Quarterly Report - Mackenzie Global Equity & Income Team

Mackenzie Global Dividend Fund

Highlights:

• Q1 2026 was defined by a sharp repricing of risk driven by Middle East conflict, rising yields, and tighter financial conditions, leading to a rotation away from mega-cap growth toward energy and asset-heavy sectors; the Fund declined modestly but outperformed the MSCI World. The Energy sector surged on a historic spike in oil prices, though gains partially reversed as ceasefire progress reduced immediate supply concerns.
• Market leadership broadened meaningfully, with value outperforming growth, small caps beating large caps, and non-U.S. markets showing relative resilience, while technology and other long-duration equities lagged amid higher yields and AI-driven valuation reassessment. Sector performance reflected this shift, with energy, materials, and defensives outperforming, while tech and consumer-oriented sectors underperformed.
• Looking ahead, geopolitical developments—particularly in the Middle East—remain the key driver of inflation, policy, and market direction, with outcomes highly uncertain and prone to rapid change. In this environment, maintaining diversified exposure to high-quality, cash-generative businesses is critical, as overreacting to short-term shocks can be counterproductive and volatility may create attractive long-term opportunities

In the first quarter of 2026, markets were shaped by a sharp and, at times, disorderly repricing of risk. Investors navigated a convergence of geopolitical escalation, rising bond yields, tightening financial conditions and a growing reassessment of prior market leadership. Against this backdrop, the Mackenzie Global Dividend Fund generated a return of -1.0% (gross), -1.3% (Series F, net), outperforming the MSCI World Index, which declined -2.2% over the same period.

2026 began with a clear shift toward market broadening after an extended period of narrow leadership dominated by mega-cap technology and AI-related equities. Leadership expanded beyond Mag 7, with stronger participation from cyclical sectors, value-oriented segments, and non-US markets. However, the conflict in the Middle East marked a second, more abrupt shift in market dynamics. U.S. and Israeli airstrikes in late February materially disrupted energy markets and triggered a sharp deterioration in investor sentiment. Oil prices responded violently, with Brent crude rising more than 60% in one of the largest monthly moves on record, driving the Energy sector to its strongest quarterly performance (+38%) in over a decade.

While initial expectations were that the conflict would be short-lived, developments through mid-April suggest the situation has entered a more complex “exit phase”. Recent ceasefire agreements and ongoing U.S.-Iran negotiations have reduced the probability of a material supply shock, with the Strait of Hormuz reopening to commercial traffic and energy prices retracing a meaningful portion of their prior gains

That said, a full resolution remains uncertain. Negotiations around uranium enrichment, regional security arrangements, and the ceasefire agreements are ongoing, and the physical infrastructure has sustained damage that may take years to fully normalize. As a result, while the acute phase of the shock may be behind us, the risk premium embedded in energy markets is unlikely to disappear entirely and remain volatile.

Following an initial surge, energy prices have become increasingly sensitive to the direction of diplomacy rather than pure physical constraints. The announcement of a ceasefire framework and the reopening of the Strait of Hormuz triggered a sharp decline in oil and gas prices, as markets began to price in a partial normalization of supply. Importantly, however, this retracement should not be mistaken for full normalization. Physical markets remain tight, inventories have been drawn down, and meaningful spare capacity has yet to return. Moreover, the damage to regional infrastructure and the fragility of the current ceasefire suggest supply recovery will be gradual. In this context, energy markets are likely to remain volatile, with prices increasingly driven by shifting expectations around geopolitical outcomes rather than purely by current supply-demand balances.  The implication is that while structurally higher energy prices remain a possibility, the path forward is highly uncertain and subject to rapid change.

The impact of this shock on equity markets was immediate and far-reaching. Sector leadership rotated decisively away from growth-oriented, asset-light businesses toward companies with more tangible assets and near-term cash flow visibility. This shift—described in some circles as the “HALO” trade, or “heavy asset, low obsolescence”—saw renewed investor interest in industries such as industrials, energy, and infrastructure, while many digital and platform-based businesses came under pressure. However, the durability of this rotation remains closely tied to the trajectory of geopolitical risk. A sustained de-escalation could reverse some of these moves, particularly if energy prices continue to normalize and long-duration assets regain support from lower yields

At the same time, the evolution of artificial intelligence continued to influence market behavior in more nuanced ways. While the long-term opportunity remains compelling for many industries, the rapid development of agentic AI tools has introduced uncertainty around the durability of certain software business models. This has led to a reassessment of valuation multiples across parts of the technology sector, even as underlying business performance has remained broadly stable.

From a regional perspective, market performance was uneven. U.S. equities lagged amid weakness in large-cap technology stocks, while Japan, Asian and select European and international markets demonstrated relative resilience in the quarter. Small-cap equities also outperformed large-cap peers, reflecting a broadening of market participation after several years of concentration. Value outperformed growth across regions, marking a notable reversal of prior trends.

Sector-level performance reflected these Q1 dynamics. Energy delivered exceptional returns while materials, utilities, and consumer staples also outperformed. In contrast, info tech, consumer discretionary and communication services were among the weakest sectors, reflecting both macroeconomic concerns and the impact of shifting investor preferences.

Conversely, the Fund’s underweight exposure (and underperforming security selection) in certain cyclical sectors - most notably industrials and materials - acted as a drag on relative performance, as these areas benefited from the rotation toward asset-intensive sectors. Select holdings in consumer discretionary and communication services also detracted, reflecting both sector headwinds and stock-specific factors.

From a macroeconomic standpoint, the re-emergence of energy-driven inflation risks initially complicated the outlook for monetary policy. Higher oil prices placed upward pressure on long-term bond yields following the late-February escalation, reducing the present value of future cash flows and disproportionately affecting long-duration growth equities. More recently, however, the rapid shift toward tentative de-escalation highlights how quickly these dynamics can reverse. The pullback in energy prices introduces a countervailing disinflationary force, leaving central banks with a more ambiguous policy backdrop. As a result, policymakers are now navigating a more complex environment in which both inflationary and disinflationary pressures coexist, with the balance between them largely dependent on the trajectory of geopolitical developments.

Looking ahead, the range of potential outcomes has widened. The trajectory of the Middle East conflict remains the most important near-term driver of markets, but recent developments underscore how quickly sentiment and pricing can shift. A durable resolution could lead to further normalization in energy prices, easing inflation pressures and supporting a re-rating of growth-oriented sectors. But any breakdown in negotiations or renewed disruption to supply routes—particularly through the Strait of Hormuz—could quickly reintroduce volatility and reinforce the trends observed during the quarter.

In this environment, the key challenge for investors is not simply assessing the most likely outcome but constructing portfolios that are resilient across a wide range of scenarios. These past several weeks have taught us – again – that investors must resist the instinct to significantly reposition portfolios in response to major geopolitical events. Our experience that overreacting to those shocks in real time can often be counterproductive over the medium term. Case in point: just over a year ago markets reacted sharply and indiscriminately to the tariff announcements, and there was a lot of pressure to reposition portfolios around what felt like at the time a new reality around global trade. By year end the market focus had completely shifted such that tariffs were barely a factor in explaining returns. It’s not that these events don’t matter, but the markets interpretation of them can change very quickly. In this context, the importance of maintaining our focus on business quality becomes increasingly apparent, as does building a diversified portfolio that can withstand a range of outcomes. Companies with strong balance sheets and the ability to fund their own growth are better positioned to navigate periods of economic stress. These businesses are not only more resilient to external shocks but are also better placed to capitalize on opportunities that arise during periods of dislocation.

The Fund’s investment philosophy is firmly aligned with these principles. We seek to invest in high-quality companies that are leaders in their respective industries, possess durable competitive advantages, and generate consistent free cash flow. These characteristics are particularly valuable in environments where access to external capital becomes more constrained and where operational resilience is paramount.

In conclusion, the first quarter of 2026 marked a shift in market dynamics, characterized by a rotation away from narrow growth leadership toward a more balanced and differentiated market environment. While the near-term outlook remains uncertain, we believe that our disciplined, long-term approach—focused on high-quality, dividend-paying businesses—positions the Fund well to navigate this evolving landscape. Periods of volatility such as this often create opportunities to acquire leading franchises at more attractive valuations, and we remain focused on capitalizing on these opportunities in a thoughtful and measured manner.

What contributed positively to performance?

TotalEnergies (TTE FP), up 40% in the quarter, was one of the fund’s top contributors in Q1 2026. We initiated the position late last year as part of our effort to add to the portfolio’s crude oil exposure. Supply disruptions in the Middle East created a supportive backdrop for oil prices, which benefited the shares. Sentiment was also helped by reports that TotalEnergies’ trading business generated roughly $1 billion of windfall profits during the market dislocation tied to the conflict, underscoring the value of the company’s integrated business model during periods of volatility. Company-specific factors also supported performance. Management reiterated its focus on low-cost upstream and LNG growth, maintained capital discipline with 2026 net investment guidance of around $15 billion, highlighted $2.5 billion of cash savings for 2026, and continued to support shareholder returns through a growing dividend and ongoing share buybacks.

TSMC (2330 TT) contributed positively to fund performance. The company’s strong outlook was reinforced by monthly sales trends throughout the quarter: January revenue rose 36.8% year-over year, February increased 22.2%, and March accelerated to 45.2%. That brought first-quarter revenue to over $35 billion, up 35.1% year over year and at the high end of management’s guidance. In our view, the share price strength reflected growing confidence that TSMC remains one of the most critical companies in the global AI infrastructure buildout. As the market leader in leading-edge semiconductor foundry, TSMC continues to widen its advantage through superior execution, strong customer demand, pricing power, and attractive reinvestment opportunities.

BAE Systems (BA/ LN) was another strong contributor. The company continues to benefit from a structurally improving demand environment as defense spending across Europe and other NATO countries move higher in response to a more uncertain geopolitical backdrop. Ongoing conflict in the Middle East has reinforced the view that national security remains a top priority for governments around the world. Operationally, the company continues to execute well. Order backlog increased 7% to a record £83.6 billion, organic sales grew 9%, and free cash flow reached £2.2 billion. This backlog provides meaningful visibility into future growth. We recently met with CEO Dr. Charles Woodburn and came away impressed by his focus on converting that backlog into revenue growth, which we believe positions the business to grow at a high single-digit rate for many years.

Johnson & Johnson (JNJ US) outperformed during the quarter as investors rotated toward defensive, high-quality large-cap healthcare names with visible earnings and lower macro sensitivity, while confidence improved around its ability to manage the Stelara loss of exclusivity. Through the quarter, sentiment was supported by continued strength in Innovative Medicine—particularly oncology assets like Darzalex and Carvykti growing double digits—and steady mid-single-digit growth in MedTech, reinforcing a more balanced and durable growth profile. Importantly, the subsequent raise to full-year sales and EPS guidance, alongside reaffirmation of its ~5–7% long-term sales growth framework, supported multiple expansion. Relative to peers facing more concentrated patent cliffs or weaker execution, JNJ was increasingly viewed as a stable compounder with a diversified revenue base, driving outperformance in a market environment favoring earnings visibility and downside protection.

We have long held the view that, over the medium to longer term, oil supply growth would struggle to keep pace with demand and have maintained exposure to global integrated energy businesses within the Global Dividend strategy. During the first quarter, Exxon Mobil (XOM US) was a strong contributor to performance, supported by a significant shift in commodity market expectations. Entering the year, investor sentiment reflected concerns around potential oversupply in both oil and gas markets, with the oil futures curve implying prices of ~$60 per barrel. These same contracts reflected $80-100+ per barrels during the conflict. While the duration of elevated prices remains uncertain, ongoing geopolitical tensions and the time required to bring incremental supply back online have supported near-term pricing, benefiting Exxon’s revenue and cash flow. On a longer-term horizon, Exxon exited calendar 2025 with record upstream and refining production, driven by strong performance in its Permian Basin and Guyana based assets. For the Permian business, production is expected to double from its 2024 base to 2.5M BOE/d by 2030. In Guyana, Exxon continues to scale one of the most attractive oil developments globally, with production growing from first oil in 2019 to approximately 650–700 thousand barrels per day today and expected to exceed 1 million barrels per day later this decade. The asset is characterized by low breakeven costs in the $25–35 per barrel range and high returns on capital, supported by a deep inventory of development opportunities across more than 11 billion barrels of discovered resources. Exxon remains a key energy position for Global Dividend.

Williams (WMB US), the premier mid-stream franchise in the United States, positively contributed to fund performance this quarter. While Williams benefits tangentially from commodity price impacts, 92% of cash flows are take or pay / fixed-volume contracts, higher demand for US natural gas to support LNG export markets should benefit the company in the longer term. This aligns with our long-term thesis for Williams – the Transco pipeline system moves approximately 1/3^rd of all gas in the United States, connecting key supply basins with the fast-growing demand regions in the US Gulf Coast and Eastern seaboard. In addition to rising global gas demand for export markets, Williams continues to see demand related to domestic projects, including industrial activity and data center projects. For the latter, Williams has become a leading provider of behind-the-meter power solutions for hyperscalers building AI-focused data centers, offering integrated services such as pipeline laterals, natural gas supply, gas-fired generation, fiber optic cable, batteries, and carbon capture, with $7BN currently work in progress. The above positive trends support an incrementally higher profit growth profile at Williams, allowing the company to raise EBITDA growth guidance to 10%+, up from the prior commentary of 5-7%. Alongside this, management pointed to a 5% growth in the dividend, supporting shareholder returns. We continue to believe Williams’ collection of irreplaceable infrastructure assets will play a critical role in global energy markets while supporting our unit holders with leading dividend growth and stability for the fund.

What detracted from performance?

SAP (SAP GY) underperformed during the quarter, largely due to broad investor concerns around AI disruption that weighed on software stocks during the quarter, despite solid underlying results. In our view, the weakness was driven more by sentiment than by company fundamentals. SAP’s FY25 results showed continued strong execution in its transition to the cloud. Cloud revenue grew 23% year over year, while free cash flow nearly doubled from the prior year. Current cloud backlog rose 25% to €21 billion. While that was a strong result, some investors focused on the fact that prior commentary had pointed to growth above 25%. Even so, SAP also provided better-than-expected FY26 guidance. We continue to view the business as fundamentally sound, despite the recent share price weakness.

Publicis (PUB FP) was a detractor as investors worried that AI could disrupt the advertising and marketing services industry. That concern led to a sharp pullback in the shares, even though the company continued to deliver strong operating results. Publicis reported an acceleration in organic growth, ending FY25 with 5.9% growth in Q4 and 5.6% for the full year, near the high end of its guidance range. Operating margins also improved, reaching a record 18.2% in FY25, supported by strong growth in higher-margin data and analytics as well as efficiency gains from AI. We believe AI is more likely to be a growth driver for Publicis than a threat, particularly through assets such as Epsilon, its proprietary identity and data platform, which can help clients identify new sales opportunities. That view was reinforced by the company’s announcement of $700 million in net new business wins in Q1 2026, including its appointment as Microsoft’s Global Media Agency of Record.

LVMH (MC FP) gave up gains this quarter following weak results. More broadly, the luxury sector has faced slower growth since the pandemic as consumers shifted spending away from goods and toward travel and experiences. Ongoing softness in Chinese consumer demand has also weighed on the industry’s recovery. During the quarter, LVMH reported FY25 results showing a 1% decline in organic growth for the full year, with continued weakness in both its spirits and fashion businesses. While the company and the sector are clearly in a cyclical downturn, we believe luxury demand will recover over time. LVMH continues to invest behind its portfolio of iconic brands, many of which have long histories and are difficult to replicate. We believe the company remains well positioned for an eventual recovery in global luxury spending.

Microsoft (MSFT US) was a detractor during the quarter. Azure cloud revenue growth grew 38%, which fell short of investor expectations. Management indicated that growth was partially constrained by internal demand for compute capacity, highlighting a key trade-off. Deploying GPU capacity to external customers supports Azure growth, but internal allocation is required to develop and improve AI offerings such as Copilot. This dynamic also brought scrutiny to Microsoft’s capital spending, which is expected to be over $100 billion in fiscal year 2026. We view management as more disciplined than many of its peers, reinforcing our confidence in their ability to allocate capital and result in significant shareholder returns. Despite the near-term pressures, we are encouraged by Microsoft’s progress in its AI capabilities and believe underlying Azure demand remains strong. With an installed base of over 500 million paid Office users, the company is in an advanced position to distribute and scale these new AI-driven product across its ecosystem.

S&P Global (SPGI US) underperformed during the quarter, as it was driven by lower-than-expected growth guidance in both the Market Intelligence and Ratings segments. Within Market Intelligence, investor concerns are centered on the potential for large language models to disintermediate S&P’s data offerings. We view this risk as unlikely, as S&P’s datasets are propriety and leverage data gathered from their Ratings business, which is a tightly regulated oligopoly. In ratings, a soft outlook is consistent with management’s historically conservative guidance. Last year, management’s initial expectations of 3-5% growth were proven to be understated when they grew 8%. Overall, S&P Global remains one of the highest-quality Dream Team businesses, and we continue to view its propriety data as resilient while expecting another strong year in ratings growth.

What changes have we made to the Mackenzie Global Dividend Fund?

We initiated a position in Philips (PHIA NA) this quarter, returning to a company we had owned previously before the Respironics sleep-therapy recall in 2021 led to a prolonged period of disruption. Since becoming CEO in October 2022, Roy Jakobs has worked to reset the culture around execution, quality, and accountability, and that improvement is increasingly showing up in the company’s results. Philips delivered 2025 sales of €17.8 billion, order growth of 6%, and an adjusted EBITA margin of 12.3%, up 80 basis points year over year. The company also completed €2.5 billion of productivity savings over the 2023-2025 period. Importantly, we believe the broader franchise remains intact, particularly in Image-Guided Therapy, Diagnosis & Treatment, and Personal Health, where Philips continues to benefit from strong market positions, recurring demand, and improving execution. As operating performance normalizes, we see potential for margin recovery and more consistent growth across the portfolio. With management targeting mid-single-digit comparable sales growth and a mid-teens adjusted EBITA margin by 2028, we believe the market still underappreciates the company’s earnings potential.

We also initiated a position in Reckitt Benckiser (RKT LN) this quarter. Reckitt is a high-quality business that we have followed for many years. The company has faced challenges since its acquisition of Mead Johnson, including leadership changes and portfolio complexity, but we believe the current management team has made meaningful progress in simplifying and sharpening the business. Reckitt has exited the Essential Home business and moved Mead Johnson into a non-core category. The company is now focused on 11 core power brands, which account for the majority of revenue and are concentrated in four key categories: household care, intimate wellness, germ protection, and self-care. By exiting lower-growth, non-core segments, Reckitt is directing more resources toward higher-margin brands such as Dettol, Mucinex, Finish, and Durex, which operate in categories with attractive long-term growth tailwinds. Emerging markets are also an important growth driver, with strong performance in areas such as China and India. In addition, management is implementing a cost-reduction program to further improve margins, while maintaining a disciplined approach to capital returns through a progressive dividend and ongoing share buybacks.

We re-initiated a position in Merck (MRK US) in January 2026 as visibility improved meaningfully despite the well-understood Keytruda patent expiry (~2028, >$25B revenue exposure), addressing the primary reason for exiting the position last year. Over recent months, the company has demonstrated clearer line of sight on post-Keytruda growth, supported by continued strength in oncology (Keytruda still growing double digits), expanding indications, and increased confidence in the pipeline. Importantly, recent acquisitions—most notably Prometheus (~$11B, immunology) and Harpoon (~$700M, oncology)—have strengthened the medium-term growth outlook and diversified the portfolio beyond Keytruda, improving durability of earnings. Combined with solid underlying execution and more attractive valuation, this provided an opportunity to re-enter a high-quality franchise with improving forward visibility and a more balanced risk/reward profile.

We purchased Microchip (MCHP US), a leading provider of embedded microcontrollers and analog semiconductors. Much like analog peers that we have owned in the past, Microchip enjoys long product lifecycles and a highly diversified customer base. Microchip has been experiencing unusual strength from a combination of pull forward and new orders as the industrial economy experiences a wide recovery. Additionally, Microchip has interesting innovation that will make it a data center winner. Microchip is one of only two scaled players in PCIe (Peripheral Component Interconnect Express) switches which connect and orchestrate key hardware components. In October 2025, Microchip started sampling a next generation PCIe switch with most of the top hyperscalers which demonstrated energy savings, superior orchestration and features that are optimized for AI workloads. We are optimistic this simultaneous early-stage cyclical recovery and structural shift in the business should lead to above average returns for investors over the coming years.

We initiated a position in Phillips 66 (PSX US) this quarter, a leading North American downstream business focused on processing, transporting, and marketing hydrocarbons. Phillips 66 operates a large refining system that processes crude oil into transportation fuels such as gasoline, diesel, and jet fuel, with earnings primarily driven by refining margins rather than commodity prices directly. A key driver for the company, crack spreads (the difference between the price of a crude oil and the petroleum products refined from it), have doubled since the first of January, following volatility in global energy markets due to the conflict in the Middle East – a key global refinery market. Global refining cracks could remain elevated for the next 12-18 months, even with prospects of de-escalation in the Middle East conflict. As a US gulf coast refinery, Phillips 66 benefits from a largely stable supply base of crude oil but would benefit from any continued increases in global spreads, such as the Brent-WTI differential. Any sustained move in these spreads would lead to upside to analysts’ forecasts for revenue and profit growth for Phillips 66, and the company pays us a 3% dividend yield in the meantime.

We initiated a position in Axia Energia (AXIA3 BZ), Brazil’s largest integrated power utility, with leading positions in hydroelectric generation and electricity transmission across the national grid. during the first quarter of 2026. The investment reflects an improving fundamental backdrop alongside a more stable operating and governance framework following the resolution of several post-privatization issues, including reduced government influence and the divestment of non-core assets.

In the near term, Brazilian power prices remain supported by weaker hydrology, which has constrained hydroelectric output and increased reliance on higher-cost thermal generation. While Axia is a significant beneficiary of this dynamic given its hydro portfolio, we believe current earnings and valuation do not fully reflect prevailing forward power prices. Over the medium term, the company offers exposure to structural changes in the Brazilian power market, including the planned liberalization of electricity contracting. Axia’s sizeable, uncontracted generation portfolio provides flexibility to capture future pricing, while its transmission assets and renewable footprint support a stable operating base. Overall, we view Axia as a high-quality utility with improving capital allocation and governance, offering a combination of near-term earnings support and longer-term optionality at a reasonable valuation.

We initiated a position in TKO Group (TKO US) during the first quarter of 2026, reflecting its differentiated positioning as a scaled owner of premium live sports and entertainment intellectual property. Formed through the combination of WWE and UFC, and subsequently augmented by IMG and On Location, TKO represents a vertically integrated platform spanning content creation, rights ownership, event promotion, and global monetization. The investment case is underpinned by the scarcity value of live, must-watch content and TKO’s full control over its underlying IP. Unlike traditional sports leagues, the company does not share economics with independent teams or franchises, which supports structurally higher margins and operating leverage. A significant portion of revenue is derived from long-term, contracted media rights agreements, providing visibility through the end of the decade, while additional monetization across live events, sponsorship, and hospitality remains underpenetrated. Recent media renewals enhance visibility, with a significant portion of revenue contracted over multiple years and step-ups beginning to flow through from 2026. We see scope for continued revenue growth through pricing, international expansion, and the maturation of sponsorship income, particularly following recent media rights renewals. The addition of IMG and On Location enhances TKO’s ability to commercialize its content globally, albeit with some near-term execution risk in lower-margin hospitality operations. Overall, TKO offers a capital-light model with high incremental margins, supported by durable audience engagement and multiple avenues for monetization

Exits

We exited our position in Diageo (DGE LN) this quarter. We continue to view Diageo as a high-quality company with a strong portfolio of global spirits brands. The recent appointment of Sir Dave Lewis as CEO, however, appears to mark a meaningful shift in strategy. Historically, Diageo has been a leader in premiumization within the spirits industry. Under the new leadership team, the company is placing greater emphasis on the mainstream segment of its portfolio. While that strategy may ultimately prove successful, it represents a material change in the investment case as we had previously framed it. We continue to respect the business and will monitor this transition closely, but for now we chose to redeploy capital elsewhere.

We also exited our position in Heineken (HEIA NA) during the quarter. We continue to see Heineken as an attractive global franchise with strong market positions and exposure to favorable long-term growth in international beer markets. That said, we identified more compelling opportunities elsewhere in our investment universe that offered a better combination of growth, quality, and valuation. While we remain positive on the long-term attributes of the business, we decided to reallocate capital toward ideas where we have greater conviction in the potential for superior long-term risk-adjusted returns.

We sold out of Gilead (GILD US) during the quarter following a period of share price strength, using the opportunity to realize gains and reallocate capital toward higher-conviction opportunities with better near- to medium-term growth visibility. While the original investment case—a durable HIV franchise (~$25–27B revenue base) and underappreciated oncology optionality (e.g., Trodelvy, cell therapy)—remains intact, the stock’s rerating brought valuation closer to fair value relative to its growth profile. With oncology still progressing but taking time to scale meaningfully, and alternative opportunities offering clearer earnings acceleration, the decision was made to exit while maintaining a constructive longer-term view on the business.

We sold out of Uber Technologies (UBER US) as we took advantage of volatility early in the quarter and replaced it with what we believe to be more attractive risk-adjusted opportunities. While Uber remains on the Dream Team and we feel it will ultimately emerge as a leader in the ride-share industry, we do acknowledge that there is a chance that deep-pocketed autonomous vehicle competitors like Waymo (Alphabet) and Tesla could reshape the economics of the industry with their own fleets. Uber’s role as a demand aggregator could be weakened, compressing take rates and lowering network effects. We will continue to follow the company to see if Uber’s partnership-led approach proves out to be the right strategy for shareholders.   

^{*PM fully implemented new strategy February 1, 2014. Global Dividend Series F inception was on July 11, 2007.}

Portfolio Management Team

Darren McKiernan, Head of Team, Senior Vice President, Portfolio Manager, Investment Management, Mackenzie Investments

Katherine Owen, Vice President, Portfolio Manager, Investment Management, Mackenzie Investments

Dave Chan, Vice President, Portfolio Manager, Investment Management, Mackenzie Investments

James Barnby, AVP, Portfolio Manager, Investment Management, Mackenzie Investments

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 as of March 31, 2026 including changes in security 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. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

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On July 26, 2013 the Mackenzie Global Dividend Fund changed its mandate from investing in equity and fixed income securities of companies that operate primarily in infrastructure related businesses to investing primarily in equity securities of companies anywhere in the world that pay or are expected to pay dividends. The past performance before this date was achieved under the previous objectives.

The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund.