Fonds concentré d’actions canadiennes Guardian

Different by Design

*See below for full details.

Guardian Canadian Focused Equity Fund aims to invest differently in Canadian equities

How do we look at investing in Canada differently?

Low correlation to cyclical sectors such as Materials, Energy and Financials

Returns driven by earnings growth, not macro-economic factors

Greater diversification within the Canadian equity space

Our awareness of — and diversification across — cyclical market drivers allows us to tactically play offence or defence depending on what we see on the horizon, aiming to help position our investors to participate in wealth creation irrespective of the economic backdrop.”

SAM BALDWIN
Senior Portfolio Manager

SAM BALDWIN
Senior Portfolio Manager

Disciplined Investment Process

The Canadian equity universe is full of great companies that are generally underrepresented in the S&P/TSX Composite Index, which tends to be heavily skewed to the Financials and Energy sectors. We prefer to look for gems that have yet to get their shine with our high conviction process based in uncovering high-quality companies that we believe have the most attractive growth opportunities.

Our Canadian Equity team will constantly assess the portfolio across three main buckets:

Defensive Growth

These investments provide a balance of stability and growth potential, offering the potential for downside protection during market turbulence while still allowing for capital appreciation.

Quality Growth

These investments are core portfolio holdings, striving to deliver consistent performance and resilience across various market conditions, while maintaining growth prospects.

Cyclical Growth

These investments are considered allocations that offer potential opportunities for higher returns during economic expansions but requiring careful management due to their relative volatility and sensitivity to economic cycles.

The investment philosophy of our Canadian Equity team favours quality, however, the defensive and cyclical drivers of growth can provide meaningful diversification if their expected long-term growth exceeds their respective hurdle rates.

Example for Illustrative Purposes Only.

Our Canadian Equity team aims to prevent the portfolio from getting too expensive through its stock price discipline. Holdings that have met their realized valuation targets get trimmed in favour of more compelling undervalued companies that we believe are poised to exceed their expected future growth under the right environment.

Purchase options

FUND SERIES	MANAGEMENT FEE	TICKER/FUND CODE	PERFORMANCE
ETF SERIES	0.50%	GCFE	View fund performance
SERIES F	0.50%	GCG 692	View fund performance
SERIES A	1.50%	GCG 592	View fund performance

The Management Fee is the total fee paid to the Fund’s Manager for managing the investment portfolio and for the day-to-day operations of the Fund . This is not the same as the Management Expense Ratio (“MER”), which will be higher as it includes the cost of running the Fund, inclusive of applicable taxes including HST, GST and QST (excluding certain portfolio transaction costs). The MER is reported in the Fund’s most recent Management Report of Fund Performance (“MRFP”), as updated semi-annually, and which can be found on our website.

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Guardian Canadian Focused Equity Fund

Resources

Why invest in Canadian Equities now?

Resilient and ready

Conviction over convention

Economic Outlook - Fall 2024

Video: Beating Canadian equities without the big banks

Source: LSEG as at July 31, 2025.

* LSEG Classification uses CIFSC categories in Canada, rather than Lipper Global classifications. Canadian Investment Funds Standards Committee (CIFSC) is a Canadian independent organization that defines the categories of funds.

The corresponding LSEG Lipper Leaders Ratings of Series F of the Fund for the applicable periods are: 5 (3 years, 92 Funds), 5 (5 years, 79 Funds), n/a (10 years), and 5 (overall).

Performance for the Series F of the Fund for the period-ended July 31, 2025 are: 27.8% (1 year), 26.2% (3 years), 20.1% (5 years), n/a (10 years) and 14.5% (since inception; May 14, 2029). Other series of the Fund have different fees and expenses and performance and ratings will vary.

The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemptions, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Performance is calculated net of fees. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

From LSEG Lipper Fund Awards © 2025 LSEG. All rights reserved. Used under license. The LSEG Lipper Fund Awards for Canada are granted annually and highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leaders Rating for Consistent Return, which is an objective, quantitative, risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award that year. LSEG Group is a leading global financial markets infrastructure and data provider. For more information please refer to their website at: www.lipperfundawards.com. Although LSEG Lipper makes reasonable efforts to ensure the accuracy and reliability of the data used to calculate the awards, their accuracy is not guaranteed.

The Lipper Leaders Rating System includes Lipper Ratings for Consistent Return, which reflects a fund’s historical risk-adjusted returns relative to funds in the same classification, and takes into account both short- and long-term risk-adjusted performance, together with a measure of a fund's consistency. The measure is based on the Lipper Effective Return computation. Effective Return is a risk-adjusted return measure that looks back over a variety of holding periods (measured in days, weeks, months, and/or years). The overall calculation is based on an equal-weighted average of percentile ranks of the Consistent Return metrics over three, five-, and ten-year periods (if applicable). The highest 20% of funds in each classification are named Lipper Leaders for Consistent Return, with a rating of 5, the next 20% receive a rating of 4, the middle 20% are rated 3, the next 20% are rated 2, and the lowest 20% are rated 1. Lipper Leaders Ratings are subject to change every month.

Morningstar Rating, commonly referred to as the “Star Rating”, relates how a fund has performed on a risk-adjusted basis against its Morningstar category peers and is a purely quantitative, backward-looking measure of a fund’s past performance, designated from one to five stars, which is subject to change monthly. The Star Rating is based on the calculated Morningstar Risk Adjusted Return (MRAR) of a fund compared to its peers within the same CIFSC category for the same period. Morningstar calculates the MRAR for categories with at least 5 funds, and for funds with at least 3 years of performance history. To determine a fund’s Star Rating, the fund and its peer are ranked by their MRARs. If a fund scores in the top 10% of its category, it receives five stars (High); if it falls in the next 22.5%, it receives four stars (Above Average); the next 35% earns a fund three stars (Neutral or Average); those in the next 22.5% received two stars (Below Average); and the lowest 10% received one star (Low). The overall rating is a weighted combination of the 3, 5 and 10 year ratings. Overall ratings are adjusted where a fund has less than 5 or 10 years of history. Please refer to www.morningstar.ca for greater detail on the calculation of the Star Ratings, which are objective and based entirely on a mathematical evaluation of past performance and is not to be construed as an endorsement of any fund. They’re a useful tool for identifying funds worthy of further research, but shouldn’t be considered buy or sell recommendations.

© 2025 Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is not a guarantee of future results.

Morningstar Star Ratings for the Guardian Canadian Focused Equity Fund in the Canadian Equity category as at October 31, 2025: