl A | 4.1 |
| Mastercard Inc Cl A | 3.9 |
| Linde PLC | 3.8 |
| Eli Lilly and Co | 3.2 |
| Walmart Inc | 2.8 |
| Johnson & Johnson | 2.7 |
| Total allocation in top holdings | 42.8 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 9.73% |
| Dividend yield | 0.84% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $1,726,974.0 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.39 | -1.25 | 0.39 | -6.06 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 9.09 | 7.59 | - | 8.24 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| -1.86 | 19.60 | 13.69 | -18.16 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 28.75 | 12.51 | - | - |
Range of returns over five years (December 01, 2019 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 12.81% | Mar 2025 | 7.05% | Dec 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 9.48% | 100 | 15 | 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 consumer staples sector contributed to the Fund’s performance. Underweight allocations to the real estate and utilities sectors also contributed to performance. A holding in Eli Lilly and Co. contributed to performance as the company’s revenue growth beat the market’s expectations. A holding in Intuitive Surgical Inc. also contributed to performance because of a strong third-quarter 2025 earnings report that boosted confidence in the company.
Stock selection in the industrials, information technology and health care sectors detracted from the Fund’s performance. Holdings in Linde PLC and Fastenal Co. detracted from performance. Slow activity in the industrials sector dampened short-term sentiment for Linde. Fastenal’s stock price fell as investors took profits after the stock reached an all-time high in August.
Portfolio activity
A holding in Eli Lilly and Co. was added to the Fund. The sub-advisor believes the company has strong growth prospects after a difficult period for the health care industry after the COVID-19 pandemic. A holding in Walmart Inc. was added as the sub-advisor believes the strategic use of the company’s physical footprint positions the company well for durable free cash flow growth.
The fund’s holding in Alphabet Inc. was increased to capture the upside in what the sub-advisor views as an early artificial intelligence (AI) leader. A holding in Amphenol Corp. was increased as the sub-advisor believes the company does well serving diverse industries with AI infrastructure opportunities.
The Fund’s holding in Verisk Analytics Inc. was sold as the sub-advisor believed AI disintermediation fears cooled investor sentiment for the company. A holding in Marsh & McLennan Cos Inc. was sold to reduce exposure to property and casualty insurance as margins tighten.
The Fund’s holdings in Automatic Data Processing Inc. and Roper Technologies Inc. were reduced.
Summary
For the period 11/04/2019 through 01/31/2026 with $10,000 CAD investment
Total returns performance
63.91%
Last price
$16.39 CAD
as of market close 01/31/2026
Value of $10,000 investment
$16,390.73 CAD
