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Analysis: This is the value-oriented partner to imaxx Canadian Equity Growth Fund. The emphasis here is on searching out undervalued companies while at the same time protecting the capital base of investors. The managers, who are with the firm of Foyston, Gordon and Payne, aren’t afraid to take fairly large positions; currently BCE and Bank of Montreal each represent more than 5% of the portfolio. In fact, all the big banks except TD show up in the top ten holdings. The performance to date has been respectable but not great. The average annual return for the three years to July 31/05 was 13.4%, almost bang on the norm for the category. Risk is also about average. An average fund gets an average debut rating of $$.