Fund overview & performance

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CAN International Concentrated Equity

75/100

Fund fact

February 28, 2025

The Fund seeks to achieve long-term capital appreciation by investing primarily in equity securities of companies in any country outside of Canada and the United States.

Is this fund right for you?

You want your money to grow over a longer term.
You want to invest in companies outside of Canada and the U.S.
You're comfortable with a medium level of risk.

Risk Rating

How is the fund invested? (as of December 31, 2024)

Asset allocation (%)

	Name	Percent
	International Equity	99.4
	Cash and Equivalents	0.6

Geographic allocation (%)

	Name	Percent
	United Kingdom	19.8
	France	16.2
	Japan	15.3
	Germany	12.7
	Sweden	7.9
	India	5.6
	Taiwan	5.2
	Denmark	4.5
	Hong Kong	3.3
	Other	9.5

Sector allocation (%)

	Name	Percent
	Industrial Goods	19.4
	Financial Services	15.2
	Consumer Goods	14.8
	Technology	14.0
	Healthcare	12.0
	Real Estate	9.5
	Basic Materials	4.9
	Industrial Services	3.6
	Consumer Services	3.5
	Other	3.1

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of December 31, 2024)

Top holdings	%
Sap SE	6.0
HDFC Bank Ltd - ADR	5.6
Taiwan Semiconductor Manufactrg Co Ltd - ADR	5.2
L'Air Liquide SA	4.9
Novo Nordisk A/S Cl B	4.5
Ferguson PLC	4.2
Hoya Corp	4.0
AstraZeneca PLC	3.6
Schneider Electric SE	3.6
Sony Group Corp	3.6
Total allocation in top holdings	45.2

Portfolio characteristics
Standard deviation	14.2%
Dividend yield	1.8%
Average market cap (million)	$245,787.1

Understanding returns

Annual compound returns (%)

1 MO	3 MO	YTD	1 YR
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3 YR	5 YR	10 YR	INCEPTION
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Calendar year returns (%)

2024	2023	2022	2021
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2020	2019	2018	2017
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Range of returns over five years (July 1, 2019 - February 28, 2025)

Best return	Best period end date	Worst return	Worst period end date
8.6%	Sept. 2024	5.9%	Dec. 2024

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
7.5%	100.0%	9	0

Q4 2024 Fund Commentary

Market commentary

Global equity markets declined in December after reaching record highs in November following the U.S. presidential election. Equity markets fell in the U.S., Europe and most countries in Asia. The U.S. Federal Reserve Board lowered the federal funds rate for the third time since September. However, it signalled a more gradual approach to future rate cuts.

Performance

The Fund’s relative exposure to Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC), SAP SE and Sony Group Corp. had the most positive impact on performance. There are concerns about artificial intelligence (AI) spending going into 2026 and the need for graphics processing units to train the most advanced AI models. However, TSMC is still expected to benefit from robust growth beyond next year. The need for AI inference should support the growth of ASIC chips and, eventually, Edge AI.

Relative exposure to Novo Nordisk AS had a negative impact on performance. The company released the results of its long-awaited CagriSema trial at the end of December, which fell short of market expectations. This led to the stock falling by 21% in one day. On closer examination, however, the sub-advisor believes the results showed strong efficacy.

At the sector level, stock selection in information technology had a positive impact on the Fund’s performance. Stock selection in financials and industrials had a negative impact.

From a country perspective, exposure to Taiwan had the most positive impact on performance. Overweight exposure to Denmark was negative, driven by the Fund’s overweight holding in Novo Nordisk AS.

Outlook

The Fund remains invested in a balanced portfolio of companies along different parts of the growth spectrum. The sub-advisor continues to focus on unique growth companies with good cash flows and strong balance sheets. The sub-advisor believes this is a good approach for long-term investing and to manage the current environment.

(December 31, 2023)

C WorldWide Asset Management

FEL — CLGA071E

DSC^ — CLGA071F

CB2 — CLGA071R

CB4 — CLGA071G

Contact information

Toll free: 1-888-252-1847

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Summary

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Total returns performance

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Legal disclaimers

The commentaries on the company specific information and purchases and sales were provided by the fund manager. Canada Life will not be liable for any loss, or damages whatsoever, whether directly or indirectly incurred, arising out of the use or misuse of errors or omissions in any information contained in this commentary. The data provided in this commentary is for information purposes only and, except where otherwise indicated, is current as of Dec. 31, 2024.

The views expressed in this commentary are those of fund manager as at the date of publication and are subject to change without notice. This commentary is presented only as a general source of information and is not intended as a solicitation to buy or sell specific investments, nor is it intended to provide tax or legal advice. Prospective investors should review the offering documents relating to any investment carefully before making an investment decision and should ask their Advisor for advice based on their specific circumstances.

The content of this commentary (including facts, views, opinions, recommendations, descriptions of or references to, products or securities) is not to be used or construed as investment advice, as an offer to sell or the solicitation of an offer to buy, or an endorsement, recommendation or sponsorship of any entity or security cited. Although we endeavour to ensure its accuracy and completeness, we assume no responsibility for any reliance upon it.

This document may contain forward-looking information which reflect our or third-party current expectations or forecasts of future events. Forward-looking information is inherently subject to, among other things, risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed herein. These risks, uncertainties and assumptions include, without limitation, general economic, political and market factors, interest and foreign exchange rates, the volatility of equity and capital markets, business competition, technological change, changes in government regulations, changes in tax laws, unexpected judicial or regulatory proceedings and catastrophic events. Please consider these and other factors carefully and not place undue reliance on forward-looking information. The forward-looking information contained herein is current only as of Dec. 31, 2024. There should be no expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.

There can be no assurance that the Fund’s return or volatility targets will be met, or met over any particular time horizon. Targeted returns and volatility should be evaluated over the time period indicated and not over shorter periods. Targeted returns are not actual performance and should not be relied upon as an indication of actual or future performance.

This fund is available through a segregated funds policy issued by Canada Life.

A description of the key features of Canada Life's individual variable insurance contract is contained in the information folder, available from your advisor. Any amount that is allocated to a segregated fund is invested at the risk of the policyowner and may increase or decrease in value.

Canada Life Investment Management and design, and Canada Life and design are trademarks of The Canada Life Assurance Company.

*For Partner series and Preferred partner series an advisory and management services (AMS) fee, of between 0.50% and 1.25%, is negotiated between you and your advisor. The MER doesn’t include this fee.

Canada Life is currently waiving a portion of the investment management fees on the High Interest Savings fund to target an estimated management expense ratio of 1.00%. Canada Life is not obligated to continue waiving these fees and it may cease to do so at any time without notice.

The 7-day annualized yield is based on the annualized total return of the fund over the past seven calendar days and does not represent an actual one-year return. It’s important to note that 7-day annualized yield is not an indicator of future performance of the fund.

^Deferred Sales Charge (DSC) purchase option is not available for new contributions given regulatory bans that came into effect June 1, 2023. For certain policies where DSC is the only sales charge option available, new contributions may be accepted. Additional disclosure may be required.

^†Soft capped - Contributions are no longer accepted to new investors.

^‡Hard capped - Contributions are no longer accepted.

Distribution of the chart, history standard and short-term reports are not permitted without including the fund profile long-term report. A description of the key features of Canada Life’s individual variable insurance contract is contained in the information folder, available from your advisor. Any amount that is allocated to a segregated fund is invested at the risk of the policyowner and may increase or decrease in value. A description of the key features of Canada Life's individual variable insurance contract is contained in the information folder, available from your advisor. Reports produced using this web site are for information purposes only. Canada Life and their affiliates, representatives, and third party content providers do not warrant the accuracy, completeness, or timeliness of this website or any content, and shall not be responsible for investment decisions, damages, or other losses resulting from the use of this website or its content. The only true report on unit values is the periodic statement prepared and sent by Canada Life. For more information about Canada Life and its products visit canadalife.com or talk to your advisor. In Quebec, advisor refers to a financial security advisor for individual insurance and segregated funds policies; and to an advisor in group insurance/annuity plans for group products. Funds are available through a segregated funds policy issued by Canada Life. Canada Life and design are/is a trademark(s) of The Canada Life Assurance Company.

CAN International Concentrated Equity

Is this fund right for you?

Risk Rating

How is the fund invested? (as of December 31, 2024)

Asset allocation (%)

Geographic allocation (%)

Sector allocation (%)

Growth of $10,000 (since inception)

Fund details (as of December 31, 2024)

Understanding returns

Annual compound returns (%)

Calendar year returns (%)

Range of returns over five years (July 1, 2019 - February 28, 2025)

Q4 2024 Fund Commentary

Market commentary

Performance

Outlook

Fund category

Inception date

Management expense ratio (MER)* For Partner series and Preferred partner series an advisory and management services (AMS) fee, of between 0.50% and 1.25%, is negotiated between you and your advisor. The MER doesn’t include this fee.

Fund management

Net assets (million)

Price

Number of holdings

Minimum initial investment

Fund codes