Builders Fund

September 30, 2025

Fund Overview

• The Builders Fund is an all-stock portfolio designed for growth-oriented investors. It is a fund-of-funds that invests mainly in Steadyhand’s four stand-alone equity funds — Equity Fund, Global Equity Fund, Small-Cap Equity Fund, and Global Small-Cap Equity Fund.
• The mix of underlying funds is managed by Salman Ahmed, with Tom Bradley as co-manager.

Portfolio Specifics

• The fund posted a strong result in the quarter, gaining 3.4%, and is up 9.3% year-to-date. Our holdings in the technology and resource sectors were strong contributors in Q3.
• Investments are allocated roughly two-thirds toward foreign businesses and one- third toward companies based in Canada. The bias to foreign companies reflects a broader opportunity set outside of Canada, particularly in important industries like healthcare, technology, and consumer products & services.
• The largest area of investment, industrial goods & services (27% of the portfolio), includes a diverse mix of companies such as OSHKOSH CORP. (specialty vehicles and access equipment), RB GLOBAL (industrial auctioneer), CASELLA WASTE(waste and landfills), BADGER INFRASTRUCTURE SOLUTIONS (hydrovac services), and CN RAIL. Performance of the group was solid in the quarter.
• Financial services companies make up 16% of the fund. Large holdings include VISA and TMX GROUP. We also own a group of leading insurance companies, including INTACT FINANCIAL, MUNICH RE GROUP, and AIA GROUP. ROYAL BANK and ERSTE GROUP BANK provide additional diversification.
• The technology sector is another important area of investment, comprising 15%. Our focus is on established industry leaders such as MICROSOFT. Other investments include ALPHABET (the parent of Google), QUALCOMM (chips for smartphones) and CONSTELLATION SOFTWARE (software).
• The portfolio has only modest exposure to commodity stocks (10%), due to their inherent cyclicality. Holdings include TOREX (gold producer), CAPSTONE (copper miner), TOTALENERGIES (oil & gas), and CAMECO (uranium). Returns were solid overall, with CAMECO a standout.

Positioning

• Refer to the underlying funds for details on their positioning.
  

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Important information about the Steadyhand funds is contained in our Simplified Prospectus. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.