January 31, 2026
The Fund seeks to achieve strong capital growth with a high degree of reliability over the long term. The Fund invests primarily in equities of companies outside of Canada and the United States.
Is this fund right for you?
- A person who is investing for the longer term, seeking the growth potential of foreign 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 November 30, 2025)
| Name | Percent |
|---|---|
| International Equity | 97.0 |
| Cash and Equivalents | 3.0 |
| Name | Percent |
|---|---|
| Ireland | 23.9 |
| France | 12.5 |
| Switzerland | 10.2 |
| Japan | 8.4 |
| Denmark | 5.5 |
| Thailand | 5.3 |
| Germany | 4.7 |
| United Kingdom | 4.6 |
| Korea, Republic Of | 4.3 |
| Other | 20.6 |
| Name | Percent |
|---|---|
| Healthcare | 24.1 |
| Financial Services | 16.0 |
| Industrial Goods | 15.3 |
| Consumer Goods | 14.2 |
| Technology | 11.3 |
| Energy | 6.2 |
| Industrial Services | 3.8 |
| Real Estate | 3.2 |
| Cash and Cash Equivalent | 3.0 |
| Other | 2.9 |
Growth of $10,000 (since inception)
For the period 01/13/2020 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $14,332
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| Samsung Electronics Co Ltd | 4.4 |
| Roche Holding AG - Partcptn | 4.3 |
| Crh PLC | 4.3 |
| Bank of Ireland Group PLC | 4.2 |
| Ryanair Holdings PLC - ADR | 3.8 |
| Nabtesco Corp | 3.8 |
| Deutsche Boerse AG Cl N | 3.5 |
| Steris PLC | 3.5 |
| Dcc PLC | 3.5 |
| Thai Beverage PCL | 3.5 |
| Total allocation in top holdings | 38.8 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.48% |
| Dividend yield | 2.48% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $178,142.5 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 4.14 | 14.56 | 4.14 | 19.30 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 14.17 | 8.50 | - | 6.13 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 20.01 | 12.48 | 12.28 | -11.19 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 7.83 | - | - | - |
Range of returns over five years (February 01, 2020 - January 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 9.76% | Oct 2025 | 4.21% | Jan 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 7.48% | 100 | 13 | 0 |
Q4 2025 Fund Commentary
Commentary and opinions are provided by Setanta Asset Management Limited.
Market commentary
During the year, gold, silver and Bitcoin hit record highs. In equities, the Bloomberg Europe Defense Select Index rose 73% (in euro terms), while MSCI EAFE Index returns exceeded MSCI U.S. Index returns for only the third time in 10 years. Despite strong performance across many asset classes, it was also a year of higher volatility with global equity markets falling 17% in the run-up to the U.S. administration’s April 2025 tariff announcement before rebounding. Overall, the MSCI EAFE Index rose 26% (in U.S.-dollar terms) for the full year.
Performance
The Fund’s relative exposures to Samsung Electronics Co. Ltd., Roche Holding AG and Bank of Ireland Group PLC contributed to performance. Relative exposures to Tencent Holdings Ltd., Legrand SA and Dassault Systemes SE detracted from performance.
At a sector level, stock selection in the information technology and communication services sectors contributed to the Fund’s performance. Exposure to the health care sector detracted from performance.
Portfolio activity
There were no notable transactions made in the Fund during the quarter.
Outlook
The sub-advisor looks for attractively valued companies in European, Australasian and Far Eastern markets. The sub-advisor’s investment decisions are not driven by macroeconomic events and does not include any macroeconomic forecasting in the search or selection process.
Summary
For the period 01/13/2020 through 01/31/2026 with $10,000 CAD investment
Total returns performance
43.32%
Last price
$14.33 CAD
as of market close 01/31/2026
Value of $10,000 investment
$14,331.50 CAD
