January 31, 2026
This segregated fund invests primarily in U.S. equity securities selected by using a responsible investment approach currently through the Canada Life ESG U.S. Equity mutual fund.
Is this fund right for you?
- You are looking for an environmental, social and governance ("ESG") focused U.S. equity fund
- You want a medium to long-term investment
- You can handle the volatility of stock markets
RISK RATING
How is the fund invested? (as of November 30, 2025)
| Name | Percent |
|---|---|
| US Equity | 96.4 |
| International Equity | 3.5 |
| Cash and Equivalents | 0.1 |
| Name | Percent |
|---|---|
| United States | 96.4 |
| Ireland | 2.3 |
| United Kingdom | 0.5 |
| Netherlands | 0.3 |
| Switzerland | 0.3 |
| Bermuda | 0.1 |
| Canada | 0.1 |
| Name | Percent |
|---|---|
| Technology | 42.9 |
| Financial Services | 13.3 |
| Consumer Services | 11.0 |
| Healthcare | 9.6 |
| Consumer Goods | 5.7 |
| Industrial Goods | 4.4 |
| Energy | 2.8 |
| Utilities | 2.8 |
| Real Estate | 2.5 |
| Other | 5.0 |
Growth of $10,000 (since inception)
For the period 10/23/2023 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $14,763
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| NVIDIA Corp | 7.7 |
| Apple Inc | 7.2 |
| Microsoft Corp | 6.7 |
| Amazon.com Inc | 4.1 |
| Broadcom Inc | 3.3 |
| Alphabet Inc Cl A | 3.2 |
| Meta Platforms Inc Cl A | 2.7 |
| Alphabet Inc Cl C | 2.4 |
| Tesla Inc | 2.0 |
| Berkshire Hathaway Inc Cl B | 1.6 |
| Total allocation in top holdings | 40.9 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | - |
| Dividend yield | 1.09% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $2,061,268.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.30 | 7.33 | 0.30 | 6.03 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| - | - | - | 18.67 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 8.86 | 32.07 | - | - |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| - | - | - | - |
Range of returns over five years
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| Data not available based on date of inception | |||
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| Data not available based on date of inception | |||
Q4 2025 Fund Commentary
Commentary and opinions are provided by JPMorgan Asset Management (Canada) Inc..
Market commentary
The S&P 500 Index was up during the fourth quarter of 2025, driven by solid earnings, economic growth and cooling inflation. Strong third-quarter 2025 gross domestic and business investment helped market gains, while high-end consumer spending added support. However, concerns over tariffs, a slowing labour market and speculation around U.S. Federal Reserve Board interest rate decisions led to several equity market pullbacks. Warnings of an artificial intelligence (AI) “bubble” and affordability pressures for consumers added to investor caution. Despite these challenges, volatility mostly remained contained.
Performance
The Fund’s overweight exposure to Micron Technology Inc. contributed to performance. The company stock’s performance was driven by record revenue, gross margin and earnings per share. The company reported growth across all business units, with notable achievements in data centre and high-bandwidth memory segments.
Overweight exposure to AbbVie Inc. detracted from the Fund’s performance. The company stock’s decline can be attributed to positioning-related factors for the company rather than its financial performance. The financial results were strong, driven by Rinvoq and Skyrizi drugs in immunology.
Stock selection in financial services, banks and brokers, and retail sub-sectors contributed to the Fund’s performance. Selection in the software and services, pharmaceutical and medical technology, and industrial cyclical sub-sectors detracted from performance.
Portfolio activity
There were no notable trades made in the Fund during the quarter.
Outlook
The sub-advisor continues to focus on fundamentals of the U.S. economy and company earnings. The sub-advisor’s analysts’ estimates for S&P 500 Index returns project 14% for 2026 and 10% for 2027. While subject to revision, this forecast includes their best analysis of corporate earnings expectations.
Based on the sub-advisor’s assessment, the U.S. equity market rebound remains strong but presents a case for active stock selection amid high index concentration led by artificial intelligence and other information technology stocks. Additionally, evolving monetary and fiscal policies, along with geopolitical tensions, could add to market volatility. The sub-advisor aims to take advantage of market dislocations for stock selection opportunities.
Summary
For the period 10/23/2023 through 01/31/2026 with $10,000 CAD investment
Total returns performance
47.63%
Last price
$14.76 CAD
as of market close 01/31/2026
Value of $10,000 investment
$14,763.07 CAD
