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Morningstar RatingTM:
Series F 5 out of 5 stars (April 30, 2020)
Series D 5 out of 5 stars (April 30, 2020)
Portfolio Manager:
Date of Inception:
June 15, 2012
Fund Size:
$41,842,982 (as of April 30, 2020)
Minimum Initial Purchase:
$5,000 per account
RRSP/TFSA/RRIF Eligibility:
Management Fee:
Trailer Fee:
    • 0.00% (Series F)
    0.30% (Series D)
Net Asset Value Per Unit:
Series F $20.70  CAD (as of June 1, 2020)
Series D $20.89  CAD (as of June 1, 2020)
Fund Codes:
Series F NGM 270 (CAD)
Series D NGM 272 (CAD)
Available Through an Advisor:
Through registered dealers, FundSERV purchases only, with minimum initial investment of $5,000 and minimum subsequent investment of $1,000.
Investment Growth

Investment Strategy

The objective of the Fund is to achieve long term growth and capital appreciation according to our “Growth at a Reasonable Price” philosophy. The Fund invests in equity securities of Canadian based corporations, avoiding the tobacco and oil and gas industries. On occasion, Treasury bills or short-term cash equivalents may be held.


Annualized Trailing Returns

  1 Year 2 Years 3 Years 5 Years
Canadian Equity Fund Series F $CAD 10.4% 3.2% 5.9% 4.6%
Canadian Equity Fund Series D $CAD 10.1% 2.9% 5.6% 4.3%
S&P TSX Index $CAD -7.9% 0.5% 1.3% 2.5%

Calendar Year Returns

  2019 2018 2017 2016 2015
Canadian Equity Fund Series F $CAD 37.9% -17.5% 30.2% 3.3% -12.0%
Canadian Equity Fund Series D $CAD 37.5% -17.8% 29.8% 3.0% -12.4%
S&P TSX Index $CAD 22.9% -8.9% 9.1% 21.1% -8.4%

The Fund’s detailed performance record can be viewed by visiting the Tables Page and the Charts Page.

Fund Holdings and Equity Sector Weights

North Growth Canadian Equity Fund - Top Holdings

Portfolio Date: April 30, 2020

  Ticker Portfolio Weight
Ballard Power BLDP 9.38%
Open Text Corp. OTEX 6.39%
Zymeworks Inc ZYME 5.98%
ATS Automation Tooling Systems ATA 5.80%
CAE Inc. CAE 4.93%
Aritzia Inc ATZ 4.28%
Heroux-Devtek HRX 4.09%
Innergex Renewable Energy INE 3.82%
Sierra Wireless SW 3.56%
TFI International TFII 3.23%
Source: North Growth Management

North Growth Canadian Equity Fund - Sectors

As of April 30, 2020

Tax Information

The Fund’s realized income and capital gains are accumulated throughout the year and distributed on a pro rata basis on December 15th. All the distribution details for tax purposes are printed on T-3 slips, and unitholders of the Fund receive their T-3 tax slips by mail near the end of January of the following year.

Distribution History

  Capital Gain,Expressed in Canadian Dollars Capital Gain, As a Percentage of Unit Price
Year Date Series F Series D Series F Series D
2019 December 13 0.51 0.32 2.32% 0.28%
2018 December 14 0.69 0.59 3.98% 3.39%
2017 December 15 1.54 1.47 6.86% 6.52%
2016 December 15 1.22 1.08 6.75% 5.98%
2015 December 15 - - 0.00% 0.00%
2014 December 15 1.52 1.33 7.46% 6.54%
2013 December 15 1.03 0.95 5.34% 4.95%

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. 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, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

The Investment Growth chart and Performance returns are used only to illustrate the effects of the compound growth rate and are not intended to reflect future values of the investment fund or returns on investment in the investment fund.

The Morningstar Rating reflects how a fund has performed on a risk-adjusted basis against its Morningstar category peers and is subject to change every month. Funds are ranked by their Morningstar Risk-Adjusted Return scores with the top 10% of funds in a category receiving 5 stars, the next 22.5% receiving 4 stars, a fund in the middle 35% receiving 3 stars, a fund in the next 22.5% receiving 2 stars and a fund in the bottom 10% receiving 1 star. Funds are rated for up to three time periods: 3, 5 and 10 years. These ratings are combined to provide an Overall Star Rating for a fund. Overall ratings are adjusted where a fund has less than 5 or 10 years of history. For further details see