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MLD Core, now in corporate class

Same fund.
Built for how
you hold it.

MLD Core is now available in a corporate class structure alongside the original. Same portfolio, same team, same discipline. The difference is how returns reach you, which matters for money held in a corporation or a taxable account. Here is what changed, why, and how to think about it.

Start with why Talk to us
MLD Coreone portfolioTrust structureincome paid out each yeartaxed as receivedright fit for RRSP and TFSACorporate classreturns favour capital gainstax deferred, paid on saleholdcos, trusts, taxable accountsConceptual illustration
FundGrade A+ 2025 MLD Core Fund holds a FundGrade A+ 2025 Award and ranks first in its category over one, two, and three years.Data to August 31, 2026
Prospectus cleared, with daily liquidity.
Nothing changed inside the fundSame portfolio, same managers, same process. Only the legal wrapper is new.
Designed around after-tax outcomesFor corporate and taxable capital, the structure you hold a fund in shapes what you keep.
An established Canadian structureCorporate class funds have been offered here for decades and are recognized by the CRA.
01

The fund underneath, and how it has done

MLD Core Corporate Class holds units of MLD Core Fund. Same portfolio, same decisions, same managers. So the record that matters is the record of the fund itself, shown here against its benchmark and its peer group.

FundGrade A+ 2025 Award
Fundata FundGrade A+ Award, 2025

Awarded annually by Fundata Canada to the funds that sustained top-tier risk-adjusted performance against their peers across every month of the year. It is a measure of consistency, not a single strong year.

#1of 3251-year category rank
29.83%1-year return
21.23%3-year annualized, #1 of 315
10.17%annualized since June 2018
MLD Core Fund, Series F. Data to August 31, 2026.
Category rank
Position within its peer group over each period, to August 31, 2026
1 year1of 325 funds
2 year1of 318 funds
3 year1of 315 funds
Annualized returns vs benchmark and peer average
Compound annual return over each period, to August 31, 2026
MLD Core FundBenchmarkCategory average
29.83%
12.83%
12.01%
1 year
21.23%
13.40%
11.30%
3 year
12.11%
6.87%
5.63%
5 year
10.34%
7.64%
5.88%
8 year
Since inception, June 14, 201810.17%annualized
Return is one half of the record. Risk is the other.

MLD Core Fund carries a risk rating of low to medium, the second-lowest of the five standard levels used for Canadian investment funds. The results above were produced inside a balanced mandate, not by taking on more risk than its peers.

MLD Core Fund, Series F. Returns to August 31, 2026. Periods over one year are annualized.
YTD1 yr3 yr5 yr8 yrSince inception
MLD Core Fund16.21%29.83%21.23%12.11%10.34%10.17%
Benchmark8.72%12.83%13.40%6.87%7.64%
Category average7.80%12.01%11.30%5.63%5.88%
MLD Core rank2 / 3261 / 3251 / 3153 / 2889 / 253
02

What deferral does over time

Deferral is about timing, not avoidance. The tax is paid when you sell. In the meantime, the capital that would have gone to tax each year stays invested. Drag the slider to see how the two paths separate.

Hypothetical: $1,000,000 inside a corporation
Same 10.17% pre-tax return each year in both cases, the fund's annualized return since inception. Path one: taxed annually at 50%. Path two: no annual tax, then 25% paid on the full gain at the end.
20 years
Annual return10.17%MLD Core Fund, annualized since inception
The return is fixed at 10.17% because that is the fund's actual annualized record from June 14, 2018 to August 31, 2026. We use the number the fund has produced rather than a number that flatters the illustration. It is a historical figure, not a forecast.
Taxed every year, value after tax$0
Deferred, value after tax paid on sale$0
Tax still paid at the end, deferred path$0
Difference in after-tax outcome$0
Hypothetical illustration using simplified assumptions for teaching purposes. The default return is MLD Core Fund's historical annualized return since inception; past performance is not indicative of future results, and this is not a forecast, a projection, or a representation of any investor's tax result. Real outcomes depend on actual returns, fund distributions, tax rates, holding period, and individual circumstances. Tax rates shown are approximations and may change.
Worth being clear about: the deferred path pays a meaningful amount of tax too. It pays it once, at the end, at a lower rate, after the full amount has compounded. That is the entire mechanism. Nothing is hidden and nothing is avoided.
03

Three terms, and the rest is common sense

Tap each card. Once these three ideas are clear, everything below follows naturally.

04

Why structure matters for corporate and taxable capital

Many of the families we work with are business owners. Their capital sits inside a holding company, and it has to be invested somewhere. The character of the return that capital earns changes how much is available to reinvest each year.

Passive investment income inside a Canadian corporation is taxed at a high rate, in the range of 50 percent depending on the province. That tax is paid in the year the income is earned, which means less capital is reinvested, which means less compounding the following year, and so on.

Capital gains are taxed at roughly half that rate. A gain that has not yet been realized is not taxed until it is. Every dollar of it stays invested in the meantime.

A corporate class structure is designed to shift the character of returns toward capital gains and toward deferral. The same pre-tax return, delivered in a different form, leaves more working for you between now and the day you sell. The tax is still paid. It is paid later, and typically at a lower rate.

Of a $100,000 return, how much is available to reinvest this year?
Select a return type. Illustrative, approximate combined rates on passive corporate income.
Tax paid this yearon this year's return
$50,000paid now
Available to reinvestcontinues compounding
$50,000reinvested
Interest and similar income is taxed in the year it is earned, at roughly 50 percent inside a corporation. About half of the return is available to reinvest.
Illustrative only. Approximate top combined rates on passive investment income inside a Canadian corporation. Actual rates vary by province and situation and are subject to change. Refundable tax mechanisms can return part of the tax later when dividends are paid. Not a projection or a guarantee.
05

Three ways the structure can be used

Depending on your situation, the corporate class version of MLD Core opens three distinct possibilities.

Investing through a holding company or taxable account

Hold MLD Core in a structure designed to reduce the annual tax on passive income, so more of each year's return is reinvested rather than paid out in tax.

Typically relevant for: business owners with retained earnings, incorporated professionals, families with significant non-registered capital.

Drawing regular cash flow from a portfolio

A distributing version is designed to pay regular cash flow largely as return of capital, so the income you draw is not fully taxed in the year you receive it.

Typically relevant for: investors funding lifestyle from a taxable or corporate account who want predictable cash flow with the tax deferred.

Diversifying a large single-stock position

Exchange a concentrated Canadian or US stock position into MLD Core without selling it first, deferring the capital gains tax rather than triggering it on day one.

Typically relevant for: founders, executives with company stock, anyone whose portfolio has become one very large position.
06

The concentration problem, and one way through it

Many successful people hold a large share of their wealth in one stock. Selling to diversify triggers a capital gains tax that has been building for years, so the position stays put and the risk stays with it. The in-kind exchange addresses this directly.

You hold one stock

Large unrealized gain. A meaningful share of your net worth tied to one company.

Contribute it in kind

Shares move directly into the fund. No sale on the market, no gain triggered.

Tax election filed

Your original cost base carries over to the fund units. The gain is deferred, not eliminated.

You hold MLD Core

A diversified portfolio with no remaining exposure to the single stock. Tax is paid when you eventually sell.

Conceptual only. In-kind exchanges involve specific tax elections and eligibility requirements, and are not suitable for every investor or every security. Review with us and your tax advisor before acting.

07

What this is, and what it is not

Structure is a tool. It helps to be precise about what it does and does not do.

WHAT IT IS
  • An established Canadian fund structure, offered for decades by the country's largest asset managers and recognized by the CRA
  • A way to change the timing and character of tax on investment returns, not the amount of return
  • The same MLD Core portfolio, delivered through a different legal wrapper
  • Most useful for capital held in a corporation or a non-registered account
WHAT IT IS NOT
  • Tax avoidance. Tax is deferred and paid when you sell, typically at capital gains rates
  • A benefit for registered accounts. Inside an RRSP or TFSA there is no annual tax to defer, so the original structure remains the right fit
  • Guaranteed to eliminate taxable distributions. Corporate class funds can still distribute taxable amounts in some years
  • A one-size-fits-all move. Eligibility requirements apply, and the right choice depends on your full picture

Structure matters more
as wealth becomes more complex.

Nothing about MLD Core changed. The strategy, the discipline, the portfolio, the team: all the same. What changed is that it can now be held in a structure built with after-tax outcomes in mind, for the accounts where that matters.

Whether it fits depends on how your wealth is held today: corporate assets, income needs, concentrated positions, and where the next decade is meant to go.

Want to know where this fits in your picture?

If you hold meaningful assets in a corporation, draw income from a taxable portfolio, or have a concentrated position you have never been able to unwind, this is worth a conversation.

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About the MLD Core Fund performance data on this page. Returns are for MLD Core Fund, Series F, to August 31, 2026, and are annualized for periods over one year. Source: [SOURCE]. Category rank and quartile ranking are within the [CATEGORY NAME] category; the number of funds in the category varies by period as shown, and rankings change monthly. Benchmark: [BENCHMARK NAME]. Since inception return is measured from June 14, 2018. Risk rating is as disclosed in the fund offering documents and may change; [CONFIRM SOURCE AND DATE]. MLD Core Corporate Class invests in units of MLD Core Fund and carries its own fees and expenses, so its returns will differ from those shown. Past performance is not indicative of future results. FundGrade A+ is used with permission from Fundata Canada Inc. The FundGrade rating evaluates funds on risk-adjusted performance using Sharpe, Sortino, and Information ratios across periods of two to ten years; the annual A+ Award goes to funds that maintained a sufficiently high average grade in every month of the calendar year. Full methodology at FundGradeAwards.com. [Insert the complete Fundata FundGrade A+ notice as required by its usage terms.] Rates of return are historical total 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.

This material is for general information and education only and does not constitute investment, tax, or legal advice, nor an offer or solicitation to buy any security. The MLD Core corporate class fund is offered by offering memorandum to investors who meet applicable eligibility requirements. Corporate class structures and in-kind exchanges involve specific tax considerations and elections; investors should consult their own tax advisors before acting. Tax rates and treatment depend on individual circumstances and may change. All illustrations on this page are hypothetical and simplified for teaching purposes and are not projections of fund performance. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated. Wealth management services are provided through a CIRO regulated firm and member of the Canadian Investor Protection Fund. Subject to compliance review.

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