UNIVERSAL CANADIAN GROWTH FUND $20.66 (CWA Rating: Conservative) (Mackenzie Financial Corp., 150 Bloor St. West, Toronto, Ont. M5S 3B5. Web site: www.mackenziefinancial.com. 1-800-387-0780; Load fund — available from brokers) holds companies with strong management and sound business prospects. The fund holds fewer than 40 stocks at all times.
Top holdings include Bank of Montreal, Manulife Financial, Finning International, Avid Technology, Shoppers Drug Mart, Corus Entertainment, Industrial- Alliance Life Insurance, Edwards Lifesciences, Biosite Inc. and BCE Inc.
The fund’s breakdown by economic sector is as follows: 19.3% in Financials, 17.9% in Information technology, 16.1% in Consumer discretionary, 9.2% in Health Care, 9.4% in Industrials, 5.7% in Energy, 6.0% in Consumer staples, 3.7% in Telecommunications and 2.1% in Materials.
The $1.3 billion Universal Canadian Growth Fund now holds 10% of its assets in cash. We don’t like the market timing aspect of holding a relatively high cash balance. But it does leave the manager lots of room for bargain hunting.
The fund made 8.4% over the last year. That’s less than the S&P/TSX’s return over the same period of 24.1%. Universal Canadian Growth Fund’s MER is 2.44%.
Universal Canadian Growth Fund is still a buy.
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