January 31, 2026
This segregated fund invests primarily in U.S. stocks currently through the Beutel Goodman American Equity Fund.
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 December 31, 2025)
| Name | Percent |
|---|---|
| US Equity | 86.1 |
| International Equity | 10.5 |
| Cash and Equivalents | 3.4 |
| Name | Percent |
|---|---|
| United States | 89.2 |
| Switzerland | 5.4 |
| Ireland | 5.1 |
| Canada | 0.3 |
| Name | Percent |
|---|---|
| Technology | 19.9 |
| Financial Services | 19.3 |
| Healthcare | 19.2 |
| Consumer Goods | 10.4 |
| Industrial Goods | 7.5 |
| Telecommunications | 7.3 |
| Consumer Services | 5.7 |
| Basic Materials | 4.6 |
| Cash and Cash Equivalent | 3.4 |
| Other | 2.7 |
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 $15,642
Fund details (as of December 31, 2025)
| Top holdings | Percent (%) |
|---|---|
| Omnicom Group Inc | 5.7 |
| Merck & Co Inc | 5.4 |
| Chubb Ltd | 5.4 |
| Medtronic PLC | 5.1 |
| Westinghouse Air Brake Techs Corp | 5.0 |
| Ameriprise Financial Inc | 4.8 |
| eBay Inc | 4.7 |
| Amgen Inc | 4.6 |
| PPG Industries Inc | 4.6 |
| NortonLifeLock Inc | 4.5 |
| Total allocation in top holdings | 49.8 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 11.23% |
| Dividend yield | 2.36% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $113,089.5 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.76 | 5.95 | 0.76 | -4.18 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 5.52 | 7.85 | - | 7.43 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| -2.34 | 17.95 | 6.19 | 6.28 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 10.57 | 5.85 | - | - |
Range of returns over five years (December 01, 2019 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 11.96% | Mar 2025 | 7.53% | Dec 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 9.10% | 100 | 15 | 0 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Beutel, Goodman & Company Ltd..
Market commentary
U.S. equities rose during the fourth quarter of 2025, with the S&P 500 Index posting a return of 1.13%. Despite a positive 2025, equity market leadership was narrow with the majority of gains coming from a small set of mega-capitalization stocks exposed to artificial intelligence (AI). Notably, the top 10 contributors accounted for three-quarters of the S&P 500 Index’s return, and the seven AI-linked stocks in the top 10 represented 65% of the index’s return.
Value stocks rose, underperforming growth stocks by 267 basis points. There was a style rotation into value stocks earlier in the year, following the U.S. administration’s April 2025 tariff announcement. However, growth stocks outpaced value stocks later in the year.
In 2025, the S&P 500 Index was driven by strength in the communication services, information technology and industrials sectors. The consumer staples and consumer discretionary sectors lagged, while the health care sector rose during the fourth quarter, but not enough to offset weakness in the first three quarters of the year. Small- and mid-capitalization stocks fared worse than their large-capitalization counterparts.
Performance
The Fund’s relative exposures to Merck & Co. Inc., Amgen Inc. and Flowserve Corp. contributed to performance. Merck reported better-than-expected sales and provided a pipeline update of 80 active phase-3 trials, with 15 being initiated in 2025. Amgen delivered positive growth and profitability results and showed success with several late-stage assets in oncology and inflammatory diseases. Flowserve posted higher sales and earnings for the fourth quarter.
Relative exposures to Kimberly-Clark Corp., Harley-Davidson Inc. and NetApp Inc. detracted from the Fund’s performance. Kimberly-Clark’s announced purchase of Kenvue Inc. from Johnson & Johnson was not well received by the market. Harley-Davidson’s stock fell because of lower consumer spending and the announcement of a deal to reshape the company’s finance arm. NetApp reported good results, but investors were concerned about its margins in 2026 as memory prices have risen.
At a sector level, stock selection in the industrials, financials and health care sectors contributed to the Fund’s performance. Overweight exposure to the health care sector also contributed to performance. Selection in the consumer staples, consumer discretionary and communication services sectors detracted from the Fund’s performance.
Portfolio activity
The sub-advisor increased a number of Fund holdings during the quarter. These included Kimberly-Clark, Flowserve, eBay Inc., Wabtec Corp., Medtronic PLC, PPG Industries Inc., Ameriprise Financial Inc., Chubb Ltd., Amdocs Ltd., Masco Corp., Elevance Health Inc. and Omnicom Group Inc.
The Fund’s holding in The Interpublic Group of Cos Inc. was sold after the company was acquired. Holdings in Amgen, Merck, BlackRock Inc., American Express Co., Applied Materials Inc. and Cencora Inc. were reduced.
Outlook
In the sub-advisor’s view, the thematic concentration around AI that has characterized U.S. markets adds to concentration and valuation concerns. Twelve of the top 20 S&P 500 Index contributors in 2025 were related to AI, accounting for nearly three-quarters of index’s returns. And AI-related gains extended far beyond the top 20. The narrowness of these gains worsens drawdown risk for the index.
Given economic and geopolitical uncertainties, the sub-advisor added to many of the Fund’s core holdings in well-capitalized and profitable businesses. In the sub-advisor’s view, the Fund’s quality and valuation profile is strong compared to both the S&P 500 Index and the Russell 1000 Value Index. The Fund is close to being fully invested, and the sub-advisor continues to uncover opportunities in pockets of the market, including the industrials, consumer staples and consumer discretionary sectors.
Summary
For the period 11/04/2019 through 01/31/2026 with $10,000 CAD investment
Total returns performance
56.42%
Last price
$15.64 CAD
as of market close 01/31/2026
Value of $10,000 investment
$15,641.95 CAD
