Savings Fund

September 30, 2025

Market Context

• The Bank of Canada cut rates by 25 basis points during the quarter, aligning with the U.S. Federal Reserve’s pivot toward easing monetary policy. The current overnight rate is 2.5%.
• Inflation pressures in Canada eased, with core goods and services prices decelerating, reducing near-term inflation risks.
• The Canadian economy showed signs of slowing, with soft labour markets, weaker business investment, and flat GDP growth through mid-2025. Recession risks remain elevated.

Positioning

• We held larger-than-normal T-bill position for liquidity management, complemented by corporate paper at just over 25% where modest spreads are available.
• Pre-fee yield of the Savings Fund was 2.5% as of quarter-end.

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.