Equity Fund

September 30, 2025

Market Context

• Canadian equities had a strong quarter, with the TSX climbing more than 20.6% as gold and energy stocks surged. Materials gained over 30% and energy rose nearly 15%.

Portfolio Specifics

• The Fund declined 3.2% in the quarter, bringing its YTD return to 4.3%.
• Limited exposure to materials and energy sectors weighed on relative returns, as the two sectors gained over 30% and 15%, respectively.
• Fiera’s high-conviction holdings weighed on results. THOMSON REUTERS and CONSTELLATION SOFTWARE came under pressure as investors rotated away from quality names and questioned the impact of AI on traditional software models. METRO fell on heightened grocery competition concerns, while INTACT FINANCIAL and TMX GROUP corrected despite strong fundamentals and long track records of execution. Importantly, in many of these cases, Fiera view the pullbacks as driven more by sentiment and rotation than deterioration in business quality.
• On the positive side, TOROMONT rallied over 25%, supported by robust rental and product support revenues and a smooth management succession. TJX continued its steady contribution, benefiting from its essential role as an off-price retail partner.
• Fiera remained disciplined, trimming positions where valuations had become stretched (METRO, THOMSON REUTERS, TMX, DOLLARAMA, among others), while adding selectively to compounders at more attractive levels. A new position was initiated in RICHEMONT, the global luxury group anchored by Cartier and Van Cleef & Arpels, which benefits from secular growth in branded jewelry. To fund this purchase, DANAHER was sold. Other additions included LOBLAW, WASTE CONNECTIONS, CGI, CN RAIL, and CME GROUP.

Positioning

• The fund is comprised of a concentrated group of best-in-class businesses operating in a range of industries with solid long-term demand profiles. Focus is on market leaders that generate steady profits and have proven leaders at the helm.

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.