April 30, 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 February 28, 2026)
| Name | Percent |
|---|---|
| US Equity | 94.6 |
| International Equity | 4.1 |
| Canadian Equity | 0.7 |
| Cash and Equivalents | 0.6 |
| Name | Percent |
|---|---|
| United States | 94.6 |
| Switzerland | 1.5 |
| Canada | 1.3 |
| Ireland | 1.3 |
| Luxembourg | 0.8 |
| Cayman Islands | 0.5 |
| Name | Percent |
|---|---|
| Technology | 54.9 |
| Consumer Services | 11.3 |
| Healthcare | 8.0 |
| Industrial Goods | 6.7 |
| Financial Services | 6.4 |
| Consumer Goods | 4.6 |
| Basic Materials | 2.0 |
| Utilities | 1.9 |
| Real Estate | 1.9 |
| Other | 2.3 |
Growth of $10,000 (since inception)
For the period 10/28/2024 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $11,666
Fund details (as of February 28, 2026)
| Top holdings | Percent (%) |
|---|---|
| NVIDIA Corp | 10.2 |
| Apple Inc | 9.6 |
| Microsoft Corp | 7.2 |
| Broadcom Inc | 6.6 |
| Alphabet Inc Cl C | 6.1 |
| Meta Platforms Inc Cl A | 4.5 |
| Amazon.com Inc | 4.4 |
| Tesla Inc | 3.8 |
| Eli Lilly and Co | 3.5 |
| Mastercard Inc Cl A | 2.7 |
| Total allocation in top holdings | 58.6 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | - |
| Dividend yield | 0.47% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $2,339,089.2 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 10.67 | -4.17 | 1.16 | 23.12 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| - | - | - | 10.80 |
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 | |||
Q1 2026 Fund Commentary
Commentary and opinions are provided by Putnam Investments.
Market commentary
Growth stocks were weak during the first quarter of 2026, as elevated valuations and high expectations met rising interest rates and investor concerns about the near-term returns on heavy artificial intelligence spending. Information technology stocks underperformed, leading the broader decline in growth-oriented names. Geopolitical uncertainty and persistent inflation drove a rotation into more cyclical and value-oriented sectors during the quarter.
Performance
Stock selection within the industrials, information technology and communication services sectors contributed to performance during the quarter. GE Vernova LLC, Lam Research Corp. and Caterpillar Inc. contributed to performance.
Selection within the health care and real estate sectors detracted from performance during the quarter. Guidewire Software Inc., Boston Scientific Corp. and Capital One Financial Corp., an out-of-benchmark allocation, detracted from performance during the quarter.
Portfolio activity
The sub-advisor added Costco Wholesale Corporation and Quanta Services Inc. during the quarter. The sub-advisor also increased Meta Platforms Inc.
The sub-advisor sold Guidewire Software Inc. and AppLovin Corporation. The sub-advisor also reduced Nasdaq Inc. and Boston Scientific Corporation.
Outlook
The sub-advisor anticipates some degree of broadening leadership in the growth universe going forward, along with increased volatility. Over the balance of the year, the sub-advisor expects to see stock-specific opportunities emerge and believes the Fund may be positioned for long-term growth.
The sub-advisor is also monitoring several anticipated high-profile initial public offerings (IPOs) this year, including SpaceX, OpenAI and Anthropic. The sub-advisor's expectation is that the initial benchmark weight could be quite small. Any IPO participation decision depends on fundamentals, industry analysis and valuation-based risk-reward.
Potential challenges for equities include worsening consumer sentiment, rising inflation, elevated valuations and ongoing geopolitical tensions. The sub-advisor noted that strong equity returns are rarely realized in a straight line and are often accompanied by high volatility. The sub-advisor believes heightened volatility can bring ongoing risks but could also present attractive opportunities for long-term, fundamental investors.
Summary
For the period 10/28/2024 through 04/30/2026 with $10,000 CAD investment
Total returns performance
16.66%
Last price
$11.67 CAD
as of market close 04/30/2026
Value of $10,000 investment
$11,666.19 CAD
