January 31, 2026
This segregated fund invests primarily in equities of U.S. companies currently through the Fidelity American Disciplined Equity® Fund.
Is this fund right for you?
- You want your money to grow over the longer term.
- You want to invest in U.S. companies.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of September 30, 2025)
| Name | Percent |
|---|---|
| US Equity | 94.2 |
| International Equity | 5.0 |
| Cash and Equivalents | 0.9 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| United States | 95.1 |
| Ireland | 1.8 |
| Netherlands | 1.6 |
| United Kingdom | 1.2 |
| Luxembourg | 0.4 |
| Canada | -0.1 |
| Name | Percent |
|---|---|
| Technology | 43.1 |
| Financial Services | 13.1 |
| Consumer Services | 11.3 |
| Healthcare | 8.4 |
| Industrial Goods | 6.2 |
| Consumer Goods | 5.7 |
| Energy | 2.7 |
| Utilities | 2.5 |
| Real Estate | 2.4 |
| Other | 4.6 |
Growth of $10,000 (since inception)
For the period 11/21/2005 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $49,026
Fund details (as of September 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| NVIDIA Corp | 9.6 |
| Apple Inc | 7.4 |
| Microsoft Corp | 5.6 |
| Alphabet Inc Cl C | 4.6 |
| Amazon.com Inc | 4.0 |
| Meta Platforms Inc Cl A | 2.6 |
| Wells Fargo & Co | 2.3 |
| Tesla Inc | 2.2 |
| Broadcom Inc | 2.1 |
| Eli Lilly and Co | 1.9 |
| Total allocation in top holdings | 42.3 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 11.21% |
| Dividend yield | 1.03% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $1,966,319.5 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.19 | 7.41 | 0.19 | 4.64 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 20.22 | 13.72 | 11.59 | 8.19 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 8.02 | 36.74 | 23.44 | -16.47 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 23.32 | 14.14 | 24.01 | -3.37 |
Range of returns over five years (December 01, 2005 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 18.14% | Jul 2015 | -5.74% | Dec 2011 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 9.21% | 85 | 155 | 28 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Fidelity Investments Canada ULC.
Market commentary
U.S. equity markets rose over the fourth quarter of 2025 to end the year with double-digit gains. Artificial intelligence (AI) remained a key theme, driven by investment in AI infrastructure and software. However, investor debate intensified around market concentration and valuation sensitivity.
A positive earnings season, particularly among large-capitalization and information technology-oriented stocks, and the U.S. Federal Reserve Board’s interest rate cuts supported performance. Fiscal incentives in the One Big Beautiful Bill Act, which reinforce capital investment, infrastructure spending and domestic manufacturing, helped investor confidence.
Macroeconomic data suggested a mixed economic backdrop for the U.S. Strong growth trends co-existed with muted labour market indicators and moderating, yet above target, inflation. At a sector level, health care and communication services led gains, while utilities and real estate sectors performed the weakest.
Performance
The Fund’s overweight exposures to Western Digital Corp. and Eli Lilly and Co. contributed to performance. Western Digital reported improved revenue and margins because of demand for hard disk drives amid the expansion of AI. Eli Lilly reported better-than-expected third-quarter 2025 results and raised its earnings forecast. No exposure to Oracle Corp. also contributed to performance. The company’s stock was affected by investors questioning the concentration of and spending on AI contracts.
Relative exposures to Micron Technology Inc., ServiceNow Inc. and The Mosaic Co. detracted from the Fund’s performance. No exposure to Micron Technology detracted from performance as the company’s share price rose because of pricing, AI?led demand and tight supply. Overweight exposure to ServiceNow detracted from performance as the company’s share price fell amid slowing growth signals, sentiment around the software industry and fears of AI disruption. Mosaic’s shares fell because of company?specific disappointments, deteriorating phosphate fundamentals and weaker farmer economics.
At a sector level, exposures to the financials, information technology and real estate sectors contributed to the Fund’s performance. Exposures to the communication services and materials sectors detracted from performance.
Portfolio activity
There were no transactions in the Fund during the quarter.
Outlook
The sub-advisor expects high-quality companies with idiosyncratic drivers should perform best, and as such, that’s where the Fund’s emphasis is. The sub-advisor will rely on fundamental research expertise in uncovering investment opportunities throughout the U.S. stock market, spanning both sectors and the market-capitalization spectrum.
Summary
For the period 11/21/2005 through 01/31/2026 with $10,000 CAD investment
Total returns performance
390.26%
Last price
$49.01 CAD
as of market close 01/31/2026
Value of $10,000 investment
$49,026.49 CAD
