Fund Overview & Performance

The fund seeks to earn dividend income and achieve long-term capital growth by investing primarily in global equity securities. The fund may also seek to protect the value of investments by investing in fixed-income securities, trusts, convertible securities, mortgage-backed securities and money market instruments of issuers anywhere in the world depending upon prevailing market conditions.

Is this portfolio right for you?

  • Designed to provide investment income and the potential for capital growth.
  • Offers exposure companies from across the entire global dividend-paying universe who are considered best able to sustain and raise their dividends payouts over time.
  • Monthly distributions.

Neutral portfolio allocation1

This image is a pie chart showing a 100.00% allocation to Global Dividend, managed by Acadian. There are no other segments in this pie chart, as the entire Fund focuses on Global Dividend investments.

Annualized performance (%)

Period 1 mth 3 mths 6 mths 1 yr 3 yr 5 yr 10 yr Inception return
Series F 4.1 8.2 13.7 12.0 16.1 12.8 9.9 10.4

Performance (%) calendar year returns

Period 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD
Series F 5.5 15.6 -6.3 11.0 4.2 18.1 -2.5 11.1 24.2 11.8 4.1

Historical performance (%) Current value of $10,000

Period:

For the period 06/30/2012 through 01/31/2026 with $10,000 investment, The value of the investment would be $38,259

How the fund is invested2 as at Nov 30, 2025

Asset allocation (%)

Asset allocation (%)
International Equity 50.1
US Equity 41.0
Canadian Equity 7.7
Cash and Equivalents 1.1
Income Trust Units 0.1

Geographic allocation (%)

Geographic allocation (%)
United States 42.0
China 9.3
Canada 7.7
Switzerland 7.3
Taiwan 6.8
Korea, Republic Of 5.4
Spain 3.3
Thailand 2.5
Netherlands 1.8
Other 14.1

Sector allocation (%)

Sector allocation (%)
Technology 22.5
Financial Services 21.1
Healthcare 20.1
Consumer Services 10.8
Energy 6.6
Telecommunications 5.6
Real Estate 3.0
Industrial Goods 2.6
Industrial Services 2.5
Other 5.0

Top holdings

Top equity holdings (%) of NAV
Johnson & Johnson 4.5
Roche Holding AG - Partcptn 3.6
Suncor Energy Inc 2.5
Novartis AG Cl N 2.3
Bank of Nova Scotia 2.3
Booking Holdings Inc 2.2
Citigroup Inc 2.2
Bristol-Myers Squibb Co 2.0
McKesson Corp 2.0
Comcast Corp Cl A 1.9

Why Invest with Counsel Portfolios

Our Portfolio Management team builds and maintains our portfolios based on in-depth analysis to align to a broad range of investor risk profiles. We take an unbiased approach when choosing our money managers by incorporating a proprietary and disciplined methodology for researching and selecting independent asset managers from across the globe. Each manager is monitored and held accountable to their mandate to help ensure our investors have the best chance at achieving their financial goals.

Performance chart

Period:
Chart Type:
* Must be between 1 and 50
Counsel Global Dividend Series F

Counsel Global Dividend Series F

Summary

For the period 06/30/2012 through 01/31/2026 with $10,000 investment

Total returns performance

282.59%

Last price

$17.74 CAD

as of market close 01/31/2026

Value of $10,000 investment

$38,258.91 CAD

Period:
Interval :
Export toCSV
Effective date Price ($) Income Capital gain Return of capital Total distribution
02/26/2026 18.67 - - - -
02/25/2026 18.65 - - - -
02/24/2026 18.57 - - - -
02/23/2026 18.44 - - - -
02/20/2026 18.45 0.02 - - 0.02
02/19/2026 18.36 - - - -
02/18/2026 18.37 - - - -
02/17/2026 18.23 - - - -
02/13/2026 18.13 - - - -
02/12/2026 18.07 - - - -
02/11/2026 18.19 - - - -
02/10/2026 18.15 - - - -
02/09/2026 18.15 - - - -
02/06/2026 18.16 - - - -
02/05/2026 17.98 - - - -
02/04/2026 17.94 - - - -
02/03/2026 17.85 - - - -
02/02/2026 17.93 - - - -
01/30/2026 17.74 - - - -
01/29/2026 17.72 - - - -
01/28/2026 17.74 - - - -
01/27/2026 17.86 - - - -
01/26/2026 17.84 - - - -
01/23/2026 17.71 0.06 - - 0.06
01/22/2026 17.79 - - - -
01/21/2026 17.72 - - - -
01/20/2026 17.58 - - - -
01/19/2026 17.78 - - - -
01/16/2026 17.82 - - - -
01/15/2026 17.85 - - - -
01/14/2026 17.82 - - - -
01/13/2026 17.71 - - - -
01/12/2026 17.71 - - - -
01/09/2026 17.64 - - - -
01/08/2026 17.58 - - - -
01/07/2026 17.62 - - - -
01/06/2026 17.52 - - - -
01/05/2026 17.39 - - - -
01/02/2026 17.23 - - - -
12/31/2025 17.10 - - - -
12/30/2025 17.15 - - - -
12/29/2025 17.12 - - - -
12/24/2025 17.08 - - - -
12/23/2025 17.03 0.02 0.18 - 0.21
12/22/2025 17.26 - - - -
12/19/2025 17.19 - - - -
12/18/2025 17.13 - - - -
12/17/2025 17.06 - - - -
12/16/2025 17.05 - - - -
12/15/2025 17.18 - - - -
12/12/2025 17.09 - - - -
12/11/2025 17.16 - - - -
12/10/2025 17.13 - - - -
12/09/2025 17.00 - - - -
12/08/2025 17.06 - - - -
12/05/2025 17.05 - - - -
12/04/2025 17.15 - - - -
12/03/2025 17.15 - - - -
12/02/2025 17.14 - - - -
12/01/2025 17.09 - - - -
11/28/2025 17.07 - - - -
11/27/2025 17.12 - - - -
11/26/2025 17.09 - - - -
11/25/2025 17.08 - - - -
11/24/2025 16.88 - - - -
11/21/2025 16.76 0.04 - - 0.04
11/20/2025 16.64 - - - -
11/19/2025 16.74 - - - -
11/18/2025 16.73 - - - -
11/17/2025 16.86 - - - -
11/14/2025 16.96 - - - -
11/13/2025 17.05 - - - -
11/12/2025 17.12 - - - -
11/11/2025 17.02 - - - -
11/10/2025 16.88 - - - -
11/07/2025 16.74 - - - -
11/06/2025 16.79 - - - -
11/05/2025 16.75 - - - -
11/04/2025 16.72 - - - -
11/03/2025 16.76 - - - -
10/31/2025 16.69 - - - -
10/30/2025 16.71 - - - -
10/29/2025 16.71 - - - -
10/28/2025 16.75 - - - -
10/27/2025 16.87 - - - -
10/24/2025 16.78 0.04 - - 0.04
10/23/2025 16.72 - - - -
10/22/2025 16.74 - - - -
10/21/2025 16.77 - - - -
10/20/2025 16.81 - - - -
10/17/2025 16.66 - - - -
10/16/2025 16.64 - - - -
10/15/2025 16.69 - - - -
10/14/2025 16.65 - - - -
10/10/2025 16.41 - - - -
10/09/2025 16.69 - - - -
10/08/2025 16.67 - - - -
10/07/2025 16.66 - - - -
10/06/2025 16.73 - - - -
10/03/2025 16.79 - - - -
10/02/2025 16.73 - - - -
10/01/2025 16.73 - - - -
09/30/2025 16.62 - - - -
09/29/2025 16.58 - - - -
09/26/2025 16.54 - - - -
09/25/2025 16.52 - - - -
09/24/2025 16.58 - - - -
09/23/2025 16.55 - - - -
09/22/2025 16.58 - - - -
09/19/2025 16.50 - - - -
09/18/2025 16.55 - - - -
09/17/2025 16.51 - - - -
09/16/2025 16.45 - - - -
09/15/2025 16.48 - - - -
09/12/2025 16.53 - - - -
09/11/2025 16.58 - - - -
09/10/2025 16.45 - - - -
09/09/2025 16.48 - - - -
09/08/2025 16.38 - - - -
09/05/2025 16.41 - - - -
09/04/2025 16.33 - - - -
09/03/2025 16.22 - - - -
09/02/2025 16.17 - - - -
08/29/2025 16.19 - - - -
08/28/2025 16.22 - - - -
08/27/2025 16.27 - - - -
08/26/2025 16.33 - - - -
08/25/2025 16.39 - - - -
08/22/2025 16.46 0.06 - - 0.06
08/21/2025 16.44 - - - -
08/20/2025 16.39 - - - -
08/19/2025 16.35 - - - -
08/18/2025 16.25 - - - -
08/15/2025 16.29 - - - -
08/14/2025 16.25 - - - -
08/13/2025 16.25 - - - -
08/12/2025 16.14 - - - -
08/11/2025 16.01 - - - -
08/08/2025 16.08 - - - -
08/07/2025 16.02 - - - -
08/06/2025 16.03 - - - -
08/05/2025 15.97 - - - -
08/01/2025 15.79 - - - -
07/31/2025 15.98 - - - -
07/30/2025 16.05 - - - -
07/29/2025 16.07 - - - -
07/28/2025 16.02 - - - -
07/25/2025 16.11 0.04 - - 0.04
07/24/2025 16.14 - - - -
07/23/2025 16.17 - - - -
07/22/2025 15.99 - - - -
07/21/2025 16.02 - - - -
07/18/2025 16.03 - - - -
07/17/2025 16.05 - - - -
07/16/2025 15.94 - - - -
07/15/2025 15.90 - - - -
07/14/2025 16.06 - - - -
07/11/2025 16.02 - - - -
07/10/2025 16.11 - - - -
07/09/2025 16.16 - - - -
07/08/2025 16.12 - - - -
07/07/2025 16.05 - - - -
07/04/2025 16.06 - - - -
07/03/2025 16.04 - - - -
07/02/2025 16.03 - - - -
06/30/2025 15.99 - - - -
06/27/2025 16.03 - - - -
06/26/2025 15.87 - - - -
06/25/2025 15.88 - - - -
06/24/2025 15.93 - - - -
06/23/2025 15.77 - - - -
06/20/2025 15.66 0.02 - - 0.02
06/19/2025 15.68 - - - -
06/18/2025 15.75 - - - -
06/17/2025 15.69 - - - -
06/16/2025 15.77 - - - -
06/13/2025 15.71 - - - -
06/12/2025 15.85 - - - -
06/11/2025 15.82 - - - -
06/10/2025 15.84 - - - -
06/09/2025 15.79 - - - -
06/06/2025 15.80 - - - -
06/05/2025 15.66 - - - -
06/04/2025 15.67 - - - -
06/03/2025 15.70 - - - -
06/02/2025 15.71 - - - -
05/30/2025 15.64 - - - -
05/29/2025 15.75 - - - -
05/28/2025 15.72 - - - -
05/27/2025 15.81 - - - -
05/26/2025 15.65 - - - -
05/23/2025 15.62 - - - -
05/22/2025 15.79 0.08 - - 0.08
05/21/2025 15.88 - - - -
05/20/2025 16.03 - - - -
05/16/2025 16.06 - - - -
05/15/2025 15.92 - - - -
05/14/2025 15.77 - - - -
05/13/2025 15.73 - - - -
05/12/2025 15.78 - - - -
05/09/2025 15.47 - - - -
05/08/2025 15.46 - - - -
05/07/2025 15.38 - - - -
05/06/2025 15.35 - - - -
05/05/2025 15.41 - - - -
05/02/2025 15.38 - - - -
05/01/2025 15.18 - - - -
04/30/2025 15.16 - - - -
04/29/2025 15.17 - - - -
04/28/2025 15.07 - - - -
04/25/2025 15.03 0.05 - - 0.05
04/24/2025 15.06 - - - -
04/23/2025 15.03 - - - -
04/22/2025 14.90 - - - -
04/21/2025 14.64 - - - -
04/17/2025 14.83 - - - -
04/16/2025 14.77 - - - -
04/15/2025 15.01 - - - -
04/14/2025 14.88 - - - -
04/11/2025 14.72 - - - -
04/10/2025 14.49 - - - -
04/09/2025 14.75 - - - -
04/08/2025 14.17 - - - -
04/07/2025 14.41 - - - -
04/04/2025 14.72 - - - -
04/03/2025 15.43 - - - -
04/02/2025 16.15 - - - -
04/01/2025 16.15 - - - -
03/31/2025 16.15 - - - -
03/28/2025 16.08 - - - -
03/27/2025 16.28 - - - -
03/26/2025 16.26 - - - -
03/25/2025 16.27 - - - -
03/24/2025 16.27 - - - -
03/21/2025 16.18 - - - -
03/20/2025 16.19 - - - -
03/19/2025 16.28 - - - -
03/18/2025 16.18 - - - -
03/17/2025 16.21 - - - -
03/14/2025 16.07 - - - -
03/13/2025 15.91 - - - -
03/12/2025 15.99 - - - -
03/11/2025 16.05 - - - -
03/10/2025 16.28 - - - -
03/07/2025 16.52 - - - -
03/06/2025 16.28 - - - -
03/05/2025 16.37 - - - -
03/04/2025 16.30 - - - -
03/03/2025 16.42 - - - -
02/28/2025 16.45 - - - -
02/27/2025 16.39 - - - -
02/26/2025 16.51 - - - -
02/25/2025 16.47 - - - -
02/24/2025 16.40 - - - -
02/21/2025 16.32 0.02 - - 0.02
02/20/2025 16.38 - - - -
02/19/2025 16.49 - - - -
02/18/2025 16.42 - - - -
02/14/2025 16.35 - - - -
02/13/2025 16.41 - - - -
02/12/2025 16.39 - - - -
02/11/2025 16.39 - - - -
02/10/2025 16.32 - - - -
02/07/2025 16.25 - - - -
02/06/2025 16.32 - - - -
02/05/2025 16.30 - - - -
02/04/2025 16.25 - - - -
02/03/2025 16.44 - - - -
01/31/2025 16.45 - - - -
01/30/2025 16.52 - - - -
01/29/2025 16.31 - - - -
01/28/2025 16.25 - - - -
01/27/2025 16.29 - - - -
01/24/2025 16.15 0.04 - - 0.04
01/23/2025 16.21 - - - -
01/22/2025 16.14 - - - -
01/21/2025 16.10 - - - -
01/20/2025 15.98 - - - -
01/17/2025 16.09 - - - -
01/16/2025 16.00 - - - -
01/15/2025 15.90 - - - -
01/14/2025 15.78 - - - -
01/13/2025 15.72 - - - -
01/10/2025 15.73 - - - -
01/09/2025 15.91 - - - -
01/08/2025 15.95 - - - -
01/07/2025 15.87 - - - -
01/06/2025 15.86 - - - -
01/03/2025 15.98 - - - -
01/02/2025 15.82 - - - -
12/31/2024 15.86 - - - -
12/30/2024 15.82 - - - -
12/27/2024 15.98 - - - -
12/24/2024 15.98 - - - -
12/23/2024 15.89 - - - -
12/20/2024 15.87 0.07 1.65 - 1.72
12/19/2024 17.49 - - - -
12/18/2024 17.53 - - - -
12/17/2024 17.76 - - - -
12/16/2024 17.77 - - - -
12/13/2024 17.81 - - - -
12/12/2024 17.83 - - - -
12/11/2024 17.77 - - - -
12/10/2024 17.77 - - - -
12/09/2024 17.84 - - - -
12/06/2024 17.95 - - - -
12/05/2024 17.79 - - - -
12/04/2024 17.78 - - - -
12/03/2024 17.69 - - - -
12/02/2024 17.63 - - - -
11/29/2024 17.60 - - - -
11/28/2024 17.58 - - - -
11/27/2024 17.59 - - - -
11/26/2024 17.67 - - - -
11/25/2024 17.56 - - - -
11/22/2024 17.48 0.02 - - 0.02
11/21/2024 17.43 - - - -
11/20/2024 17.34 - - - -
11/19/2024 17.28 - - - -
11/18/2024 17.38 - - - -
11/15/2024 17.34 - - - -
11/14/2024 17.32 - - - -
11/13/2024 17.39 - - - -
11/12/2024 17.40 - - - -
11/11/2024 17.56 - - - -
11/08/2024 17.49 - - - -
11/07/2024 17.42 - - - -
11/06/2024 17.42 - - - -
11/05/2024 17.20 - - - -
11/04/2024 17.10 - - - -
11/01/2024 17.12 - - - -
10/31/2024 16.97 - - - -
10/30/2024 17.09 - - - -
10/29/2024 17.19 - - - -
10/28/2024 17.23 - - - -
10/25/2024 17.16 0.03 - - 0.03
10/24/2024 17.25 - - - -
10/23/2024 17.24 - - - -
10/22/2024 17.33 - - - -
10/21/2024 17.43 - - - -
10/18/2024 17.51 - - - -
10/17/2024 17.46 - - - -
10/16/2024 17.37 - - - -
10/15/2024 17.32 - - - -
10/11/2024 17.30 - - - -
10/10/2024 17.14 - - - -
10/09/2024 17.11 - - - -
10/08/2024 17.01 - - - -
10/07/2024 16.95 - - - -
10/04/2024 16.90 - - - -
10/03/2024 16.78 - - - -
10/02/2024 16.80 - - - -
10/01/2024 16.75 - - - -
09/30/2024 16.93 - - - -
09/27/2024 16.96 - - - -
09/26/2024 16.92 - - - -
09/25/2024 16.75 - - - -
09/24/2024 16.72 - - - -
09/23/2024 16.68 - - - -
09/20/2024 16.72 0.02 - - 0.02
09/19/2024 16.74 - - - -
09/18/2024 16.66 - - - -
09/17/2024 16.68 - - - -
09/16/2024 16.64 - - - -
09/13/2024 16.56 - - - -
09/12/2024 16.44 - - - -
09/11/2024 16.28 - - - -
09/10/2024 16.34 - - - -
09/09/2024 16.34 - - - -
09/06/2024 16.25 - - - -
09/05/2024 16.36 - - - -
09/04/2024 16.45 - - - -
09/03/2024 16.52 - - - -
08/30/2024 16.72 - - - -
08/29/2024 16.64 - - - -
08/28/2024 16.59 - - - -
08/27/2024 16.65 - - - -
08/26/2024 16.63 - - - -
08/23/2024 16.64 0.07 - - 0.07
08/22/2024 16.66 - - - -
08/21/2024 16.68 - - - -
08/20/2024 16.63 - - - -
08/19/2024 16.72 - - - -
08/16/2024 16.62 - - - -
08/15/2024 16.58 - - - -
08/14/2024 16.40 - - - -
08/13/2024 16.29 - - - -
08/12/2024 16.18 - - - -
08/09/2024 16.12 - - - -
08/08/2024 16.04 - - - -
08/07/2024 15.84 - - - -
08/06/2024 15.80 - - - -
08/02/2024 16.24 - - - -
08/01/2024 16.59 - - - -
07/31/2024 16.74 - - - -
07/30/2024 16.68 - - - -
07/29/2024 16.67 - - - -
07/26/2024 16.66 0.05 - - 0.05
07/25/2024 16.53 - - - -
07/24/2024 16.53 - - - -
07/23/2024 16.71 - - - -
07/22/2024 16.67 - - - -
07/19/2024 16.53 - - - -
07/18/2024 16.63 - - - -
07/17/2024 16.74 - - - -
07/16/2024 16.77 - - - -
07/15/2024 16.67 - - - -
07/12/2024 16.62 - - - -
07/11/2024 16.56 - - - -
07/10/2024 16.51 - - - -
07/09/2024 16.43 - - - -
07/08/2024 16.46 - - - -
07/05/2024 16.44 - - - -
07/04/2024 16.47 - - - -
07/03/2024 16.44 - - - -
07/02/2024 16.44 - - - -
06/28/2024 16.39 - - - -
06/27/2024 16.43 - - - -
06/26/2024 16.44 - - - -
06/25/2024 16.45 - - - -
06/24/2024 16.50 - - - -
06/21/2024 16.49 0.04 - - 0.04
06/20/2024 16.57 - - - -
06/19/2024 16.57 - - - -
06/18/2024 16.51 - - - -
06/17/2024 16.45 - - - -
06/14/2024 16.32 - - - -
06/13/2024 16.45 - - - -
06/12/2024 16.45 - - - -
06/11/2024 16.36 - - - -
06/10/2024 16.50 - - - -
06/07/2024 16.47 - - - -
06/06/2024 16.45 - - - -
06/05/2024 16.41 - - - -
06/04/2024 16.32 - - - -
06/03/2024 16.37 - - - -
05/31/2024 16.34 - - - -
05/30/2024 16.28 - - - -
05/29/2024 16.30 - - - -
05/28/2024 16.38 - - - -
05/27/2024 16.40 - - - -
05/24/2024 16.36 0.04 - - 0.04
05/23/2024 16.41 - - - -
05/22/2024 16.45 - - - -
05/21/2024 16.47 - - - -
05/17/2024 16.42 - - - -
05/16/2024 16.38 - - - -
05/15/2024 16.33 - - - -
05/14/2024 16.26 - - - -
05/13/2024 16.24 - - - -
05/10/2024 16.25 - - - -
05/09/2024 16.20 - - - -
05/08/2024 16.18 - - - -
05/07/2024 16.18 - - - -
05/06/2024 16.05 - - - -
05/03/2024 15.92 - - - -
05/02/2024 15.80 - - - -
05/01/2024 15.76 - - - -
04/30/2024 15.82 - - - -
04/29/2024 16.01 - - - -
04/26/2024 15.92 - - - -
04/25/2024 15.88 - - - -
04/24/2024 15.99 - - - -
04/23/2024 15.94 - - - -
04/22/2024 15.83 - - - -
04/19/2024 15.84 0.03 - - 0.03
04/18/2024 15.91 - - - -
04/17/2024 15.99 - - - -
04/16/2024 16.04 - - - -
04/15/2024 16.15 - - - -
04/12/2024 16.23 - - - -
04/11/2024 16.35 - - - -
04/10/2024 16.32 - - - -
04/09/2024 16.32 - - - -
04/08/2024 16.40 - - - -
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12/20/2012 10.23 - - - -
12/19/2012 10.21 - - - -
12/18/2012 10.20 - - - -
12/17/2012 10.08 - - - -
12/14/2012 10.02 - - - -
12/13/2012 10.00 - - - -
12/12/2012 10.04 - - - -
12/11/2012 10.05 - - - -
12/10/2012 9.97 - - - -
12/07/2012 10.00 - - - -
12/06/2012 9.97 - - - -
12/05/2012 9.99 - - - -
12/04/2012 10.01 - - - -
12/03/2012 10.03 - - - -
11/30/2012 10.03 - - - -
11/29/2012 10.00 - - - -
11/28/2012 9.95 - - - -
11/27/2012 9.94 - - - -
11/26/2012 9.98 - - - -
11/23/2012 9.96 - - - -
11/22/2012 9.87 - - - -
11/21/2012 9.82 - - - -
11/20/2012 9.81 - - - -
11/19/2012 9.81 - - - -
11/16/2012 9.67 - - - -
11/15/2012 9.61 - - - -
11/14/2012 9.64 - - - -
11/13/2012 9.82 - - - -
11/12/2012 9.86 - - - -
11/09/2012 9.88 - - - -
11/08/2012 9.88 - - - -
11/07/2012 9.95 - - - -
11/06/2012 10.13 - - - -
11/05/2012 10.09 - - - -
11/02/2012 10.08 - - - -
11/01/2012 10.18 - - - -
10/31/2012 10.17 - - - -
10/30/2012 10.17 - - - -
10/29/2012 10.17 - - - -
10/26/2012 10.17 - - - -
10/25/2012 10.15 - - - -
10/24/2012 10.14 - - - -
10/23/2012 10.15 - - - -
10/22/2012 10.27 - - - -
10/19/2012 10.26 - - - -
10/18/2012 10.30 - - - -
10/17/2012 10.27 - - - -
10/16/2012 10.24 - - - -
10/15/2012 10.08 - - - -
10/12/2012 10.00 - - - -
10/11/2012 10.03 - - - -
10/10/2012 10.04 - - - -
10/09/2012 10.08 - - - -
10/05/2012 10.21 - - - -
10/04/2012 10.17 - - - -
10/03/2012 10.16 - - - -
10/02/2012 10.14 - - - -
10/01/2012 10.12 - - - -
09/28/2012 10.10 - - - -
09/27/2012 10.17 - - - -
09/26/2012 10.13 - - - -
09/25/2012 10.15 - - - -
09/24/2012 10.23 - - - -
09/21/2012 10.24 0.06 - - 0.06
09/20/2012 10.27 - - - -
09/19/2012 10.27 - - - -
09/18/2012 10.24 - - - -
09/17/2012 10.31 - - - -
09/14/2012 10.32 - - - -
09/13/2012 10.21 - - - -
09/12/2012 10.16 - - - -
09/11/2012 10.09 - - - -
09/10/2012 10.05 - - - -
09/07/2012 10.08 - - - -
09/06/2012 10.03 - - - -
09/05/2012 9.91 - - - -
09/04/2012 9.90 - - - -
08/31/2012 9.94 - - - -
08/30/2012 9.98 - - - -
08/29/2012 10.03 - - - -
08/28/2012 10.03 - - - -
08/27/2012 10.07 - - - -
08/24/2012 10.07 - - - -
08/23/2012 10.07 - - - -
08/22/2012 10.14 - - - -
08/21/2012 10.15 - - - -
08/20/2012 10.13 - - - -
08/17/2012 10.14 - - - -
08/16/2012 10.10 - - - -
08/15/2012 10.02 - - - -
08/14/2012 10.08 - - - -
08/13/2012 10.05 - - - -
08/10/2012 10.08 - - - -
08/09/2012 10.07 - - - -
08/08/2012 10.08 - - - -
08/07/2012 10.10 - - - -
08/03/2012 10.04 - - - -
08/02/2012 9.89 - - - -
08/01/2012 9.96 - - - -
07/31/2012 9.97 - - - -
07/30/2012 10.00 - - - -
07/27/2012 10.00 - - - -
07/26/2012 10.00 - - - -
07/25/2012 10.00 - - - -
07/24/2012 10.00 - - - -
07/23/2012 10.00 - - - -
07/20/2012 10.00 - - - -

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Commentary

Q4 2025 Fund Commentary

Commentary and opinions are provided by Acadian Asset Management Corporation

Market Commentary

Global equities rose 3.4% in the fourth quarter of 2025 amid an accommodative macroeconomic backdrop and resilient corporate fundamentals. The U.S. Federal Reserve Board (Fed) cut interest rates twice, lowering the range of its federal funds rate to 3.5%–3.75%. Despite lingering inflation near 3% and stretched valuations, riskier assets rose, lifting U.S. large- and small-capitalization stocks, developed international markets and gold to fresh highs.

U.S. equities rose 2.3%, supported by solid earnings, easing U.S.-China trade tensions and the Fed’s interest rate cuts. Canadian equities rose 6.1% on Bank of Canada interest rate cuts, robust commodity prices, strong bank earnings and favourable currency dynamics. Canada’s economy rebounded in the third quarter of 2025, expanding 0.6%, driven by improved trade balances, though consumption and inventories softened. Canada’s labour market showed mixed signals, with unemployment dipping to 6.5% on part-time job gains.

Performance

Relative exposures to The Home Depot Inc., SK Hynix Inc. and Citigroup Inc. contributed to the Fund’s performance. Relative exposures to NetEase Inc. and Wolters Kluwer NV detracted from the Fund’s performance, as did no exposure to LVMH Moet Hennessy Louis Vuitton SE.

At a sector level, stock selection in the financials sector and overweight exposure to the sector contributed to Fund’s performance. Underweight exposure to the industrials sector detracted from performance.

At a regional level, stock selection in the U.S. and South Korea contributed to Fund’s performance. Underweight exposure to the U.S. and overweight exposure to South Korea also contributed to performance. Stock selection in China and France detracted from performance. Overweight exposure to China and underweight exposure to France detracted from performance.

Portfolio Activity

A holding in Samsung Electronics Co. Ltd. was added to the Fund and later sold. A holding in American Tower Corp. was added to the Fund while holdings in Johnson & Johnson, Bristol-Myers Squibb Co. and Citigroup were increased. These transactions resulted from the sub-advisor’s analysis of technical and factor signals.

The Fund’s holding in Apple Inc. was sold while holdings in Bank of America Corp., Verizon Communications Inc. and Colgate-Palmolive Co. were reduced.

Outlook

The Fund saw more assets flow into South Korea, Canada and Switzerland during the period, while asset flows into the Netherlands, the U.S. and France were negative. The Fund’s largest overweight exposures were to Canada, Taiwan and South Korea, while its largest underweight exposures were to Japan, the U.S. and the U.K.

At the sector level, more assets flowed into the health care, materials and energy sectors. Negative asset flow was seen in the communication services, industrials and consumer discretionary sectors. The Fund held overweight exposures to the health care, information technology and communication services sectors, while the largest underweight exposures were in the consumer staples, utilities and industrials sectors.

Disclaimer

The commentaries on the company specific information and purchases and sales were provided by the fund manager. Canada Life Investment Management Ltd. will not be liable for any loss, or damages whatsoever, whether directly or indirectly incurred, arising out of the use or misuse of errors or omissions in any information contained in this commentary. The data provided in this commentary is for information purposes only and, except where otherwise indicated, is current as of December 31, 2025.

The views expressed in this commentary are those of fund manager as at the date of publication and are subject to change without notice. This commentary is presented only as a general source of information and is not intended as a solicitation to buy or sell specific investments, nor is it intended to provide tax or legal advice. Prospective investors should review the offering documents relating to any investment carefully before making an investment decision and should ask their Advisor for advice based on their specific circumstances.

The content of this commentary (including facts, views, opinions, recommendations, descriptions of or references to, products or securities) is not to be used or construed as investment advice, as an offer to sell or the solicitation of an offer to buy, or an endorsement, recommendation or sponsorship of any entity or security cited. Although we endeavour to ensure its accuracy and completeness, we assume no responsibility for any reliance upon it.

This document may contain forward-looking information which reflect our or third-party current expectations or forecasts of future events. Forward-looking information is inherently subject to, among other things, risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed herein. These risks, uncertainties and assumptions include, without limitation, general economic, political and market factors, interest and foreign exchange rates, the volatility of equity and capital markets, business competition, technological change, changes in government regulations, changes in tax laws, unexpected judicial or regulatory proceedings and catastrophic events. Please consider these and other factors carefully and not place undue reliance on forward-looking information. The forward-looking information contained herein is current only as of December 31, 2025. There should be no expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.

There can be no assurance that the Fund’s return or volatility targets will be met, or met over any particular time horizon. Targeted returns and volatility should be evaluated over the time period indicated and not over shorter periods. Targeted returns are not actual performance and should not be relied upon as an indication of actual or future performance.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

Counsel Portfolios are managed by Canada Life Investment Management Ltd. Counsel Portfolios are distributed by Quadrus Investment Services Ltd., IPC Investment Corporation, and IPC Securities Corporation, and may also be available through other authorized dealers in Canada.