Month End Recap:
For the month of November, the Caldwell Canadian Value Momentum Fund (CVM or Fund) gained 1.3% versus a gain of 3.9% for the S&P/TSX Composite Total Return Index (Index)1. From a sector standpoint, Materials, Consumer Staples, and Consumer Discretionary were relative outperformers, whereas Information Technology, Healthcare, and Real Estate underperformed.
Top performers in the month of November were Kinross Gold (K), Extendicare (EXE), and Spartan Delta (SDE)2. K performed well as it continued to benefit from strong gold prices, which supported robust margins and record free cash flow. Quarterly results pointed to full-year production tracking above the midpoint of guidance, with steady operational execution across the portfolio and cost management initiatives helping offset inflationary pressures. EXE’s quarterly results showed steady momentum across long-term care and home health, supported by strong demographic demand and improving operations. Home health care delivered solid organic growth with expanding margins, while long-term care benefited from higher occupancy and better cost control. The continued use of joint ventures and asset recycling helped maintain balance sheet flexibility. With rising demand for senior care and a clear modernization pipeline, the company is well positioned for continued progress. SDE performed well as results exceeded expectations for both production and cash flow, reflecting strong execution and continued operational momentum. The company advanced its liquids-rich growth strategy with new wells coming online and strengthened its land position through a strategic swap. Strong outcomes across several emerging zones pointed to potential inventory upside, even as development plans remain disciplined. Capital spending was higher due to targeted land investments, but underlying asset performance stayed robust.
During the month of November, the Fund initiated positions in Celestica (CLS), Manulife Financial (MFC), Zedcor (ZDC), and Kraken Robotics (PNG).
CLS is a Tier-1 electronics manufacturing services provider with leading exposure to hyperscale datacenter, high-bandwidth networking, and custom compute programs. The company is benefiting from strong, sustained AI-driven demand, where increasing compute intensity and larger cluster architectures are driving rapid growth in its most complex, high-margin platforms. With clear visibility into multi-year customer ramps and expanding share in advanced switching and custom Application-Specific Integrated Circuit (ASIC) systems, it is well positioned to extend its momentum and capitalize on the AI infrastructure buildout.
MFC is Canada’s largest life insurer and a leading global provider of financial protection and wealth management products and services, operating in more than 20 countries and territories. It continues to win market share in Asia, its fastest growing and most profitable region, supported by strong brand presence and expanding distribution. With a clearer strategic focus, improving earnings quality, and strong capital generation supporting continued buybacks, the company is poised to deliver sustained growth and long-term value.
ZDC is a rapidly scaling provider of mobile, AI-enabled site-security solutions, offering a disruptive alternative to traditional guard-based models. The company operates in a large, secularly growing market for remote surveillance, supported by rising adoption across construction, infrastructure, and industrial sites. Strong unit economics, including an attractive payback period on security towers, enable efficient reinvestment and accelerate fleet expansion. With robust demand, expanding U.S. market penetration, and proven scalability in its monitoring platform, it is set to capture meaningful share and extend its growth runway.
PNG develops advanced underwater robotics, sonar systems, and pressure-tolerant batteries for global defense customers. The company is benefiting from strong secular demand for autonomous underwater vehicles, supported by expanding programs with key partner Anduril, including new international contracts that point to rising battery volumes and a robust multi-year pipeline. With increasing defense spending, new manufacturing capacity, and potential upside from M&A, the company has a solid foundation for continued growth.
The Fund held a 15.1% 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 2025 and beyond.
1Standard performance as at November 28, 2025:
Caldwell Canadian Value Momentum Fund (Series F): 1 Year: 24.8%, 3 year: 15.1%, 5 year: 13.9%, 10 year: 11.5%, Since Inception (August 29, 2014): 10.0%.
S&P/TSX Composite Total Return Index: 1 Year: 25.7%, 3 year: 18.9%, 5 year: 16.2%, 10 Year: 12.2%, Since Inception (August 29, 2014): 9.6%.
2Actual Investments, first purchased: K 9/16/2024, EXE 10/22/2025, SDE 8/6/2025.
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: December 17, 2025.