Matco Global Equity Fund (Series F)
Fund Documents [LINK]    Fund Codes [LINK]    As at March 31, 2022 

Investment Profile
The Fund invests in global companies that have the ability to pay dividends and grow earnings. A majority of these companies are based in the U.S., Europe and Emerging Markets (such as China, Taiwan, South Korea and India). 

Fund Inception Date


Fund Net Asset Value

$138.2 Million

Portfolio Manager

Baron Lee, CFA

Dividend Yield


Is this fund for you?

You typically have a 5+ year investment horizon

• You can tolerate low to medium risk on your investment

• You are seeking long term capital appreciation

• You are looking for exposure to global opportunities



Geographic Profile (Equities)

The Fund’s geographic profile may change over time due to the portfolio manager’s assessment of regional market conditions such as interest rates, economic growth and company earnings growth.

Global Equity Geographic Profile 21Q3


The Fund follows a bottom-up and top-down strategy approach. The Fund's U.S exposure is focused on 30-35 dividend-paying companies. To gain exposure to leading non-U.S. companies, the Fund invests in regional exchange-traded funds to provide portfolio diversification. 

The U.S. Equity Portfolio owns companies that meet Matco’s strict investment criteria which include:

  • Quality

  • Income

  • Growth

  • Value

  • Risk

Investor Education

  • Learn about Matco and our investment philosophy

  • Understand this Fund is not intended to be a complete investment program for all investors

  • Ensure you have an investment time horizon of 5+ years

  • You understand the amount invested in any one region will vary depending on  the investment opportunities

  • The companies’ earnings growth cycle may fluctuate over time


Performance (Series F)

As at March 31, 2022    
Net of Fees 3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F -7.3% -7.3% 2.3% 9.2% - - - 8.6%

Growth of $10,000 since inception

Global Equity Growth of $10,000 21Q3

Cumulative Returns

  3M YTD 1Y 3Y 5Y 7Y 10Y Incep.
Series F -7.3% -7.3% 2.3% 30.2% - - - 45.0%


  • Calendar Year Returns

    Calendar Year Performance 2021 2020 2019 2018 2017
    Series F 19.3% 8.3% 19.3% -3.9% 5.7%
  • Annual Distribution per Unit ($/unit)

      2021 2020 2019 2018 2017 2016 2015
    Income 0.09 0.11 0.09 0.01 - - -
    Capital Gains 0.63 0.27 0.22 - - - -
    Total Distributions: 0.72 0.38 0.31 0.01 - - -

Sector Allocation 

Global Equity Sector Allocation 21Q3

Asset Mix

Global Equity Asset Mix 21Q3

Country Allocation (excluding cash)

Global Equity Country Allocation 21Q3

Top Holdings   

Matco U.S. Equity Strategy 29.8%
iShares MSCI Europe IMI Index ETF  14.8%
Global X U.S. Infrastructure Development ETF 7.2%
iShares S&P Small-Cap 600 Value ETF 6.9%
iShares S&P Small-Cap 400 Value ETF 6.9%
VanEck Vietnam ETF 6.4%
iShares Core MSCI Emerging Markets IMI Index ETF 6.0%
Evolve European Banks Enhanced Yield ETF 5.5%
iShares MSCI Japan Index ETF (USD-Hedged) 5.0%
Cash 4.3%

Matco U.S. Equity Portfolio - Top 10 Holdings

  • 6.5% - Microsoft Corp.

    Global software and hardware company providing various services and devices for personal and business use.

  • 6.1% - Novo Nordisk

    Global pharmaceutical company focused on diabetes, obesity, hemophilia and growth disorders.

  • 5.9% - Fastenal Co.

    A distributor of wide-ranging industrial and construction products for various markets across North America.

  • 5.9% - Automatic Data Processing Inc.

    Global provider of cloud-based solutions for human resources services such as payroll, tax, and benefits administration.

  • 5.6% - Mastercard Inc.

    Global payments solutions provider for businesses, individuals and governments.

  • 5.4% - Lowes Companies Inc.

    One of the world's largest home improvement retailers with operations in the U.S. and Canada.

  • 5.4% - Applied Materials Inc.

    Leading in providing materials engineering solutions for new semiconductor chips and advanced display technologies.

  • 5.4% - AmerisourceBergen Corp.

    Global leader in pharmaceutical distribution and solutions for manufacturers, providers and pharmacies.

  • 5.3% - Accenture PLC

    Provides global consulting for mid to large corporations regarding strategy, technology, customer experience and operations.

  • 4.9% - Harley Davidson Inc.

    Manufacturer and marketer of motorcycles and related products and services.


Although we expect equities to deliver positive returns over the remainder of the current economic cycle, there are several risks to monitor over the near term: the ongoing pandemic, the situation in Ukraine, the spike in commodity prices, the bottlenecks in the global supply chain, and the concerns over higher inflation and higher interest rates. These risks will lead to volatility, but we don’t believe that these risks will lead to a recession.

We continue to believe that we are transitioning from early cycle to mid-cycle and that there are several years remaining in the current economic cycle. We favour the rest of the world over the U.S., value over growth, small and mid-caps over large caps, and cyclicals over defensives. U.S. valuations remain elevated relative to the rest of the world. Growth stocks will be under pressure as central banks begin raising interest rates. Small and mid-caps offer significant value over large caps. Cyclicals should continue to perform until global growth contracts. With that said, we believe the Fund is positioned appropriately, as long as the situation in Ukraine stabilizes.


Performance returns for the Matco Mutual Funds are calculated by Matco Financial Inc. These returns are calculated and reported in Canadian dollars and are historical simple returns for the 3 month, YTD and 1 year periods and annualized compounded total returns for periods after 1 year. They include 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 security holder that would have reduced returns. A cumulative return on an investment is the aggregate amount that the investment has gained or lost over time, independent of the amount of time involved, expressed as a percentage. Calendar year return reflects the compound rate of return over the specified calendar year (January 1st to December 31st). Matco Fund returns are calculated after management fees and operating expenses have been deducted.