Fund overview & performance

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Canada Life Mutual Funds

CAN Canadian Focused Premier Growth^†

75/75 - Partner

Fund profile and commentary

March 31, 2025

A growth-oriented Canadian equity fund seeking capital appreciation.

Is this fund right for you?

You want your money to grow over the longer term.
You want to invest in Canadian companies.
You're comfortable with a moderate level of risk.

Risk Rating

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

Asset allocation (%)

	Name	Percent
	Canadian Equity	59.7
	US Equity	22.0
	International Equity	12.4
	Cash and Equivalents	5.8
	Domestic Bonds	0.2
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	Canada	65.6
	United States	22.0
	United Kingdom	2.5
	France	2.3
	Taiwan	1.8
	Ireland	1.1
	Singapore	1.0
	Israel	0.9
	Australia	0.8
	Other	2.0

Sector allocation (%)

	Name	Percent
	Financial Services	24.1
	Technology	17.1
	Basic Materials	10.3
	Consumer Services	9.7
	Energy	8.7
	Industrial Goods	7.6
	Cash and Cash Equivalent	5.8
	Healthcare	5.3
	Industrial Services	5.3
	Other	6.1

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of March 31, 2025)

Top holdings	%
Royal Bank of Canada	5.1
Bank of Montreal	3.4
Toromont Industries Ltd	2.8
Canadian Pacific Kansas City Ltd	2.7
Wheaton Precious Metals Corp	2.6
Franco-Nevada Corp	2.4
Shopify Inc Cl A	2.3
Brookfield Corp Cl A	2.2
Stantec Inc	2.1
Intact Financial Corp	2.0
Total allocation in top holdings	27.6

Portfolio characteristics
Standard deviation	13.4%
Dividend yield	1.9%
Average market cap (million)	$298,065.4

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 (August 1, 2018 - March 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
17.1%	March 2025	6.7%	Sept. 2023

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
11.0%	100.0%	21	0

Q4 2024 Fund Commentary

Market commentary

The Canadian equity market rose over the quarter, reaching a new all-time high in December. The Bank of Canada (BoC) lowered interest rates by 50 basis points at its final meeting of 2024, marking its fifth consecutive rate cut since June. Unemployment increased, potentially influencing the BoC’s decision. The Canadian economy faced uncertainty from the anticipated effects of a more restrictive immigration policy and potential U.S. tariffs.

Globally, developed market equities outperformed emerging market equities. The U.S. was one of the best-performing developed markets, helped by November’s post-election stock market rebound. In Europe, France was affected by political instability and welcomed its fourth new government of 2024 in December. German stocks performed better but declined because of political uncertainty.

Trade policy risks related to the new U.S. administration and a stronger U.S. dollar led to losses in emerging market equities, particularly in Latin America and Asia (excluding Japan). Brazil and South Korea were among the worst-performing emerging equity markets in U.S.-dollar terms. Brazil’s rising interest rates and South Korea’s political uncertainty dampened investor confidence.

Performance

The Fund’s relative exposure to Celestica Inc. and Broadcom Inc. had a positive impact on performance. Canadian electronics manufacturer Celestica Inc. benefited from artificial intelligence (AI) related demand for network switches. This demand was led by data centre growth and capital expenditure by large-scale cloud service providers. Broadcom Inc.’s growth outlook improved because of growing AI demand and expected new customers. Margins were also better than expected.

Relative exposure to Toromont Industries Ltd. and ICON PLC had a negative impact on performance. Toromont Industries Ltd. was impacted by near-term weaker demand from Canadian housing construction. Its non-housing construction remained resilient, and the sub-advisor believes the company can navigate the current volatility.

Multinational clinical research organization ICON PLC faced reduced pharmaceutical spending and biotech customers delaying trial starts. The sub-advisor expects these issues to be temporary. The company’s backlog has continued to develop well, and its competitive advantage seems intact.

At the sector level, stock selection in and overweight exposure to information technology had the most positive impact on performance. Stock selection in the materials and financials sectors was also positive. Stock selection in industrials and energy had a negative impact on performance. The Fund had overweight exposure to the industrials and health care sectors, which was also negative.

Regionally, stock selection in Canada, Israel, Taiwan and Australia had a positive impact. Overweight exposure to Israel and Taiwan was also positive for performance. Stock selection in France, Denmark and Hong Kong had the most negative impact on performance. Overweight exposure to France and Denmark was also negative.

The sub-advisor added Shopify Inc., Groupe Dynamite Inc., Philip Morris International Inc., Air Products and Chemicals Inc., and Waters Corp. to the Fund. Shopify Inc.’s business growth has accelerated, driven by marketing investments. Groupe Dynamite Inc. has untapped market opportunities that could allow it to sustain U.S. growth while managing pricing and inventory.

Philip Morris International Inc.’s smoke-free offerings improved its product mix. Air Products and Chemicals Inc. may benefit from shareholder activists looking to replace leadership with a team that prioritizes stronger capital expenditure discipline. The sub-advisor believes Waters Corp.’s recurring revenue could increase as customers upgrade equipment.

A holding in Bank of Montreal was increased as the sub-advisor believes it remains among the best-managed banks globally.

The sub-advisor sold LPL Financial Holdings Inc., M3 Inc. and Super Micro Computer Inc. LPL Financial Holdings Inc. was sold in favour of financials stocks with better long-term growth prospects. M3 Inc. faced competitive pressures and uncertainty in pharmaceutical marketing spending. Concerns around internal controls and a change of auditor weighed on Super Micro Computer Inc.

Celestica Inc. and Element Fleet Management Corp. were decreased. Celestica Inc. was trimmed to manage its large size in the Fund’s portfolio and to reduce exposure to the information technology sector. Element Fleet Management Corp. was also reduced to manage its size in the portfolio. The company has benefited from a higher volume of outsourced vehicles and an improving service mix.

Outlook

The sub-advisor remains focused on identifying attractively valued, high-quality growth companies. As equities continue to rise in some regions, the sub-advisor believes it’s important to acknowledge risks, including geopolitical tensions, which may increase market volatility. In this environment, the sub-advisor believes equity investors may increase their focus on higher-quality companies.

(December 31, 2023)

Invesco Canada Ltd.

FEL — CLGB090A

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 Dec. 31, 2024.

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 Dec. 31, 2024. 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 Canadian Focused Premier Growth†

Is this fund right for you?

Risk Rating

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

Asset allocation (%)

Geographic allocation (%)

Sector allocation (%)

Growth of $10,000 (since inception)

Fund details (as of March 31, 2025)

Understanding returns

Annual compound returns (%)

Calendar year returns (%)

Range of returns over five years (August 1, 2018 - March 31, 2025)

Q4 2024 Fund Commentary

Market commentary

Performance

Outlook

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