Canadian Equity

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.

Returns ^*

* Returns for the first and last year are not annualized

* Non annualized return

$1,000 Invested Amount since inception

The FDP Canadian Equity Portfolio, Series A posted a net return of 6.6% for the first six months of 2024, versus 9.4% for 2023. The FDP Canadian Equity Portfolio, Series I posted a net return of 7.2% for the first six months of 2024.

The modest key interest rate reduction in early June 2024 (the first since the start of the COVID-19 pandemic in March 2020) was well received in the country and bolstered Canadian stock markets. The economy remains resilient and investors are optimistic. The Canadian stock market, as measured by the S&P/TSX Composite Index, posted a 6.1% return over the first six months of 2024, driven by the Energy and Materials sectors.

WTI oil prices rose from US$71.33 as at December 31, 2023 to US$82.83 as at June 30, 2024. On a relative basis and gross of management fees, the FDP Canadian Equity Portfolio outperformed its benchmark index chiefly due to shrewd stock selection in the Energy, Financial Services and Information Technology sectors as well as an underweight to the Communications sector.