January 31, 2026
A U.S. equity fund seeking strong long-term growth by targeting companies with a competitive edge in markets around the world.
Is this fund right for you?
- You want your money to grow over the longer term.
- You want to invest in large U.S. companies.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of November 30, 2025)
| Name | Percent |
|---|---|
| US Equity | 92.9 |
| International Equity | 4.0 |
| Cash and Equivalents | 2.1 |
| Canadian Equity | 1.0 |
| Name | Percent |
|---|---|
| United States | 92.9 |
| Canada | 3.1 |
| Switzerland | 1.4 |
| Ireland | 1.1 |
| Cayman Islands | 0.8 |
| Luxembourg | 0.7 |
| Name | Percent |
|---|---|
| Technology | 55.9 |
| Consumer Services | 10.1 |
| Healthcare | 9.0 |
| Financial Services | 6.3 |
| Industrial Goods | 5.3 |
| Consumer Goods | 4.7 |
| Cash and Cash Equivalent | 2.1 |
| Real Estate | 1.8 |
| Basic Materials | 1.6 |
| Other | 3.2 |
Growth of $10,000 (since inception)
For the period 10/28/2024 through 01/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $11,275
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| NVIDIA Corp | 9.7 |
| Apple Inc | 9.4 |
| Microsoft Corp | 8.8 |
| Broadcom Inc | 7.0 |
| Amazon.com Inc | 5.2 |
| Alphabet Inc Cl C | 5.1 |
| Tesla Inc | 4.0 |
| Eli Lilly and Co | 3.6 |
| Mastercard Inc Cl A | 2.6 |
| Meta Platforms Inc Cl A | 2.6 |
| Total allocation in top holdings | 58.0 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | - |
| Dividend yield | 0.43% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $2,574,978.8 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -2.23 | 1.04 | -2.23 | 0.57 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| - | - | - | 10.00 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 6.10 | - | - | - |
| 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 Putnam Investments.
Market commentary
U.S. growth equities posted flat to negative returns (in Canadian dollars) in the fourth quarter of 2025 but ended a third consecutive year of positive double-digit returns. Large-capitalization growth stock returns were slightly negative, lagging their value counterparts and the S&P 500 Index, even as they remained a strong performer for the year overall.
Performance
The Fund’s overweight exposure to Eli Lilly and Co. contributed to performance, as did underweight exposure to Oracle Corp. No exposure to The Home Depot Inc. also contributed to performance. Relative overweight exposure to Doximity Inc. and Advanced Micro Devices Inc. detracted from performance, as did underweight exposure to Alphabet Inc.
At a sector level, stock selection in the industrials and financials sectors contributed to the Fund’s performance. Stock selection in the information technology and communication services sectors detracted from performance.
Portfolio activity
Fund holdings in Lam Research Corp. and Advanced Micro Devices were added to the Fund, and a holding in AbbVie Inc. was increased. The sub-advisor sold the Fund’s holdings in Shopify Inc. and DoorDash Inc. and reduced the Fund’s holding in AppLovin Corp.
Outlook
Looking ahead, the sub-advisor believes that there’s a lot that could go right for equity markets. There are easing financial conditions globally, the result of synchronized interest rate cuts from central banks. The U.S. banking system has a combination of strong capital ratios and lower-than-average delinquencies. While there is still concern over higher prices, recent inflation trends remain in check, even with the impact of tariffs.
As debate intensifies around the risk of an artificial intelligence (AI) bubble, the sub-advisor is focused on the long-term power of this emerging technology. The sub-advisor expects AI to offer new subsets of potential winners (and losers) and a wide array of new use cases.
Potential challenges for equities include worsening consumer sentiment, a delayed impact from tariffs, valuations and ongoing U.S.-China tensions. The sub-advisor expects to see higher volatility, which may add both risks and investment opportunities.
Summary
For the period 10/28/2024 through 01/31/2026 with $10,000 CAD investment
Total returns performance
12.75%
Last price
$11.27 CAD
as of market close 01/31/2026
Value of $10,000 investment
$11,274.78 CAD
