Global Equity Fund

December 31, 2025

Market Context

• Global equities, as measured by the Morningstar Developed Markets Index, rose 15.5% in 2025 in Canadian dollar terms. 
• Market results were highly concentrated, with U.S.-based AI-related and mega-cap stocks driving returns, while many traditional quality sectors lagged. 

Portfolio Specifics

• The fund holds 49 companies, diversified across regions and industries. Holdings span the U.S., Europe, Japan, Asia-Pacific, and Canada, ranging from large global businesses such as Alphabet to smaller, specialized companies such as FIRSTCASH HOLDINGS. 
• The portfolio delivered solid performance during the year, rising 13.7% in Canadian dollar terms, after fees. Results were broadly in line with global equity markets, despite less exposure to the best performing area of the market - U.S. mega-cap stocks. Strong results came from a diverse set of companies which helped offset market concentration in a narrow group of AI-driven leaders. 
• Stock selection within financials supported results. FIRSTCASH HOLDINGS benefited from higher gold prices supporting collateral values. MUNICH RE continued to deliver steady performance through disciplined underwriting, while DBS GROUP and newly added CAPITAL ONE also contributed positively. 
• Several non-U.S. holdings were meaningful contributors. CAMECO gained 70%, reflecting rising uranium prices and increased demand for nuclear energy tied to data-center growth. SAMSUNG rose over 100%, benefiting from increased AI-related capital expenditures alongside internal execution improvements.  
• The dispersion of stock results in 2025 has expanded the opportunity set, with many high-quality businesses trading at more attractive valuations. The manager took advantage of this in the second half of the year with the purchases of hardware store leader, LOWES, and Japanese conglomerate, ITOCHU.

Positioning

• Investments are spread across industries, both fast-growing and steady-eddy, with a focus on companies with strong market positions. Aristotle looks for quality businesses with competitive advantages, pricing power, and experienced leadership.

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.