April 30, 2026
This segregated fund invests primarily in U.S. stocks currently through the Canada Life US Value Fund. On or about May 8, 2026, this fund's name changed to U.S. Value II from American Value, the underlying fund changed to Canada Life US Value Fund from Beutel Goodman American Equity Fund, and The Putnam Advisory Company, LLC assumed management responsibilities from Beutel, Goodman & Company Ltd. The performance prior to the above dates were achieved under previous manager and/or investment strategy.
Is this fund right for you?
- A person who is investing for the longer term, seeking the growth potential of U.S. stocks and is comfortable with moderate 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 March 31, 2026)
| Name | Percent |
|---|---|
| US Equity | 87.7 |
| International Equity | 9.5 |
| Cash and Equivalents | 2.8 |
| Name | Percent |
|---|---|
| United States | 90.0 |
| Ireland | 4.8 |
| Switzerland | 4.7 |
| Canada | 0.5 |
| Name | Percent |
|---|---|
| Financial Services | 20.6 |
| Technology | 19.3 |
| Healthcare | 18.9 |
| Industrial Goods | 8.3 |
| Telecommunications | 7.6 |
| Consumer Services | 6.2 |
| Consumer Goods | 5.2 |
| Basic Materials | 5.0 |
| Industrial Services | 3.5 |
| Other | 5.4 |
Growth of $10,000 (since inception)
For the period 11/04/2019 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $15,691
Fund details (as of March 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Westinghouse Air Brake Techs Corp | 6.1 |
| eBay Inc | 5.2 |
| Merck & Co Inc | 5.1 |
| PPG Industries Inc | 5.0 |
| NetApp Inc | 4.9 |
| Medtronic PLC | 4.8 |
| Chubb Ltd | 4.7 |
| Omnicom Group Inc | 4.5 |
| Ameriprise Financial Inc | 4.4 |
| Amdocs Ltd | 4.3 |
| Total allocation in top holdings | 49.0 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 11.75% |
| Dividend yield | 2.37% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $120,935.4 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 3.19 | 2.02 | 1.08 | 10.50 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 6.74 | 6.22 | - | 7.19 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| -2.34 | 17.95 | 6.19 | 6.28 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 10.57 | 5.85 | - | - |
Range of returns over five years (December 01, 2019 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 11.96% | Mar 2025 | 5.66% | Mar 2026 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 8.70% | 100 | 18 | 0 |
Q1 2026 Fund Commentary
Commentary and opinions are provided by The Putnam Advisory Company, LLC.
Market commentary
The first quarter of 2026 started with heightened volatility across equity markets. Geopolitical tensions escalated in late February when conflict broke out in the Middle East, disrupting energy supply through the Strait of Hormuz and pushing oil prices sharply higher. The energy sector led broad market gains as a result, while software and technology names came under pressure as investors reassessed the artificial intelligence (AI) trade.
Performance
Stock selection in the health care and consumer discretionary sectors, as well as selection and an overweight allocation to the industrials sector, contributed to performance during the quarter.
Wabtec Corp. contributed to performance after reporting strong freight rail results, including 18% revenue growth, double-digit earnings-per-share growth and a 24% dividend increase. Merck & Co. Inc. also contributed to performance because fiscal year 2025 results came in ahead of expectations. The sub-advisor notes that 2026 guidance was roughly in line with consensus, and recent acquisitions were progressing well, with Winrevair and Capvaxive showing strong early traction. Applied Materials Inc. contributed to performance because of strong quarterly results and increased forward guidance, supported by broad-based semiconductor equipment demand and growing investment tied to AI.
A zero-weight allocation to the energy sector and selection in the consumer staples sector detracted from performance.
Gen Digital Inc. detracted from performance because of growing investor concerns around AI disrupting the consumer software industry. Qualcomm Inc. detracted from performance because of a weaker near-term handset outlook, although the sub-advisor believes the company's automotive segment continues to grow and a sizeable data centre opportunity could emerge by 2027. Amdocs Ltd. detracted from performance because of revenue issues and the announced retirement of the company's CEO. The sub-advisor notes that contract renewal rates remain at roughly 100%.
Portfolio activity
The sub-advisor added Union Pacific Corp., Sysco Corp., Wells Fargo & Co., Becton Dickinson and Co. and Marsh & McLennan Companies Inc. during the quarter. The sub-advisor also increased NetApp Inc., Amdocs Ltd., Qualcomm Inc. and Elevance Health Inc.
The sub-advisor sold Harley-Davidson Inc., Campbell's Co. and Versant Media Inc. (a spin-out from Comcast Corp.). The sub-advisor also reduced Amgen Inc., Kimberly-Clark Corp., Applied Materials Inc., Omnicom Group Inc., Merck & Co. Inc., Ameriprise Financial Inc., Gen Digital Inc., American Express Co., The Carlyle Group Inc. and Chubb Ltd.
Outlook
The sub-advisor doesn't make broad macroeconomic or market-timing calls, preferring to focus on the fundamentals of individual holdings and a strict valuation framework. Portfolio activity increased during the quarter, reflecting elevated volatility and opportunities to recycle capital from holdings that had become expensive into names trading at more attractive valuations. The sub-advisor continues to find opportunities across the financials, consumer staples, industrials and health care sectors, while maintaining zero-weight allocations to the energy, real estate and utilities sectors. The sub-advisor believes the Fund's focus on quality businesses purchased at reasonable valuations may provide resilience across a range of market environments.
Summary
For the period 11/04/2019 through 04/30/2026 with $10,000 CAD investment
Total returns performance
56.91%
Last price
$15.69 CAD
as of market close 04/30/2026
Value of $10,000 investment
$15,691.46 CAD
