Fund overview & performance

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Canada Life Mutual Funds

CAN Global Growth Opportunities

75/100

Fund profile and commentary

Fund fact

July 31, 2025

A growth-style equity fund seeking strong long-term growth from investments around the world.

Is this fund right for you?

You want your money to grow over the longer term.
You want to invest in Canadian, U.S. and international equities.
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
	US Equity	57.2
	International Equity	38.3
	Canadian Equity	3.4
	Cash and Equivalents	1.0
	Income Trust Units	0.1

Geographic allocation (%)

	Name	Percent
	United States	57.2
	United Kingdom	9.3
	France	4.9
	Canada	4.4
	Switzerland	4.0
	Netherlands	3.6
	Ireland	3.5
	Italy	2.9
	Germany	2.9
	Other	7.3

Sector allocation (%)

	Name	Percent
	Technology	23.4
	Industrial Services	15.1
	Healthcare	12.3
	Financial Services	11.0
	Consumer Services	9.9
	Industrial Goods	9.6
	Consumer Goods	7.4
	Basic Materials	7.0
	Telecommunications	1.5
	Other	2.8

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of May 31, 2025)

Top holdings	%
Microsoft Corp	4.1
Compass Group PLC	3.6
Waste Connections Inc	3.4
Roper Technologies Inc	3.4
Apple Inc	3.1
Alcon AG	3.1
Relx PLC	3.0
Ferrari NV	2.9
Wolters Kluwer NV Cl C	2.8
Linde PLC	2.7
Total allocation in top holdings	32.1

Portfolio characteristics
Standard deviation	12.3%
Dividend yield	1.0%
Average market cap (million)	$692,703.0

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
15.7%	Dec. 2021	4.8%	March 2020

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
9.6%	100.0%	130	0

Q2 2025 Fund Commentary

Market commentary

The global economy slowed in the second quarter, driven by renewed U.S. tariff pressures and weaker consumer demand. The global growth forecast decreased because of trade uncertainty. Developed economies underperformed, while emerging markets, particularly in Asia, showed greater resilience.

Inflation remained relatively elevated worldwide, and central banks generally held interest rates steady. In the sub-advisor's view, trade tensions hampered business investment and industrial activity in export-dependent nations. Despite these challenges, government spending in Europe and China provided some support.

Global fixed income rose. Government bonds in developed markets benefited from weakening inflation and interest-rate cuts, particularly in Europe. Investment-grade corporate bonds outperformed government bonds in several regions.

High-yield bonds also gained. Credit spreads (the difference in yield between corporate and government bonds with the same maturity) were relatively narrow because of low default rates. However, renewed trade tensions and tariff concerns created challenges for some high-yield issuers, particularly those with global exposure.

Global equity markets rose. Developed market equities gained, with the MSCI World Index and S&P 500 Index reaching new highs. Large technology companies rebounded in the U.S.

Non-U.S. equities, including in Europe and emerging Asia, generally performed well as the U.S. dollar weakened. However, prospects of renewed tariffs led to ongoing uncertainty.

Performance

The Fund’s relative exposure to Amphenol Corp. and Trane Technologies PLC has contributed to the 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. In the sub-advisor's views, Trane Technologies, a leader in energy efficient heating, ventilation and air conditioning systems, benefited from data centre construction.

Relative exposure to Aon PLC and Alcon Inc. detracted from performance. Underweight exposure to NVIDIA Corp. and Broadcom Inc. was also a detractor for performance.

At the sector level, underweight exposure to consumer staples and energy contributed to the Fund’s performance, as was stock selection in health care. Stock selection in information technology, industrials and financials detracted from the Fund’s performance.

At the geographic level, stock selection in the U.S. was negative for performance.

Portfolio activity

SAP SE, Marsh & McLennan Cos. Inc., Boston Scientific Corp. and NVIDIA Corp. were added to the Fund. Existing holdings in Motorola Solutions Inc. and Ferrari NV were increased. Accenture PLC and Bunzl PLC were sold, while Thermo Fisher Scientific Inc. and Aon PLC were reduced. These transactions were based on the sub-advisor’s investment thesis and risk model factors.

(December 31, 2024)

Mackenzie Investments

FEL — CLGA106E

DSC^ — CLGA106F

CB2 — CLGA106R

CB4 — CLGA106G

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.

CAN Global Growth Opportunities

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