Fund overview & performance

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Canada Life Mutual Funds

CAN Strategic Income

75/100

Fund profile and commentary

Fund fact

July 31, 2025

A blended-style fund that emphasizes long-term growth while also providing income.

Is this fund right for you?

You’re looking to preserve your investment while still allowing it to grow.
You want to invest in a combination of Canadian common shares, bonds and debentures.
You're comfortable with a low to moderate level of risk.

Risk Rating

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

Asset allocation (%)

	Name	Percent
	Canadian Equity	29.4
	Foreign Bonds	22.3
	US Equity	17.0
	Domestic Bonds	15.2
	International Equity	8.2
	Cash and Equivalents	7.1
	Income Trust Units	0.9
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	Canada	50.5
	United States	38.6
	United Kingdom	1.6
	Germany	1.4
	Japan	1.1
	France	0.9
	North America	0.8
	Switzerland	0.6
	Taiwan	0.5
	Other	4.0

Sector allocation (%)

	Name	Percent
	Fixed Income	37.6
	Financial Services	14.1
	Technology	8.4
	Cash and Cash Equivalent	7.1
	Energy	6.4
	Industrial Services	4.7
	Consumer Services	4.6
	Basic Materials	4.5
	Consumer Goods	3.2
	Other	9.4

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of May 31, 2025)

Top holdings	%
Cash and Cash Equivalents	4.5
Royal Bank of Canada	2.5
Toronto-Dominion Bank	1.6
Agnico Eagle Mines Ltd	1.5
Microsoft Corp	1.4
Canadian Natural Resources Ltd	1.3
Canadian Pacific Kansas City Ltd	1.3
Bank of Montreal	1.1
Enbridge Inc	1.1
United States Treasury 4.63% 15-Feb-2055	1.0
Total allocation in top holdings	17.3

Portfolio characteristics
Standard deviation	7.3%
Dividend yield	2.4%
Yield to maturity	5.9%
Duration (years)	5.0
Coupon	5.0%
Average credit rating	BBB

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 (January 1, 2011 - July 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
7.1%	March 2025	-1.1%	March 2020

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
3.4%	99.1%	115	1

Q2 2025 Fund Commentary

Market commentary

The global economy slowed in the second quarter, generally 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 views, 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, performed well as the U.S. dollar weakened. However, prospects of renewed tariffs led to ongoing uncertainty.

Performance

The Fund’s relative exposure to NVIDIA Corp., Broadcom Inc. and Meta Platforms Inc. contributed to performance. NVIDIA reported record revenue, reflecting high global demand for artificial intelligence (AI) computing, with data centre and gaming segments driving performance. Broadcom announced higher-than-expected second-quarter revenue, driven by growing AI-related revenue. Meta Platforms posted better-than-expected revenue and earnings results because of digital advertising and user growth across platforms.

Exposure to Apple Inc. detracted from the Fund’s performance. In May, Apple reported earnings that beat analysts’ expectations, but the performance of its closely watched services division was disappointing. A lack of exposure to Shopify Inc. and Cameco Corp. detracted from the Fund’s performance. Shopify performed well, announcing increased revenue and growth in key areas. Cameco benefited from an increase in its share of Westinghouse Electric Company’s 2025 earnings, connected with Westinghouse’s involvement in the building of two nuclear reactors.

At the sector level, stock selection in communication services and information technology contributed to the Fund’s performance. Overweight exposure to information technology also contributed to performance. Within fixed income, exposure to government bonds also contributed to performance.

Stock selection in financials, health care and consumer discretionary detracted from the Fund’s performance. In fixed income, exposure to corporate bonds in industrials, communication services and financials also detracted from performance.

At the regional level, exposure to Taiwan contributed to performance. Exposure to the U.S. and stock selection in Canada detracted from performance.

Portfolio activity

During the period, the sub-advisor added Constellation Software Inc., Alamos Gold Inc. and Contemporary Amperex Technology Co. Ltd. to the Fund. The sub-advisor believes that Constellation Software’s lower stock price was because of market fears about government spending cutbacks and tariff concerns, which created an attractive entry point. Alamos Gold was added because its producing mines are largely located within Canada and are very low cost, and the company has growing production opportunities. Contemporary Amperex Technology, the global leader in electric vehicle battery manufacturing, should play a critical role in transportation electrification and the decarbonization of energy systems.

Existing holdings in ARC Resources Ltd., Agnico Eagle Mines Ltd. and NVIDIA Corp. were increased. ARC Resources completed an acquisition of producing assets located directly beside its Kawka position, which should provide cost efficiencies and easier well development. Agnico Eagle Mines was increased based on the sub-advisors positive view of its superior precious metal production and royalty growth outlook. The increase in NVIDIA was a function of the reaction to stock appreciation.

Barrick Mining Corp. was sold to fund the new holding in Alamos Gold. Siemens AG was sold in favour of adding capital to existing holdings. Glencore PLC was sold in favour of Contemporary Amperex Technology.

Suncor Energy Inc. was reduced to as it had a lower return profile than other investment options. Broadcom was trimmed as the stock neared the sub-advisor’s estimate of intrinsic value.

(December 31, 2024)

Mackenzie Investments

FEL — CLGA032E

DSC^ — CLGA032F

CB2 — CLGA032R

CB4 — CLGA032G

Estate Protection — CLGF032E

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 Strategic Income

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 (January 1, 2011 - 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