Fund overview & performance

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Canada Life Mutual Funds

CAN Global Multi-Sector Fixed Income

75/100

Fund profile and commentary

Fund fact

May 31, 2025

A global fixed-income fund seeking potential interest income.

Is this fund right for you?

A person who is investing for the medium to longer term and seeking potential for interest income in their portfolio and is comfortable with low to Medium risk.
Since the fund invests in bonds anywhere in the world, its value is affected by changes in interest rates and foreign exchange rates between currencies.

Risk Rating

How is the fund invested? (as of March 31, 2025)

Asset allocation (%)

	Name	Percent
	Foreign Bonds	102.5
	Cash and Equivalents	1.9
	Domestic Bonds	0.2
	Other	-4.6

Geographic allocation (%)

	Name	Percent
	Canada	109.3
	Mexico	3.5
	Brazil	2.8
	Poland	2.3
	Egypt	1.8
	Hungary	1.7
	Israel	1.7
	Germany	1.6
	Turkey	1.4
	Other	-26.1

Sector allocation (%)

	Name	Percent
	Fixed Income	104.4
	Cash and Cash Equivalent	1.9
	Other	-6.3

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of March 31, 2025)

Top holdings	%
CAD Currency	101.4
CAD IRS 1/20/27 REC FIX 20250120 2.80% 20-Jan-2027	10.4
JPY IRS 2/10/30 REC FLT 20250210 0.48% 10-Feb-2030	8.3
CDX HY CDSI S43 5Y 12/20/2029 20240920 5.00% 20-Dec-2029	8.0
ITRX XOVER CDSI S42 V2 5Y 12/20/2029 20240920 5.00% 20-Dec-2029	7.7
EUR IRS 01/22/2030 REC FLT 20250122 2.66% 22-Jan-2030	7.2
ITRX EUR SUBFIN CDSI S43 5Y 06/20/2030 20250320 1.00% 20-Jun-2030	5.0
TRP SICAV DVSFD INC BD FD-S	3.1
Malaysia Government 4.50% 15-Apr-2030	2.9
SEK IRS 12/12/2029 REC FLT 20241212 2.34% 12-Dec-2029	2.6
Total allocation in top holdings	156.6

Portfolio characteristics
Standard deviation	6.3%
Yield to maturity	5.5%
Duration (years)	6.1
Coupon	4.9%
Average credit rating	BBB

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 (June 1, 2020 - May 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
-0.5%	May 2025	-0.5%	May 2025

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
-0.5%	0.0%	0	1

Q1 2025 Fund Commentary

Market commentary

The global fixed-income market rose during the first quarter of 2025. Global government bond performance diverged, with yields fluctuating because of many factors, including a softening U.S. economy, tariff-related uncertainties, new fiscal and economic stimulus in the eurozone and China, and progress toward peace in Ukraine.

Performance

At the sector level, security selection in securitized credit had a positive impact on the Fund’s performance. Duration (sensitivity to interest rates) in Brazil had a positive impact as shorter-term yields rose and longer-term yields fell. In currencies, exposure to the Japanese yen was positive for performance as the U.S. dollar fell.

Security selection among global sovereign bonds was negative for performance as some emerging-market sovereign debt underperformed. Underweight exposure to global sovereign bonds was negative for performance, as was exposure to global high-yield corporate bonds.

Portfolio activity

The sub-advisor added exposure to the Mexican peso, Brazilian real and Turkish lira. A short position in Romanian leu was added based on expectations that its central bank would allow the currency to depreciate after the presidential elections. Exposure to Australia duration (sensitivity to interest rates) and global investment-grade and high-yield corporate bonds was increased.

Exposure to the Swiss franc was sold and exposure to global sovereign bonds and securitized credit was reduced. The Fund’s overall duration was reduced, particularly in Germany, following its election. The sub-advisor saw potential for German bond yields to rise on the possibility of the new government announcing a larger-than-expected fiscal spending package.

Outlook

The sub-advisor expects to see improvement in growth in Germany and China driven by fiscal stimulus, which could lead to a more balanced global economy. Uncertainty in financial markets is high amid increased global trade conflict, although progress toward a Ukraine ceasefire could lift investor sentiment quickly.

The sub-advisor believes the U.S. Federal Reserve Board will pause interest-rate cuts until the second half of 2025. The sub-advisor expects the European Central Bank to lean toward more interest-rate cuts over next few months amid the possible effects of U.S. tariffs. In the sub-advisor’s view, there’s potential for the eurozone to fall into a mild recession, especially if reciprocal tariffs on the European Union are maintained. Longer-term growth could rebound and inflation could rise, with the potential for infrastructure spending in Germany to offset some economic weakness from tariffs.

In the longer term, there is potential for global yield curves to steepen as fiscal stimulus in the U.S, China and eurozone raises global growth. This could support inflation-linked bonds and credit. The sub-advisor believes credit performance could hinge more on selective exposure to specific issuers rather than the overall amount of credit risk. This highlights the importance of solid credit fundamentals and sustained demand for yield.

(December 31, 2024)

T. Rowe Price Group Inc

FEL — CLGA029E

DSC^ — CLGA029F

CB2 — CLGA029R

CB4 — CLGA029G

Contact information

Toll free: 1-888-252-1847

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Summary

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Total returns performance

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Value of $10,000 investment

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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 March 31, 2025.

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 March 31, 2025. 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.