Month End Recap:
For the month of February, the Caldwell Canadian Value Momentum Fund (CVM or Fund) outperformed its benchmark, the S&P/TSX Composite Total Return Index (Index), by 4.1%, with a return of 11.8% versus a return of 7.7% on the Index1. From a sector standpoint, Materials, Consumer Discretionary, and Consumer Staples were relative outperformers, whereas Information Technology, Real Estate, and Financials underperformed.
Top performers in the month of February were Firan Technology Group (FTG), Sprott Inc (SII), and Agnico Eagle Mines (AEM)2. FTG moved higher as strong orders and new defence program wins reinforced confidence in the durability of demand across its aerospace and defence end markets. Backlog expanded meaningfully and provided improved visibility into near-term revenue growth, while increasing exposure to classified defence programs and broader NATO-related spending supported a more constructive medium-term outlook. With demand remaining robust across market segments and growth opportunities expanding in both existing and new programs, sentiment strengthened around the durability of growth and returns. SII rerated higher as strong precious metals prices and rising investor demand drove significant inflows and market appreciation across its funds, supporting rapid growth in assets under management. The scalable, capital-light asset management model enabled expanding margins and stronger profitability as AUM increased, reinforcing confidence in earnings growth. With continued demand for real assets such as gold, silver, and critical materials, sentiment strengthened around the durability of flows and operating leverage. AEM continued its momentum as strong gold prices and improving fundamentals supported a constructive outlook for earnings and cash flow growth. The company also outlined a visible long-term production growth pipeline, targeting 20–30% output expansion through the early 2030s as major projects advance. Combined with a strong balance sheet, rising free cash flow, and increasing capital returns through dividends and buybacks, sentiment strengthened around the durability of growth and shareholder returns.
During the month of February, the Fund did not initiate any new positions.
The Fund held a 10.1% cash weighting at month-end. While we remain mindful of the macro environment, the Fund employs a bottom-up investment approach designed to seek out attractive investment opportunities in any market. CVM has generated substantial value for investors over its long-term history driven by the combination of strong company-specific catalysts and a concentrated portfolio. We continue to look forward to strong results as we progress through 2026 and beyond.
1Standard performance as at February 28, 2026:
Caldwell Canadian Value Momentum Fund (Series F): 1 Year: 55.7%, 3 year: 24.5%, 5 year: 17.2%, 10 year: 14.3%, Since Inception (August 29, 2014): 12.0%.
S&P/TSX Composite Total Return Index: 1 Year: 38.8%, 3 year: 22.9%, 5 year: 17.1%, 10 Year: 13.7%, Since Inception (August 29, 2014): 10.3%.
2Actual Investments, first purchased: FTG 8/21/2025, SII 4/16/2025, AEM 4/1/2024.
The CVM was not a reporting issuer offering its securities privately from August 8, 2011 until July 20, 2017, at which time it became a reporting issuer and subject to additional regulatory requirements and expenses associated therewith.
Unless otherwise specified, market and issuer data sourced from Capital IQ & Morningstar Direct.
The information contained herein provides general information about the Fund at a point in time. Investors are strongly encouraged to consult with a financial advisor and review the Simplified Prospectus and Fund Facts documents carefully prior to making investment decisions about the Fund. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Rates of returns, unless otherwise indicated, are the historical annual compounded 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.
Publication date: March 13, 2026.