Fund Overview
This fund is designed for investors who…
- Seek capital growth over the long-term in a diversified portfolio of American issuers.
- Want to participate in the indices of the American market.
- Have capital-growth objectives in the long term and whose risk tolerance is medium.
Investment Objectives
- Achieve long-term capital growth.
- Invest in securities included in one or more American stock market indices in proportion to their weight in such indices, with a minimum of 60% of the assets tracking the performance of S&P 500 market index, or favours investments whose returns track those of these indices.
Fund Facts are published once a year. Read them now.
Summary
Volatility:
Category: US Equity
Start Date: July 24, 2000
RRSP Admissibility: Yes, 100% eligible
Benchmark: S&P 500 (Net Dividend) in Canadian dollar
Assets*: $53,412,702
Number of Securities: 8
Target Asset Mix:
- Short Term: 0%
- American Securities (S&P 500): 100%
- Other securities in other American indexes or sub-indexes: 0%
*As at April 30, 2024
Portfolio Management
Managers
- Professionals’ Financial – Mutual Funds Inc.
The Funds’ Investment Policies are developed by the Fund Manager’s Investment Committee, which meets regularly to make any necessary changes. The Committee includes both internal and external investment experts, as well as representatives of professional association shareholders.
Main Securities as at September 30, 2025
| SPDR S&P 500 ETF Trust | 38.5% |
| iShares Core S&P 500 ETF | 20.6% |
| iShares Core S&P 500 Index ETF | 15.8% |
| iShares Core Dividend Growth ETF | 5.2% |
| Invesco QQQ Trust Series I | 4.7% |
| Financial Select Sector SPDR Fund | 4.4% |
| iShares MSCI USA Momentum Factor ETF | 4.1% |
| Invesco S&P 500 Equal Weight ETF | 4.0% |
| Canadian Dollar | 1.4% |
| Industrial Select Sector SPDR Fund | 1.1% |
| U.S. Dollar | 0.1% |
| Net asset value as at September 30, 2025 | 122 M $ |
Returns
Returns *
* Returns for the first and last year are not annualized
* Non annualized return
$1,000 Invested Amount since inception
Note that the results shown are for information purposes only. Commissions, trailing commissions, management fees and expenses all may be associated with investments ins FDP Portfolio’s. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns, including changes in portfolio value and reinvestment of all distributions, but do not take into account sales, redemption, distribution or optional charges or income taxes payable by an investor that would have reduced returns. References to indices are for information purposes only. Comparisons with indices may vary according to the portfolio size, investment timing, and mandate objective. The funds’ securities are not insured by the Canada Deposit Insurance Corporation. Mutual funds are not guaranteed, their value changes frequently, and past performance may not be repeated.
Managers' Comments
The FDP US Equity Portfolio, Series A posted a net return of 1.0% for the first six months of 2025, versus 30.3% for 2024. The FDP US Equity Portfolio, Series I posted a net return of 1.4% for the first six months of 2025.
In the United States, the Federal Reserve (Fed) kept its key interest rate within the 4.25–4.50% range throughout the first half of the year. Although the market eagerly awaited a first rate cut in 2025, the Fed maintained a cautious stance since inflation was still slightly above its target and the economy remained robust early in the new president’s term.
Inflation appeared to be moderating, standing at around 2.7% on an annual basis in June 2025. However, resilient U.S. consumption and persistent labour shortages continued to exert pressure on prices, warranting the central bank’s cautious stance.
The U.S. stock market, as measured by the S&P 500 Index, posted a modest return of 0.8% in Canadian dollars. Unlike in 2023 and 2024, large-cap technology stocks lost momentum relative to the rest of the market. The “Magnificent 7” group of the largest U.S. technology companies, which dominated the market over the past few years, saw their relative performance decline, allowing other cyclical and defensive sectors to shine.
The Canadian dollar appreciated about 5.6% against the U.S. dollar, which impeded returns for Canadian investors holding U.S. dollar-denominated assets. The Portfolio maintains significant exposure to S&P 500 stocks and adds relative value through investments in exchange-traded funds (ETFs). In the first half of 2025, positions in a NASDAQ-100 ETF, momentum stocks and S&P 500 Financials contributed the most to the Portfolio’s relative performance. Conversely, holdings in high-quality S&P 500 stocks with rising dividends and the equal-weight version of the S&P 500 Index detracted value. Currency hedging also helped mitigate the negative impacts of the U.S. dollar’s depreciation against the Canadian dollar.
