April 30, 2026
A U.S. value fund that invests in stocks that are demonstrating a turnaround or emerging trend of growth in order to provide long-term capital growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in medium- to large-cap U.S. Companies.
- You're comfortable with a moderate level of risk.
RISK RATING
How is the fund invested? (as of April 30, 2026)
| Name | Percent |
|---|---|
| US Equity | 92.9 |
| International Equity | 5.1 |
| Cash and Equivalents | 2.0 |
| Name | Percent |
|---|---|
| United States | 92.9 |
| Ireland | 2.2 |
| Canada | 2.0 |
| Bermuda | 1.3 |
| Puerto Rico | 0.6 |
| United Kingdom | 0.6 |
| Switzerland | 0.4 |
| Name | Percent |
|---|---|
| Technology | 20.3 |
| Financial Services | 16.6 |
| Consumer Goods | 10.2 |
| Consumer Services | 9.4 |
| Healthcare | 9.1 |
| Industrial Goods | 7.1 |
| Energy | 7.0 |
| Real Estate | 5.9 |
| Utilities | 4.8 |
| Other | 9.6 |
Growth of $10,000 (since inception)
For the period 10/05/2009 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $43,411
Fund details (as of April 30, 2026)
| Top holdings | Percent (%) |
|---|---|
| Apple Inc | 7.8 |
| Amazon.com Inc | 2.9 |
| Intel Corp | 2.4 |
| Bank of America Corp | 2.1 |
| Procter & Gamble Co | 2.0 |
| OVERNIGHT DEPOSITS | 1.9 |
| Citigroup Inc | 1.5 |
| AT&T Inc | 1.4 |
| Prologis Inc | 1.2 |
| Mastercard Inc Cl A | 1.2 |
| Total allocation in top holdings | 24.4 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 11.83% |
| Dividend yield | 1.76% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $805,389.6 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 4.70 | 7.62 | 7.30 | 26.58 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 18.43 | 12.81 | 8.76 | 9.27 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 7.97 | 23.46 | 22.58 | -4.78 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 23.36 | -7.49 | 10.54 | -5.87 |
Range of returns over five years (November 01, 2009 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 16.63% | Oct 2025 | -3.25% | Mar 2020 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 8.16% | 94 | 130 | 9 |
Q1 2026 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
The U.S. economy started 2026 on a positive note, with consumer spending and business investment providing support through January. Sentiment shifted in late February after the outbreak of the conflict in the Middle East, and equity markets reversed sharply in March as rising oil prices raised concerns about inflation and potential economic softening.
The U.S. Federal Reserve Board held the federal funds rate steady at 3.50%–3.75% at both its January and March meetings, maintaining a pause in its rate-cutting cycle as policymakers assessed the economic impact of higher energy costs alongside a still-resilient labour market. The unemployment rate ranged between 4.3% and 4.4% throughout the quarter, ending March at 4.3%, as job gains moderated and labour force participation edged lower.
The U.S. equity market declined in the first quarter, with the S&P 500 Index falling about 4.4%. Large-capitalization technology and software stocks underperformed as investors rotated away from high-multiple growth companies amid rising inflation concerns. The energy sector was a notable exception, advancing as crude oil prices surged. Smaller-capitalization equities and the equal-weight index outperformed the market-cap-weighted benchmark as market leadership broadened beyond the largest technology names.
Performance
Security selection in the information technology, industrials and real estate sectors contributed to the Fund’s performance during the first quarter of 2026. The sub-advisor’s stock selection approach and a smaller-capitalization bias also contributed to performance.
Teradyne Inc. contributed to performance. The company benefited from continued strength in AI-related semiconductor demand. Ovintiv Inc. also contributed to performance, advancing with higher oil prices. Not owning Tesla Inc. contributed to performance as the stock declined during the quarter.
Security selection in the energy, consumer staples and utilities sectors detracted from performance.
Not owning Exxon Mobil Corp. and Chevron Corp. detracted from performance as energy stocks advanced during the quarter. Not owning Costco Wholesale Corp. also detracted from performance.
Portfolio activity
The sub-advisor’s portfolio activity during the quarter was driven by its disciplined stock selection, optimization and daily vetting processes.
Summary
For the period 10/05/2009 through 04/30/2026 with $10,000 CAD investment
Total returns performance
334.11%
Last price
$43.41 CAD
as of market close 04/30/2026
Value of $10,000 investment
$43,410.57 CAD
