Fund overview & performance

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Canada Life Mutual Funds

CAN Balanced Allocation

75/100

Fund profile and commentary

Fund fact

August 31, 2025

A portfolio fund aiming to provide a balance between income and long-term growth.

Is this fund right for you?

You want investment income and you want your money to grow over time.
You want to invest in both equity funds and fixed-income funds (up to 40 per cent).
You're comfortable with a low to moderate level of risk.

Risk Rating

How is the fund invested? (as of June 30, 2025)

Asset allocation (%)

	Name	Percent
	Domestic Bonds	28.8
	US Equity	18.3
	Canadian Equity	15.8
	International Equity	15.7
	Cash and Equivalents	7.7
	Foreign Bonds	5.2
	Income Trust Units	0.6
	Other	7.9

Geographic allocation (%)

	Name	Percent
	Canada	58.2
	United States	21.7
	Multi-National	7.9
	United Kingdom	1.7
	Japan	1.4
	France	1.3
	Ireland	1.1
	Germany	0.8
	Switzerland	0.7
	Other	5.2

Sector allocation (%)

	Name	Percent
	Fixed Income	23.0
	Mutual Fund	19.3
	Technology	9.2
	Financial Services	9.0
	Cash and Cash Equivalent	7.7
	Consumer Services	4.1
	Healthcare	3.1
	Energy	3.1
	Industrial Goods	2.9
	Other	18.6

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of June 30, 2025)

Top holdings	%
CAN Can Tactical Bond 75/75	18.6
Canadian Core Fixed Income	11.5
CAN Real Est 75/75	7.6
CAN U.S. Val Stock 75/75	5.2
CAN Can Core Divid 75/75	5.0
CAN Can Equ Value 75/75	5.0
CAN Canadian Growth 75/75	4.8
CAN U.S. All Cap Gr 75/75	4.7
CAN U.S. Div 75/75	4.2
Canada Life Emerging Markets (Put)	4.2
Total allocation in top holdings	70.8

Portfolio characteristics
Standard deviation	7.3%
Dividend yield	1.7%
Yield to maturity	4.1%
Duration (years)	7.5
Coupon	4.2%
Average credit rating	A+

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 - August 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
7.4%	May 2015	0.6%	March 2020

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
4.1%	100.0%	131	0

Q2 2025 Fund Commentary

Market commentary

Global equities rose over the second quarter of 2025 and outperformed global bonds, which posted a small gain (all returns in Canadian-dollar terms on a total return basis). The U.S. paused higher tariffs as it worked on trade deals. Late in the quarter, the U.S. and China reached a framework for a trade deal.

The U.S. equity market gained, with strong performance from the information technology sector. Canadian equities increased and outperformed U.S. equities. Information technology was the strongest-performing sector in the Canadian equity market. EAFE equities advanced, outperforming U.S. equities but underperforming Canadian equities.

Italy and Spain contributed to the performance of EAFE equities. Emerging markets equities also gained and outperformed their developed market peers, with Taiwan and India contributing to performance.

The FTSE Canada Universe Bond Index posted a total loss of 0.6% over the quarter. As government yields moved higher, government bond prices declined. Government bonds underperformed corporate bonds, which posted a small gain.

Corporate bond prices benefited from narrowing credit spreads (the difference in yield between corporate and government bonds). Real estate bonds posted the largest increase in the corporate sector. High-yield bond prices rose on a total return basis and outperformed investment-grade corporate bonds.

Global bond yields declined over the quarter, and global bond prices increased. The European Central Bank and the Bank of England lowered their policy interest rates. The Bank of Canada, the U.S. Federal Reserve Board and the Bank of Japan held interest rates steady.

The yield on 10-year Government of Canada bonds rose from 2.97% to 3.27%, while government yields in the U.S. were largely unchanged. Government yields in the U.K., Germany and Japan declined.

Performance

Off-benchmark allocations to unconstrained fixed income, private credit and U.S. growth equities had a positive impact on performance. Exposure to U.S. value and U.S. dividend equities, and global growth equities, had a negative impact.

Exposure to American Growth had a positive impact because of stock selection in the industrials, financials, health care and energy sectors. An allocation to U.S. All Cap Growth was also positive because of stock selection in the information technology and communication services sectors.

Exposure to Canadian Small-Mid Cap had a positive impact on performance because of stock selection in the financials, materials, health care and consumer discretionary sectors.

Exposure to U.S. Value Stock had a negative impact on performance as U.S. value stocks underperformed.

Portfolio activity

The sub-advisor did not make any changes to the Portfolio during the quarter.

Outlook

The near-term equity outlook is uncertain, in the sub-advisor’s view. With a Middle East ceasefire holding, inflation trending lower and the S&P 500 Index at record highs, markets appear strong. However, vulnerabilities persist.

The pause on U.S.-China tariffs remains fragile. Economic sentiment in Europe is flat, and China’s growth is below its targets. Economic data in the U.S. is likely to weaken, in the sub-advisor’s view. The sub-advisor has positioned the Portfolio for this uncertain environment.

Within fixed income, the sub-advisor believes liquidity and flexibility remain important, since interest-rate cut expectations are now delayed. The sub-advisor has a preference for resilience, not yield maximization. This environment highlights the value of differentiated strategies, in the sub-advisor’s view.

At quarter end, the sub-advisor was building exposure to private credit, real assets and liquid alternative strategies to diversify the Portfolio. The sub-advisor aims to create a Portfolio that can weather a range of outcomes, through diversification, quality and flexibility.

(December 31, 2024)

Portfolio Solutions Group

FEL — CLGA006E

DSC^ — CLGA006F

CB2 — CLGA006R

CB4 — CLGA006G

Estate Protection — CLGF006E

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 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.