April 30, 2026
This segregated fund invests primarily in United States stocks currently through the Counsel U.S. Growth mutual fund. Effective on or about June 5, 2026, Marsico Captial Management, LLC assumed portfolio management responsibilities from Mackenzie Investments. With this change the segregated fund no longer invests directly in stocks but invests in Counsel U.S. Growth fund and the risk rating changed from "Moderate" to "Moderate to high". The performance prior to the above dates were achieved under previous manager and/or investment strategy.
Is this fund right for you?
- A person who is investing for the medium to longer term, seeking the growth potential of U.S. stocks and is comfortable with moderate to high 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 April 30, 2026)
| Name | Percent |
|---|---|
| US Equity | 87.9 |
| International Equity | 9.0 |
| Cash and Equivalents | 1.6 |
| Canadian Equity | 1.5 |
| Name | Percent |
|---|---|
| United States | 89.4 |
| United Kingdom | 5.2 |
| Ireland | 3.8 |
| Canada | 1.6 |
| Name | Percent |
|---|---|
| Technology | 39.4 |
| Consumer Services | 12.7 |
| Healthcare | 12.1 |
| Financial Services | 11.7 |
| Industrial Goods | 10.2 |
| Basic Materials | 7.2 |
| Consumer Goods | 2.8 |
| Cash and Cash Equivalent | 1.6 |
| Industrial Services | 0.9 |
| Other | 1.4 |
Growth of $10,000 (since inception)
For the period 11/04/2019 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $15,415
Fund details (as of April 30, 2026)
| Top holdings | Percent (%) |
|---|---|
| Alphabet Inc Cl A | 6.8 |
| NVIDIA Corp | 5.8 |
| Apple Inc | 5.7 |
| Linde PLC | 4.0 |
| Microsoft Corp | 3.9 |
| Mastercard Inc Cl A | 3.9 |
| Meta Platforms Inc Cl A | 3.7 |
| Eli Lilly and Co | 3.4 |
| Costco Wholesale Corp | 2.9 |
| Johnson & Johnson | 2.9 |
| Total allocation in top holdings | 43.0 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 10.44% |
| Dividend yield | 0.84% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $1,821,787.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 5.38 | -1.69 | 1.09 | 4.22 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 7.64 | 5.00 | - | 6.90 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| -2.94 | 18.28 | 12.44 | -19.07 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 27.32 | 11.28 | - | - |
Range of returns over five years (December 01, 2019 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 11.57% | Mar 2025 | 4.70% | Mar 2026 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 7.78% | 100 | 18 | 0 |
Q1 2026 Fund Commentary
Commentary and opinions are provided by Marsico Capital Management, LLC.
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
An overweight allocation to the information technology sector contributed to the Fund’s performance during the first quarter of 2026. Conversely, an underweight allocation to the energy sector detracted from performance.
Linde PLC and Johnson & Johnson contributed to performance.
Not owning Exxon Mobil Corp. detracted from performance as energy stocks advanced during the quarter. Boston Scientific Corp. also detracted from performance.
Portfolio activity
The sub-advisor added Parker-Hannifin Corp. and AstraZeneca PLC. The sub-advisor increased Texas Instruments Inc.
Copart Inc. and Waste Connections Inc. were sold. The sub-advisor reduced BlackRock Inc.
Summary
For the period 11/04/2019 through 04/30/2026 with $10,000 CAD investment
Total returns performance
54.15%
Last price
$15.42 CAD
as of market close 04/30/2026
Value of $10,000 investment
$15,415.07 CAD
