Fund overview & performance

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Canada Life Mutual Funds

CAN Canadian Focused Growth

75/100

Fund profile and commentary

Fund fact

July 31, 2025

A blended-style fund that focuses on long-term growth from Canada.

Is this fund right for you?

You want your money to grow over a longer term.
You want to invest in mix of Canadian equities, bonds and other fixed-income securities.
You're comfortable with a moderate level of risk.

Risk Rating

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

Asset allocation (%)

	Name	Percent
	Canadian Equity	54.4
	US Equity	37.1
	International Equity	6.2
	Income Trust Units	1.7
	Cash and Equivalents	0.7
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	Canada	56.2
	United States	37.1
	Ireland	1.9
	United Kingdom	1.6
	Switzerland	1.2
	Italy	0.7
	France	0.6
	Bermuda	0.5
	Australia	0.1
	Other	0.1

Sector allocation (%)

	Name	Percent
	Financial Services	23.4
	Technology	18.9
	Industrial Services	9.5
	Consumer Services	8.4
	Basic Materials	8.0
	Industrial Goods	7.4
	Healthcare	7.1
	Energy	6.9
	Real Estate	4.4
	Other	6.0

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of May 31, 2025)

Top holdings	%
Royal Bank of Canada	3.5
Constellation Software Inc	2.8
Microsoft Corp	2.4
Shopify Inc Cl A	2.4
Toronto-Dominion Bank	2.3
Roper Technologies Inc	1.9
Mastercard Inc Cl A	1.9
Canadian Natural Resources Ltd	1.8
Apple Inc	1.8
Amazon.com Inc	1.7
Total allocation in top holdings	22.5

Portfolio characteristics
Standard deviation	10.7%
Dividend yield	1.3%
Average market cap (million)	$432,112.3

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 - July 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
11.1%	March 2025	0.6%	March 2020

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
6.5%	100.0%	130	0

Q2 2025 Fund Commentary

Market commentary

North American economies showed mixed signals in the second quarter. Canada’s economy slowed as U.S. tariff announcements disrupted trade, leading to declining gross domestic product and exports. In contrast, U.S. economic activity improved modestly, supported by steady consumer spending and a resilient labour market. Manufacturing activity weakened in both countries because of global trade tensions.

The Bank of Canada held its key interest rate at 2.75%. The U.S. Federal Reserve Board maintained its federal funds rate at a target range of 4.25% to 4.50%. Canada’s unemployment rate rose to 7.0%, while the U.S. labour market was more resilient with unemployment at 4.1%.

Equity markets in both countries rose. The information technology and consumer discretionary sectors led in Canada. In the U.S., generally information technology and communication services outperformed on artificial intelligence enthusiasm. The energy sector in Canada and the U.S. generally underperformed because of falling oil prices.

Performance

The Fund’s relative exposure to Amphenol Corp. and Apple Inc. was positive for performance. Amphenol benefited from its capital deployment and focus on enabling technologies, which should help it capitalize on long-term automation and artificial intelligence trends. Underweight exposure to Apple was positive for performance as the hardware market matures.

Relative exposure to Aon PLC and Roper Technologies Inc. was negative for performance. Underweight exposure to NVIDIA Corp. and Broadcom Inc. was also negative for performance.

At the sector level, underweight exposure to energy was positive for the Fund’s performance, as was stock selection in health care. Stock selection in information technology was negative for the Fund’s performance, as was overweight exposure to health care.

Portfolio activity

Marsh & McLennan Cos. Inc., Boston Scientific Corp. and NVIDIA Corp. were added based on the sub-advisor’s investment thesis and risk model factors. Accenture PLC, Danaher Corp. and Rogers Communications Inc. were sold. The sub-advisor reduced holdings in Aon PLC, Thermo Fisher Scientific Inc. and Alamos Gold Inc.

(December 31, 2024)

Mackenzie Investments

FEL — CLGA053E

DSC^ — CLGA053F

CB2 — CLGA053R

CB4 — CLGA053G

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 June 30, 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 June 30, 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.

CAN Canadian Focused Growth

Is this fund right for you?

Risk Rating

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

Asset allocation (%)

Geographic allocation (%)

Sector allocation (%)

Growth of $10,000 (since inception)

Fund details (as of May 31, 2025)

Understanding returns

Annual compound returns (%)

Calendar year returns (%)

Range of returns over five years (November 1, 2009 - July 31, 2025)

Q2 2025 Fund Commentary

Market commentary

Performance

Portfolio activity

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