Fund overview & performance

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Canada Life Mutual Funds

CAN Canadian Core Dividend

75/100

Fund profile and commentary

Fund fact

February 28, 2025

A Canadian value fund seeking a steady stream of dividend income with opportunities for long-term growth.

Is this fund right for you?

You want investment income and want your money to grow over time.
You want to invest in Canadian companies and investment trust units.
You're comfortable with a moderate level of risk.

Risk Rating

How is the fund invested? (as of February 28, 2025)

Asset allocation (%)

	Name	Percent
	Canadian Equity	94.3
	Income Trust Units	4.2
	Cash and Equivalents	1.5

Geographic allocation (%)

	Name	Percent
	Canada	97.8
	Bermuda	2.2

Sector allocation (%)

	Name	Percent
	Financial Services	37.5
	Energy	18.6
	Industrial Services	9.4
	Basic Materials	8.5
	Consumer Services	6.6
	Utilities	5.1
	Industrial Goods	4.0
	Telecommunications	4.0
	Real Estate	2.4
	Other	3.9

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of February 28, 2025)

Top holdings	%
Royal Bank of Canada	8.2
Toronto-Dominion Bank	6.2
Bank of Montreal	5.1
Sun Life Financial Inc	4.2
Enbridge Inc	4.0
Canadian Natural Resources Ltd	3.9
Canadian Pacific Kansas City Ltd	3.6
Manulife Financial Corp	3.4
Intact Financial Corp	3.2
Canadian National Railway Co	2.9
Total allocation in top holdings	44.7

Portfolio characteristics
Standard deviation	13.4%
Dividend yield	3.7%
Average market cap (million)	$80,679.6

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 (November 1, 2009 - February 28, 2025)

Best return	Best period end date	Worst return	Worst period end date
11.5%	Oct. 2014	-0.6%	March 2020

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
6.1%	98.4%	123	2

Q4 2024 Fund Commentary

Market commentary

The Bank of Canada lowered overnight interest rates by 100 basis points (bps) during the quarter. The U.S. Federal Reserve Board cut its federal funds rate by 50 bps. As a result, 10-year bond yields in Canada and the U.S. increased by 27 bps and 78 bps, respectively.

Although unemployment rates increased near the end of the quarter, the number of working Canadians reached record levels and supported consumer spending.

Performance

The Fund’s relative exposure to Sun Life Financial Inc., TC Energy Corp. and Bank of Montreal had a positive impact on performance. Holdings in Rogers Communications Inc. and TELUS Corp., and underweight exposure to Brookfield Corp., had a negative impact on performance.

Sun Life Financial Inc. outperformed because of improved results in its group dental business and higher long-term interest rates. Its wealth division benefited from strong equity markets. The sub-advisor anticipates continued dividend growth and has confidence in the company’s growing wealth platform.

TC Energy Corp. shares rose as the market became increasingly positive about the outlook for natural gas demand, mainly from powering new data centre facilities. The sub-advisor expects the company’s growing natural gas and liquified natural gas businesses to support a sustainable and growing dividend.

Bank of Montreal benefited from an improved outlook for future credit losses. Policies from the new U.S. administration are expected to support the banking sector. The Fund maintained overweight exposure to the stock as the sub-advisor believes it is undervalued.

Brookfield Corp. outperformed in the fourth quarter mainly because of the decline in short-term interest rates. Market sentiment towards commercial real estate, financing conditions, and mergers-and-acquisitions activity also improved.

Rogers Communications Inc. underperformed as long-term interest rates increased and the company’s higher debt level was viewed negatively. Also, investors had concerns that lower immigration targets from the Canadian government could translate into less demand for wireless handsets.

TELUS Corp. shares underperformed along with its telecommunication peers as the market sold stocks of companies perceived to be more interest-rate sensitive. TELUS Corp. was another company impacted by reduced immigration targets. The sub-advisor remains confident in the company’s competitive position in the wireless industry and unique growth features.

At the sector level, stock selection in communication services and energy had a positive impact on performance. Underweight exposure to materials was also positive. Stock selection in financials and industrials had a negative impact on performance.

The sub-advisor added Wheaton Precious Metals Corp. to the Fund based on a positive outlook for growth in precious metal streaming agreements attributable to the company. (Streaming agreements are a type of financial arrangement in the mining industry.)

The sub-advisor increased Waste Connections Inc. because of a favourable pricing and profit margin outlook.

The sub-advisor decreased TELUS Corp. and Rogers Communications Inc. because of the slower growth expected following immigration reforms. TC Energy Corp. was reduced in favour of other holdings with more attractive risk-reward profiles.

Outlook

The sub-advisor maintains a positive outlook on Canadian equities. Valuations among many dividend-paying sectors and stocks remain attractive, in the sub-advisor’s view. The sub-advisor believes several stocks in the Fund’s investment space have favourable long-term risk-reward profiles, particularly those that are perceived to be more interest-rate sensitive.

The sub-advisor continues to focus on high-quality companies, and the Fund remains balanced between cyclical and defensive sectors. (Cyclical sectors are generally more sensitive than defensive sectors to changes in the economy.) The sub-advisor prefers stocks with a margin of safety to the sub-advisor’s estimate of fair value.

(December 31, 2023)

Mackenzie Investments

FEL — CLGA049E

DSC^ — CLGA049F

CB2 — CLGA049R

CB4 — CLGA049G

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 Canadian Core Dividend

Is this fund right for you?

Risk Rating

How is the fund invested? (as of February 28, 2025)

Asset allocation (%)

Geographic allocation (%)

Sector allocation (%)

Growth of $10,000 (since inception)

Fund details (as of February 28, 2025)

Understanding returns

Annual compound returns (%)

Calendar year returns (%)

Range of returns over five years (November 1, 2009 - 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