January 31, 2026
This segregated fund invests primarily in stocks anywhere in the world, while maintaining a commitment to protection of its capital through strategies that position it defensively during times of market stress, currently through the Canada Life Global Tactical mutual fund.
Is this fund right for you?
- A person who is investing for the longer term, seeking the growth potential of Canadian and U.S. companies operating in the science and technology sector and is comfortable with moderate to high risk due to investing solely in this one economic sector.
RISK RATING
How is the fund invested? (as of January 31, 2026)
| Name | Percent |
|---|---|
| US Equity | 73.1 |
| Canadian Equity | 17.8 |
| International Equity | 5.3 |
| Cash and Equivalents | 3.8 |
| Name | Percent |
|---|---|
| United States | 73.1 |
| Canada | 21.6 |
| Netherlands | 3.6 |
| Ireland | 1.7 |
| Name | Percent |
|---|---|
| Technology | 88.9 |
| Cash and Cash Equivalent | 3.8 |
| Consumer Services | 3.8 |
| Industrial Goods | 1.4 |
| Telecommunications | 1.1 |
| Healthcare | 1.1 |
| Other | -0.1 |
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 $25,447
Fund details (as of January 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Alphabet Inc Cl A | 9.6 |
| Apple Inc | 8.1 |
| NVIDIA Corp | 7.9 |
| Microsoft Corp | 6.9 |
| Shopify Inc Cl A | 6.5 |
| Broadcom Inc | 6.4 |
| Celestica Inc | 4.2 |
| Meta Platforms Inc Cl A | 4.0 |
| OVERNIGHT DEPOSITS | 3.7 |
| ASML Holding NV - ADR | 3.6 |
| Total allocation in top holdings | 60.9 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 15.39% |
| Dividend yield | 0.46% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $2,302,635.4 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -3.40 | -1.04 | -3.40 | -1.54 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 23.80 | 11.78 | - | 16.14 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 6.02 | 35.24 | 46.73 | -28.69 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 19.96 | 40.12 | - | - |
Range of returns over five years (December 01, 2019 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 18.96% | Feb 2025 | 11.78% | Jan 2026 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 15.66% | 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.
Mega-capitalization technology firms, including Amazon.com Inc., Microsoft Corp., Alphabet Inc. and Meta Platforms Inc., raised capital?expenditure guidance as AI?infrastructure investment continued to expand across cloud and software ecosystems. The “Magnificent 7” group remained central to overall market leadership, reinforcing technology’s role as the dominant engine of U.S. equity growth.
Performance
An overweight allocation to the health care sector contributed to the Fund’s performance. A holding in Intuitive Surgical Inc. contributed to performance because of a strong third-quarter 2025 earnings report that boosted confidence in the company. A holding in Amphenol Corp. also contributed to performance because of artificial intelligence (AI) growth and a strong earnings report that investors believed could lead to continued free cash flow growth.
Stock selection in the information technology and communication services sectors detracted from the Fund’s performance. A holding in Advanced Micro Devices Inc. detracted from performance as the company’s stock price fell in November. A lack of exposure to Micron Technology Inc. also detracted from performance as the company performed well.
Portfolio activity
A holding in Celestica Inc. was added to the Fund because AI infrastructure continued to attract massive capital expenditure. A holding in Advanced Micro Devices Inc. was added because the sub-advisor believes the company is well positioned as a long-term provider for a range of microchips for AI applications.
The Fund’s holding in Lam Research Corp. was increased. The sub-advisor believes the company is a premier provider of the technology required to produce increasingly complex and specialized microchips for AI computing, and that it has a strong growth profile.
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 S&P Global Inc. was sold to reallocate assets into semiconductor companies.
The Fund’s holdings in Meta Platforms Inc. and Amazon.com Inc. were reduced.
Summary
For the period 11/04/2019 through 01/31/2026 with $10,000 CAD investment
Total returns performance
154.47%
Last price
$25.45 CAD
as of market close 01/31/2026
Value of $10,000 investment
$25,446.74 CAD
