Fund overview & performance

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Canada Life Mutual Funds

CAN EAFE Equity 75/100

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October 31, 2025

A blended-style equity fund seeking long-term growth by employing a sector-centric approach.

Is this fund right for you?

You want your money to grow over a longer term.
You want to invest in equities outside of Canada and the U.S.
You're comfortable with a moderate level of risk.

Risk Rating

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

Asset allocation (%)

	Name	Percent
	International Equity	96.1
	Cash and Equivalents	3.1
	Canadian Equity	0.9
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	Japan	20.3
	United Kingdom	18.5
	France	9.9
	Netherlands	9.8
	Switzerland	5.9
	Germany	4.8
	Italy	4.1
	Ireland	3.5
	China	3.3
	Other	19.9

Sector allocation (%)

	Name	Percent
	Financial Services	20.0
	Industrial Goods	13.9
	Healthcare	12.1
	Technology	11.3
	Consumer Goods	10.7
	Consumer Services	7.0
	Utilities	5.9
	Energy	4.5
	Basic Materials	4.3
	Other	10.3

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of October 31, 2025)

Top holdings	%
Hoya Corp	3.2
ASML Holding NV	3.1
Iberdrola SA	3.0
Federal Home Loan 0.00% 02-Nov-2025	2.7
Airbus SE	2.6
Samsung Electronics Co Ltd - Pfd	2.5
British American Tobacco PLC	2.4
Mitsubishi UFJ Financial Group Inc	2.4
AstraZeneca PLC	2.4
Crh PLC	2.3
Total allocation in top holdings	26.6

Portfolio characteristics
Standard deviation	11.12%
Dividend yield	2.30%
Yield to maturity	-
Duration (years)	-
Coupon	-
Average credit rating	Not rated
Average market cap (million)	$228,935.3

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 (February 1, 2015 - October 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
11.36%	Oct. 2025	-2.03%	Oct. 2022

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
3.95%	87.14%	61	9

Q3 2025 Fund Commentary

Market commentary

Global equity markets rose in the third quarter of 2025 as tariff anxieties eased, central banks became more accommodative and information technology sector leadership persisted. In July, sentiment improved on clearer trade signals and resilient U.S. corporate earnings and in August, equities gained despite volatility around new tariff measures. In September, the U.S. Federal Reserve Board (Fed) cut interest rates, which supported interest-rate-sensitive assets and lifted risk appetite.

While the Fed cut interest rates by 0.25%, the European Central Bank and Bank of England held policy rates steady. The Bank of Japan kept rates unchanged but edged toward normalization. These dynamics, calmer interest-rate volatility and solid corporate results supported riskier assets. Non-U.S. equity markets rose, with emerging market equities outperforming developed markets and international value stocks outperforming international growth stocks.

Performance

The Fund’s relative exposure to Alibaba Group Holding Ltd. and CRH PLC contributed to performance. Alibaba’s shares rose because of performance in its cloud-computing and e-commerce segments, driven by growth in products and services related to artificial intelligence. CRH delivered better-than-expected results and raised its full-year forecast largely because of resilient demand for U.S. infrastructure and non-residential projects.

Relative exposure to Orsted AS and CNH Industrial NV detracted from performance. Orsted announced a rights issue in August in response to a “stop work” order issued by the U.S. administration on a U.S. offshore wind project. With funding challenges from the U.S. administration’s regulatory approach, Orsted finds itself having to absorb additional U.S. risk. CNH Industrial was affected by Deere & Co.’s weak forecast and a profit warning from machinery manufacturer Caterpillar Inc. because of U.S. tariffs.

At the sector level, stock selection in materials, consumer discretionary and information technology contributed to performance. Stock selection within industrials, utilities and communication services detracted from performance.

At the regional level, stock selection and overweight exposure to Asia (excluding Japan) contributed to performance. Stock selection and overweight exposure to Europe detracted from performance.

Portfolio activity

Toyota Motor Corp. was added based on the sub-advisor’s view that the market has underestimated the potential earnings related to hybrid transition. Universal Music Group NV was added as it revamps its streaming model to boost pricing control and margins, improve predictability and strengthen its market position. BNP Paribas SA was added based on the combination of diversification, operational discipline and a positive macroeconomic backdrop. Taking advantage of volatility, the sub-advisor increased Unilever PLC, Veolia Environnement SA and Samsung Electronics Co. Ltd.

Orsted was sold after the U.S. administration issued a stop order on its offshore wind projects in the U.S. Antofagasta PLC was sold after share price appreciation. The sub-advisor sold Tokyo Electron Ltd. after it cut its full-year operating profit forecast by over 20%, citing adjustments in semiconductor manufacturers’ capital investment plans. Standard Chartered PLC, Mitsubishi Electric Corp. and Infineon Technologies AG were reduced to capture gains.

Outlook

Stock selection continues to drive the sub-advisor’s investment decisions. The sub-advisor uses a multidimensional approach at the stock and portfolio level based on a strategy of staying balanced across exposures.

(December 31, 2024)

Putnam Investments

FEL — CLGA108E

DSC^ — CLGA108F

CB4 — CLGA108G

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 Sept. 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 Sept. 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.