Global equity markets continue to exhibit positive momentum, building off robust 2023 performance. The resilience and strength exhibited by U.S. equities is now dispersing to other major equity markets around the world, with many indices at or near all-time highs. Global economic indicators remain constructive and are supported by indications we may be in the mid-cycle stage of a conventional economic cycle - which bodes well for equities.

Investing in global markets at this juncture also provides access to unique, idiosyncratic ideas - such as the Japanese revival and the re-industrialization of the Western World. Japan's revival is being driven by corporate policy reforms and regulatory focus aimed at unlocking shareholder value for public equities. Meanwhile, a wave of spending on big picture secular trends such as decarbonization, supply chain reshoring, advanced computing and data centre buildout, infrastructure spending, and ageing demographics is driving real dollars into capital expenditures. This influx of investment in Western modernization bodes well for equities geared to these themes, particularly those in the U.S., Europe, and Japan.

You don’t have to travel the world to find a global investment opportunity. The TD Active Global Enhanced ETF (TGED), which has recently celebrated its five-year anniversary, does it for you by focusing  on investing in high quality global companies with consistent and sustainable cash flow compounding. In addition, the solution is designed to help resolve the specific challenge of balancing growth and income in the search for total yield. The strategy behind addressing this challenge aims to enhance income streams through a differentiated option overlay strategy. Unlike many competitor products, TGED use an active approach in both selecting stocks and writing options.

TGED was designed to be an all-weather solution that can adapt to changing market conditions, enhance returns, while also providing downside protection through all the facets of the market cycle. In fact, when reviewing periods of rising markets, TGED experienced compound returns better than the index and peer group¹. According to Morningstar®, over a 3-year rolling basis, TGED's upside capture ratio is 122 compared to the global category's 94, meaning TGED outperformed its benchmark in rising markets, whereas our peer groups only captured a handful of the market's gains.

Conversely, in challenging environments our peers captured even greater downside than the market, while TGED provided investors defensive shelter through better drawdown management. TGED has delivered higher returns for a comparatively lower risk profile to both its benchmark and its peer group, making it a one-stop solution for clients to compound returns while managing risk through changing market cycles.

Source: Morningstar

¹ Morningstar Peer Group refers to the Canada Fund US Equity category in Morningstar where similarly-structured US equity funds in Canada are grouped together. The peer group average refers to the average performance of this category. The information contained herein has been provided by TDAM and is for information purposes only. 信息出自我们认为可靠的来源。图表仅供解说之用，并不反映任何投资的未来价值或未来表现。本信息并未提供财务、法律、税务或投资建议。具体的投资、税款或交易策略应根据每位投资者的目标和风险承受能力加以评估。进行互惠基金投资可能需要负担相关佣金、尾随佣金、管理费以及支出。请在投资前阅读基金概况和招股说明书，内附详细的投资信息。所显示的回报率为所示期限的历史年度复合总回报率，包括单位价值变动和所有分红再投资，并未考虑任何单位持有人的销售、赎回、分红或可选收费或所得税，这些部分会降低回报。互惠基金不受到保证或保险，其价值经常变动，而且过往表现可能无法再现。本文档中的部分陈述可能包含预测性的前瞻性陈述（“FLS”），其中包含“预计”、“预期”、“打算”、“认为”、“估计”和类似的前瞻性表述或其否定形式。前瞻性陈述基于当前对未来普遍的经济、政治、相关市场因素（例如利率和汇率、股票和资本市场）以及普遍经营环境的预计和预测，并假定不发生税法或其他法律或政府管制方面的任何变动或灾难事件。对于未来事件的预计和预测本身受无法预见的风险和不确定性的影响。此等预计和预测可能在未来并不准确。前瞻性陈述并非对未来表现的保证。实际发生的事件可能与前瞻性陈述明示或暗示的事件存在实质差异。包括上文所述各项因素在内的多个重要因素均可能造成这种背离。 You should avoid placing any reliance on FLS.TD Mutual Funds and the TD Managed Assets Program portfolios are managed by TD Asset Management Inc., a wholly-owned subsidiary of The Toronto-Dominion Bank and are available through authorized dealers. The Morningstar Risk-Adjusted Ratings (MRARs), commonly referred to as the Star Rating, relates the risk-adjusted performance of a fund to its peers within the same CIFSC Fund Category for the period ended as noted and are subject to change monthly. Morningstar calculates ratings for categories with at least 20 funds. To determine a fund’s rating, the fund and its peers are ranked by their MRARs. If a fund scores in the top 10% of its category, it receives five stars (High); if it falls in the next 22.5%, it receives four stars (Above Average); the next 35% earns a fund three stars (Neutral or Average); those in the next 22.5% receive two stars (Below Average); and the lowest 10% receive one star (Low). The Overall Rating is a weighted combination of the 3, 5, and 10-year ratings. For greater detail, see www.morningstar.ca. Quartile rankings are intended to measure how well a fund has performed compared to other funds in its peer group. Quartile rankings are compiled by ranking all of the funds in a category by return over a given time period. The top performing 25% of funds in the category are assigned a quartile ranking of 1, the next 25% a 2, the next 25% a 3, and the bottom 25% of funds a 4. Quartile rankings can change over time. Percentile Rank is the fund’s total-return percentile rank relative to all funds that are within the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. ®/©2024 Morningstar and the Morningstar Rating are registered marks of Morningstar Research Inc. All rights reserved.Bloomberg和Bloomberg.com为Bloomberg Finance L.P.（特拉华州注册有限合伙企业）或其子公司的商标和服务标识。 All Rights Reserved. ® The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.