January 31, 2026
This segregated fund invests primarily in stock of companies anywhere in the world with a focus on those companies and/or sectors that are believed to likely have lower sensitivity to broader market movements.
Is this fund right for you?
- A person who is investing for the longer term, seeking the growth potential of global 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 | 64.7 |
| International Equity | 31.2 |
| Canadian Equity | 2.4 |
| Cash and Equivalents | 1.5 |
| Income Trust Units | 0.1 |
| Other | 0.1 |
| Name | Percent |
|---|---|
| United States | 64.9 |
| Japan | 8.1 |
| United Kingdom | 4.5 |
| Ireland | 3.7 |
| Canada | 3.4 |
| Germany | 3.2 |
| Israel | 2.7 |
| Switzerland | 2.4 |
| Netherlands | 2.3 |
| Other | 4.8 |
| Name | Percent |
|---|---|
| Technology | 21.3 |
| Healthcare | 16.7 |
| Financial Services | 16.0 |
| Consumer Services | 9.9 |
| Real Estate | 8.8 |
| Consumer Goods | 7.7 |
| Telecommunications | 4.5 |
| Energy | 3.7 |
| Industrial Goods | 3.2 |
| Other | 8.2 |
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 $18,957
Fund details (as of January 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Apple Inc | 4.2 |
| Microsoft Corp | 3.6 |
| NVIDIA Corp | 2.8 |
| Alphabet Inc Cl A | 2.1 |
| Barclays PLC | 1.4 |
| Amazon.com Inc | 1.4 |
| Northern Trust Corp | 1.4 |
| Exxon Mobil Corp | 1.4 |
| AIB Group PLC | 1.4 |
| Bank Hapoalim BM | 1.3 |
| Total allocation in top holdings | 21.0 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.14% |
| Dividend yield | 2.47% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $917,949.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 1.75 | 10.79 | 1.75 | 13.06 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 16.00 | 12.69 | - | 10.79 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 16.13 | 23.06 | 9.14 | -2.19 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 17.17 | 1.71 | - | - |
Range of returns over five years (December 01, 2019 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 13.67% | Mar 2025 | 9.38% | Dec 2024 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 11.63% | 100 | 15 | 0 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Keyridge Asset Management.
Market commentary
The global economy remained resilient in the fourth quarter despite policy uncertainty and the effects of the prolonged U.S. government shutdown. Investor sentiment improved as inflation eased across major regions and expectations grew for continued monetary and fiscal policy support into 2026. Non?U.S. markets benefited from a weaker U.S. dollar and improving valuations, while Asia and Europe saw stronger earnings momentum.
Central banks maintained or extended easing cycles. The U.S. Federal Reserve Board delivered additional rate cuts in October and December, while other major policymakers signaled that accommodative policy conditions will persist. These measures helped sustain risk appetite even as global manufacturing remained soft.
Global equity markets rose. The MSCI World Index approached record levels, supported by solid earnings, broadening participation beyond U.S. mega?capitalization stocks and continued enthusiasm for AI. Emerging markets outperformed developed market peers, helped by improved sentiment, a favourable currency backdrop and stronger relative earnings trends.
Performance
Relative exposure to Taiwan Semiconductor Manufacturing Co. Ltd. contributed to the Fund’s performance. The company benefited from artificial intelligence (AI) enthusiasm as it plays a role in the development and manufacturing of AI semiconductor chips. Exposure to Motorola Solutions Inc. detracted from performance as the company’s share price fell.
At a sector level, stock selection in the communication services sector contributed to the Fund’s performance, as did overweight exposure to the health care sector. Stock selection within the industrials and financials sectors detracted from performance.
Portfolio activity
Holdings in TotalEnergies SE, National Grid PLC, Holcim Ltd., Wells Fargo & Co. and Thermo Fisher Scientific Inc. were added to the Fund. The sub-advisor considered them high-quality, well-capitalized businesses that should be able to navigate the current market environment.
Fund holdings in AT&T Inc., Marsh & McLennan Cos. Inc., QUALCOMM Inc., Unilever PLC and Aena SME SA were sold to manage risks.
Summary
For the period 11/04/2019 through 01/31/2026 with $10,000 CAD investment
Total returns performance
89.57%
Last price
$18.96 CAD
as of market close 01/31/2026
Value of $10,000 investment
$18,956.66 CAD
