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Fund Overview

This fund is designed for investors who …

  • Seek capital growth over the long term in a diversified portfolio of Canadian issuers.
  • Have a medium to high risk tolerance.
  • Have a long-term horizon and expect some performance volatility associated with equity securities.

Investment Objectives

  • Achieve long-term capital growth through investment diversification.
  • Invest primarily in equity securities of mostly large capitalization Canadian issuers, but also of small or medium capitalization Canadian issuers.
  • Invest in equity securities of foreign issuers and in debt instruments of Canadian and foreign issuers.

Fund Facts are published once a year. Read them now.

Summary

Volatility:

Average

Category: Canadian Equity (Pure)
Start Date: December 31, 1987
RRSP Admissibility: Yes, 100% eligible

Benchmark: S&P/TSX Toronto Stock Exchange Index


Assets*: $444,480,840
Number of Securities: 115

Target Asset Mix

  • Canadian Equity: 100%
  • Foreign Equity: 0%
  • Short Term: 0%

*As at April 30, 2023

Portfolio Management

Managers

  • Fidelity Investments Canada ULC, Desjardins Gestion internationale d’actifs inc. (DGIA) and Manulife Investment Management Limited., 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, 2023

The Toronto-Dominion Bank 5.8%
Royal Bank of Canada 4.9%
Canadian Natural Resources Limited 4.9%
Constellation Software Inc. 4.3%
Cash and Cash Equivalents 3.6%
Shopify Inc., Cl. A 3.1%
Canadian Pacific Kansas City Limited 3.1%
Canadian National Railway Company 2.8%
Alimentation Couche-Tard Inc. 2.8%
Sun Life Financial Inc. 2.6%
Wheaton Precious Metals Corp. 2.5%
Restaurant Brands International Inc. 2.4%
Thomson Reuters Corporation 2.4%
WSP Global Inc. 2.2%
Franco-Nevada Corporation 2.2%
Waste Connections, Inc. 2.0%
FirstService Corporation 1.9%
Fairfax Financial Holdings Limited 1.9%
Cenovus Energy Inc. 1.9%
iShares Core S&P/TSX Capped Composite Index ETF 1.8%
Dollarama Inc. 1.7%
Brookfield Asset Management Ltd., Cl. A 1.5%
ARC Resources Ltd. 1.4%
SNC-Lavalin Group Inc., Cl. A 1.4%
National Bank of Canada 1.3%
Net asset value as at September 30, 2023 523 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 Managers’ Comments are taken from the Annual Management Report of Portfolio Performance (Operating Results), as at December 31, 2022.

The FDP Canadian Equity Portfolio, Series A posted a net return of -8.8% for 2022, versus 22.8% for 2021. The FDP Canadian Equity Portfolio, Series I posted a net return of -7.9% for 2022.

Rate hikes and a potential recession had a negative effect on the Canadian market in the first six months of 2022. The Canadian stock market, as measured by the S&P/ TSX Composite Index, posted a -5.8% return for 2022. Only four of the index’s eleven component sectors posted positive returns for the period: Energy (+30.3%), Consumer Staples (+10.1%), Materials (+1.7%) and Industrials (+1.4%). Meanwhile, all the other component sectors of index closed the period in negative territory, chiefly Health Care (-61.6%), Information Technology (-52.0%, mostly due to the sharp drop of Shopify) and Real Estate (-21.5%). Oil prices (WTI) soared from USD75.30 in late December 2021 to USD107.80 as at June 30, 2022, before dropping to USD80.30 by the end of the year. The Fund’s slight underweight to Energy detracted the most value (-87 basis points). However, stock selection within this sector added 33 basis points since the portfolio manager favoured oil and gas exploration companies and added to the existing positions amid the current environment.

Meanwhile, Information Technology added 203 basis points relative to the benchmark, mostly due to the underweight to headline-grabbing Shopify, which significantly underperformed. Moreover, value-style securities substantially outperformed their growth-style counterparts during the period, with each posting a 7.4% and -8.2% return, respectively.

Equities’ rise—an upward trend that started in 2020—was finally slowed by inflation, the labour shortage, rising interest rates and the fear of an economic slowdown.
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