(As of 11/30/2025)

Middlefield Real Estate Dividend Class Series A

(Real Estate Equity)
FundGrade A+® Rating recipient
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Inception Return
(6/16/2011)
7.52 %
YTD Return 11.44 %
NAVPS
(12/31/2025)
$13.74
Change $0.01 / 0.10 %
Growth of $10,000 (As of November 30, 2025)
MER 2.31 %
Assets ($mil) $17.21
Rank (1Yr) 9/146
Std Dev (3Yr) 13.30 %
Volatility Ranking (3Yr) 9/10
RRSP Eligibility Yes
Load Choice of Front or No Load
Max Front End 5.00 %
Max Back End -
Sales Status Open
 
Objective
The Fund’s objectives are to provide a stable level of income and maximize long-term total return. The Fund invests primarily in equities, including real estate investment trusts and common stocks, as well as equity-related and fixed income securities of issuers operating in the real estate sector.
Fund Manager

Middlefield Limited (ML)

Portfolio Manager

Dean C. Orrico, Middlefield Limited

Robert Moffat, Middlefield Limited

Sub-Advisor
-
 
Asset Allocation
(As of November 30, 2025)
Sector Allocation
(As of November 30, 2025)
Geographic Allocation
(As of November 30, 2025)
Top 10 Holdings
NameAssetSectorGeographicPercent
RioCan REIT - UnitsIncome Trust UnitsReal EstateCanada7.41%
Canadian Apartment Properties REIT - UnitsIncome Trust UnitsReal EstateCanada6.29%
Cash and Cash EquivalentsCash and EquivalentsCash and Cash EquivalentCanada6.21%
Killam Apartment REIT - Units Cl AIncome Trust UnitsReal EstateCanada5.78%
Extendicare IncCanadian EquityHealthcareCanada5.72%
Chartwell Retirement Residences - UnitsIncome Trust UnitsHealthcareCanada4.70%
First Capital REIT - UnitsIncome Trust UnitsReal EstateCanada4.43%
Granite REIT - UnitsIncome Trust UnitsReal EstateCanada4.38%
Boardwalk REIT - UnitsIncome Trust UnitsReal EstateCanada4.25%
Choice Properties REIT - UnitsIncome Trust UnitsReal EstateCanada4.12%

Performance Data (As of November 30, 2025)
  Return (%) Annualized Return (%)
Return 1 Mth 3 Mth 6 Mth YTD 1 Yr 3 Yr 5 Yr 10 Yr
Fund 1.60 2.04 4.79 11.44 4.92 6.82 5.44 5.06
Benchmark 2.55 4.47 8.24 8.42 3.83 8.57 7.28 4.65
Quartile Ranking 2 2 2 1 1 1 1 2

Calendar Return (%) 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Fund 5.35 7.32 -23.15 34.26 -5.36 19.85 3.29 12.82 -6.36 15.90
Benchmark 10.11 10.39 -19.44 30.68 -11.04 15.42 2.74 1.40 1.59 21.00
Quartile Ranking 3 3 3 1 2 3 1 1 4 3

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