September 30, 2026
This segregated fund invests primarily in equities of companies operating in emerging markets currently through the Canada Life Emerging Markets Large Cap Equity Fund. On or about September 11, 2026 this fund's name changed to Emerging Markets Large Cap Equity III from Emerging Markets Equity and the underlying fund changed to Canada Life Emerging Markets Large Cap Equity Fund from Mackenzie GQE Emerging Markets Fund. The performance prior to the above dates were achieved under previous manager and/or investment strategy. No other changes were made to the segregated fund.
Is this fund right for you?
- A person who is investing for the longer term, is seeking the growth potential of companies in the emerging markets and is comfortable with moderate to high risk.
- Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.
RISK RATING
How is the fund invested? (as of July 31, 2026)
| Name | Percent |
|---|---|
| International Equity | 97.2 |
| Cash and Equivalents | 2.8 |
| Name | Percent |
|---|---|
| Taiwan | 27.3 |
| China | 21.1 |
| Korea, Republic Of | 19.2 |
| India | 10.7 |
| Saudi Arabia | 3.1 |
| Brazil | 3.0 |
| Canada | 2.8 |
| South Africa | 2.5 |
| Thailand | 1.9 |
| Other | 8.4 |
| Name | Percent |
|---|---|
| Technology | 43.3 |
| Financial Services | 17.6 |
| Industrial Goods | 5.5 |
| Basic Materials | 5.4 |
| Consumer Goods | 5.3 |
| Healthcare | 3.7 |
| Consumer Services | 3.3 |
| Cash and Cash Equivalent | 2.8 |
| Energy | 2.8 |
| Other | 10.3 |
Growth of $10,000 (since inception)
For the period 10/19/2015 through 09/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $24,528
Fund details
| Top holdings | Percent (%) |
|---|---|
| Taiwan Semiconductor Manufactrg Co Ltd | 10.1 |
| Samsung Electronics Co Ltd | 7.4 |
| SK Hynix Inc | 5.7 |
| Cash and Cash Equivalents | 2.8 |
| Tencent Holdings Ltd | 2.3 |
| Delta Electronics Inc | 1.5 |
| Hon Hai Precision Industry Co Ltd | 1.5 |
| Alibaba Group Holding Ltd | 1.3 |
| ASE Technology Holding Co Ltd - ADR | 1.2 |
| JD.com Inc - ADR Cl A | 1.2 |
| Total allocation in top holdings | 35.0 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 14.27% |
| Dividend yield | 2.25% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $566,094.5 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 1.10 | 20.57 | 26.90 | 29.54 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 24.62 | 11.29 | 8.57 | 8.54 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 26.69 | 16.08 | 13.23 | -16.30 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 2.51 | 14.96 | 8.47 | -16.82 |
Range of returns over five years (November 01, 2015 - September 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 11.29% | Sep 2026 | -3.83% | Oct 2022 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 5.03% | 83 | 60 | 12 |
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Fund category
Emerging Markets Equity
Inception date
October 19, 2015
Management expense ratio (MER)*
3.86%
(December 31, 2024)
Fund management
Mackenzie Investments
Net assets (million)
$167.4
Price
$24.53
Number of holdings
165
Minimum Investment
$500
Fund codes
FEL — CLGA111I
DSC^ — CLGA111J
CB2 — CLGA111S
CB4 — CLGA111K
Contact information
Customer service centre
Toll free: 1-888-252-1847
Corporate website
Q2 2026 Fund Commentary
Commentary and opinions are provided by Mackenzie Investments.
Market commentary
Emerging markets had a strong second quarter. The retreat in crude oil prices late in the quarter eased pressure on oil-importing economies in Asia, including China, India, Japan and South Korea, after higher energy costs had weighed on trade balances earlier in the year. The easing of tensions in the Middle East and the resumption of shipping through the Strait of Hormuz supported sentiment.
Regional performance varied. Demand tied to artificial intelligence (AI) and semiconductors drove extraordinary gains in South Korea and Taiwan. Commodity-exporting markets benefited from firm commodity prices early in the quarter. Chinese and Indian equities lagged, while Latin American markets were supported by resilient domestic demand.
Emerging market equities rose close to 23% for the quarter, outperforming developed markets. Technology-oriented markets led, and energy-related companies performed well in markets with significant oil and gas exposure. Consumer-oriented sectors were mixed amid uneven domestic demand signals.
Performance
Selection in Taiwan, Saudi Arabia and Malaysia contributed to performance. Security selection in the information technology and energy sectors also contributed to performance. Exposure to growth and quality equities factors contributed to performance, as did exposure to market sensitivity and profitability.
Relative overweight exposure to SK Hynix Inc., Kingboard Holdings Ltd. and Global Unichip Corp. contributed to the Fund’s performance. These information technology stocks benefited from an advance across the AI-related semiconductor and electronics supply chain.
Security selection in India, Indonesia and South Korea detracted from performance. Selection in industrials, consumer discretionary and real estate also detracted from performance. Value and informed investor factors detracted from performance, as did the Fund’s smaller size bias.
Underweight exposure to MediaTek Inc., Taiwan Semiconductor Manufacturing Co. Ltd. and SK Square Co. Ltd. detracted from performance.
Portfolio activity
Activity in the Fund is driven by stock selection, optimization and the sub-advisor’s vetting process, which is run daily.
Summary
For the period 10/19/2015 through 09/30/2026 with $10,000 CAD investment
Total returns performance
145.28%
Last price
$24.53 CAD
as of market close 09/30/2026
Value of $10,000 investment
$24,527.91 CAD
