Fund overview & performance

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Canada Life Mutual Funds

CAN EAFE Equity^†

100/100

Fund profile and commentary

August 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 August 31, 2025)

Asset allocation (%)

	Name	Percent
	International Equity	94.3
	Cash and Equivalents	4.8
	Canadian Equity	0.9

Geographic allocation (%)

	Name	Percent
	United Kingdom	20.2
	Japan	18.9
	France	10.5
	Netherlands	9.2
	Switzerland	6.0
	Germany	5.2
	Italy	4.9
	Ireland	4.3
	United States	4.0
	Other	16.8

Sector allocation (%)

	Name	Percent
	Financial Services	20.4
	Industrial Goods	14.7
	Healthcare	11.2
	Consumer Goods	10.9
	Technology	8.5
	Consumer Services	6.9
	Utilities	5.5
	Cash and Cash Equivalent	4.8
	Basic Materials	4.5
	Other	12.6

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of August 31, 2025)

Top holdings	%
Federal Home Loan 0.00% 01-Sep-2025	3.8
Iberdrola SA	3.0
Hoya Corp	2.7
Mitsubishi UFJ Financial Group Inc	2.6
Roche Holding AG - Partcptn	2.4
Sony Group Corp	2.4
Nintendo Co Ltd	2.4
Airbus SE	2.4
ASML Holding NV	2.3
AstraZeneca PLC	2.3
Total allocation in top holdings	26.3

Portfolio characteristics
Standard deviation	11.3%
Dividend yield	2.3%
Average market cap (million)	$183,191.6

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 - August 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
9.4%	March 2025	-2.5%	Oct. 2022

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
3.3%	79.4%	54	14

Q2 2025 Fund Commentary

Market commentary

Global equity markets were volatile following the U.S. administration’s April announcement of tariffs on nearly all imports. However, global trade tensions eased after the U.S. administration delayed putting the planned tariff hikes in place, reducing investor fears of a global recession. Investors remained concerned about elevated inflation in certain regions, but reduced recession fears improved consumer sentiment. Non-U.S. equity markets rose for the quarter, with emerging market equities outperforming developed market equities and international growth stocks outperforming value stocks.

The onset of the Israel-Iran conflict in mid-June and its ceasefire at month-end had minimal impact on global equity markets. Investors largely looked through the risks, although oil price volatility rose because of concerns that a broadening of the conflict could have uneven impacts globally.

Performance

The Fund’s relative exposure to Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) and JD Sports Fashion PLC was positive for performance. TSMC benefited from its competitive advantage related to its technologies and innovations and its business track record. JD Sports Fashion stock rose based on its growing U.S. and European presence.

Relative exposure to BP PLC and ICON PLC was negative for the Fund’s performance. BP stock fell after it reported disappointing first-quarter results driven by weak gas trading. ICON underperformed after it reported weaker-than-expected first-quarter results and lowered its full-year forecast. The company cited delays and cancellations in clinical trial activity, particularly among biotech clients, highlighting ongoing softness in the contract research market.

At the sector level, stock selection in information technology and industrials was positive for the Fund’s performance. Underweight exposure to consumer discretionary was positive for performance. Overweight exposure and stock selection in energy and health care was negative for the Fund’s performance.

At the regional level, stock selection in Japan was positive for the Fund’s performance. Overweight exposure and stock selection in Europe was negative for performance. This was mainly because of holdings in France, Ireland and the U.K.

Portfolio activity

The sub-advisor added Akzo Nobel NV, Vinci SA and SSE PLC to the Fund. Akzo Nobel was purchased as its management restructures to reduce costs and improve returns. Vinci offered high-quality infrastructure assets, a strong third-party contracting business and a discounted valuation. SSE was added because its contracts are inflation-linked, and the sub-advisor believes its profitable growth will continue, largely driven by network and renewable power investments.

Existing holdings in AstraZeneca PLC and ICON were increased. Hitachi Ltd. was sold after strong performance. Shinhan Financial Group Co. Ltd., HSBC Holdings PLC and SBM Offshore NV were also sold. The sub-advisor reduced holdings in Smith & Nephew PLC and NXP Semiconductors NV.

Outlook

There was no change to the sub-advisor’s investment approach during the quarter. Bottom-up stock selection continues to drive the sub-advisor’s investment decisions.

(December 31, 2024)

Putnam Investments

FEL — CLGA108I

DSC^ — CLGA108J

CB4 — CLGA108K

Contact information

Toll free: 1-888-252-1847

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Summary

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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 EAFE Equity†