The portfolio is about what you’d expect in a Canadian small cap fund, with a heavy focus on materials (including gold mines) and energy. Together, they make up about 55% of the fund’s assets under management. With that type of composition, you’d expect this to be a highly volatile fund. It has the potential to be, but over the past five years it has only lost money once, a dip of 9.22% in 2022. It gained 18.4% in 2024 and is ahead 15.3% year-to-date. The five-year average annual compound rate of return to the end of June was 14.8%.