April 30, 2026
The Fund seeks to maximize long-term capital appreciation by investment primarily in equity securities of U.S. corporations.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in large, established companies in the U.S.
- You're comfortable with a medium level of risk.
RISK RATING
How is the fund invested? (as of February 28, 2026)
| Name | Percent |
|---|---|
| US Equity | 100.1 |
| Cash and Equivalents | -0.1 |
| Name | Percent |
|---|---|
| United States | 100.1 |
| Canada | -0.1 |
| Name | Percent |
|---|---|
| Mutual Fund | 100.1 |
| Cash and Cash Equivalent | -0.1 |
Growth of $10,000 (since inception)
For the period 06/17/2019 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $17,668
Fund details (as of February 28, 2026)
| Top holdings | Percent (%) |
|---|---|
| Canada Life U.S. Concentrated Eq Fd A | 100.1 |
| Cash and Cash Equivalents | -0.1 |
| Total allocation in top holdings | 100.0 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 11.46% |
| Dividend yield | - |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | - |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 3.05 | 2.25 | 1.74 | 13.01 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 10.23 | 6.41 | - | 8.64 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 3.59 | 14.22 | 14.47 | -10.78 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 21.34 | 9.00 | - | - |
Range of returns over five years (July 01, 2019 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 13.46% | Mar 2025 | 6.07% | Mar 2026 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 9.55% | 100 | 23 | 0 |
Q1 2026 Fund Commentary
Commentary and opinions are provided by Aristotle Capital Management.
Market commentary
U.S. equity markets declined during the first quarter of 2026, with value stocks outperforming growth stocks by a wide margin. Four of eleven sectors finished the quarter in negative territory, with financials, consumer discretionary and communication services among the weakest performers. Energy, materials and real estate were the strongest-performing sectors. Economic growth slowed during the quarter, while inflation remained above the 2% target. The U.S. Federal Reserve Board maintained interest rates at current levels throughout the quarter.
Geopolitical tensions escalated in late February when conflict broke out in the Middle East, disrupting energy supply through the Strait of Hormuz and pushing oil prices sharply higher. Corporate earnings remained broadly resilient, marking the fifth consecutive quarter of double-digit earnings growth. Software stocks came under particular pressure as investors reassessed competitive dynamics related to artificial intelligence (AI).
Performance
An overweight allocation to the materials sector, an underweight allocation to the information technology sector and selection within the communication services sector contributed to performance during the quarter.
TotalEnergies SE contributed to performance because of the rise in oil prices driven by the Middle East conflict. The sub-advisor notes that the company's upstream production continues to grow, its LNG operations in Angola are ramping and its renewables joint venture with Masdar and solar power purchase agreement with Google demonstrate disciplined capital allocation across the energy transition.
Selection within the information technology and consumer staples sectors and an overweight allocation to the financials sector detracted from performance during the quarter.
Microsoft Corp. detracted from performance because of the broad software sell-off and concerns that AI could disrupt existing software business models. The sub-advisor believes these concerns may be overstated, noting that Azure cloud revenue grew 39%, Microsoft 365 Copilot adoption remained strong and the company continues to generate robust free cash flow.
Portfolio activity
The sub-advisor added Chevron Corp. because of the company's integrated energy operations, Permian Basin assets, Guyana/Hess acquisition and disciplined capital allocation. The sub-advisor also added McCormick & Company Inc. because the global spices and seasonings leader may benefit from Flavor Solutions margin expansion, growth in its heat portfolio, consolidation of McCormick de Mexico and the announced Unilever Foods acquisition. Motorola Solutions Inc. was added because of the company's mission-critical communications platform, land mobile radio networks, video security offerings and strong government customer base.
The sub-advisor sold Constellation Brands Inc. and Coterra Energy Inc. during the quarter. The sub-advisor also reduced Atmos Energy Corp. and Parker Hannifin Corp.
Outlook
The sub-advisor continues to focus on long-term business fundamentals and disciplined value investing. In the sub-advisor's view, recent drawdowns in software, housing and alternative asset management names have created attractive entry points for patient, long-term investors. The sub-advisor believes the Fund's portfolio of high-quality businesses purchased at reasonable valuations may provide resilience across a range of market environments. The sub-advisor remains focused on finding companies with strong competitive advantages, durable earnings power and responsible capital allocation, and believes this approach may reward patient investors over full market cycles.
Summary
For the period 06/17/2019 through 04/30/2026 with $10,000 CAD investment
Total returns performance
76.68%
Last price
$17.67 CAD
as of market close 04/30/2026
Value of $10,000 investment
$17,667.60 CAD
