Fund overview & performance

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Canada Life Mutual Funds

CAN Canadian Focused Premier Growth^†

75/75 - Partner

Fund profile and commentary

Fund fact

August 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 August 31, 2025)

Asset allocation (%)

	Name	Percent
	Canadian Equity	64.1
	US Equity	18.7
	International Equity	15.8
	Cash and Equivalents	1.4

Geographic allocation (%)

	Name	Percent
	Canada	65.5
	United States	18.7
	United Kingdom	3.3
	Taiwan	2.8
	Singapore	1.8
	France	1.7
	Ireland	1.2
	Netherlands	0.9
	Hong Kong	0.9
	Other	3.2

Sector allocation (%)

	Name	Percent
	Financial Services	27.5
	Technology	16.0
	Industrial Goods	10.5
	Basic Materials	9.7
	Energy	9.2
	Consumer Services	8.5
	Industrial Services	5.7
	Consumer Goods	5.3
	Real Estate	3.4
	Other	4.2

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of August 31, 2025)

Top holdings	%
Royal Bank of Canada	6.4
Bank of Montreal	3.9
Wheaton Precious Metals Corp	2.7
Toromont Industries Ltd	2.7
Brookfield Corp Cl A	2.6
Shopify Inc Cl A	2.3
Franco-Nevada Corp	2.2
Bombardier Inc Cl B	2.2
Element Fleet Management Corp	2.2
Canadian Pacific Kansas City Ltd	2.1
Total allocation in top holdings	29.3

Portfolio characteristics
Standard deviation	11.7%
Dividend yield	1.7%
Average market cap (million)	$372,634.4

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 - August 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
11.9%	100.0%	26	0

Q2 2025 Fund Commentary

Market commentary

Tariff uncertainty led to increased volatility in the second quarter of 2025. On April 2, the U.S. administration announced sweeping new tariffs which affected global stock markets, bonds and currencies. Following April’s volatility, stocks rebounded as the U.S. administration paused tariff increases, easing trade tensions and boosting investor sentiment. U.S. stocks recovered but the U.S. dollar weakened.

In this environment, both developed and emerging market equities recorded solid gains. Growth stocks outpaced value stocks, largely because of gains in information technology. Emerging market equities benefited from the U.S. dollar’s depreciation, particularly some Asian countries, including South Korea and Taiwan. Conversely, energy stocks declined as the Organization of Petroleum Exporting Countries announced increased production, which weighed on oil prices.

Canadian equities were up, benefiting from a stronger Canadian dollar that enhanced returns relative to other currencies.

Performance

The Fund’s relative exposure to Celestica Inc. and Broadcom Inc. had the most positive impact on performance. Celestica benefited from rising artificial intelligence (AI) spending and the building of large-scale data centres. Broadcom saw rising demand for its processors and networking semiconductors, which are critical for AI applications.

Relative exposure to ICON PLC and Thermo Fisher Scientific Inc. was negative for performance. ICON saw reduced spending from large pharmaceutical companies, a slowdown in vaccine-related contracts and a challenging biotech funding environment. Thermo Fisher was affected by regulatory changes and shifting health care policies, which affected vaccine and university research funding.

At the sector level, stock selection in information technology had the most positive impact on performance. Exposure to industrials and financials also had a positive impact on performance. Security selection in materials, energy and health care had a negative impact on performance. Overweight exposure to health care also had a negative impact.

At a regional level, stock selection within Canada, the U.S. and the U.K. had a positive impact on performance. Stock selection in France was negative for performance. Cash allocation was negative for performance in a rising equity market environment.

Portfolio activity

The sub-advisor added new holdings in Teck Resources Ltd. and ATS Corp. Teck Resources was added after the tariff-driven equity sell-off. The company operates in geopolitically stable countries and benefits from a competitive cost structure with optionality to expand production. ATS was added based on improved growth in core markets, such as life sciences and food and beverage.

Parsons Corp. was increased after concerns around cuts to Department of Defense budgets led to a decline of its shares. While there have been a couple of cancellations, the impact on revenues and profits was small.

Ciena Corp. was sold as supply chain challenges, especially in the context of tariffs, have raised concerns about profitability and earnings growth. A holding in goeasy Ltd. was sold after disappointing first-quarter revenue and earnings results raised concerns about growth and credit quality. Dell Technologies Inc. was sold because of the weak outlook for both personal computers and enterprise spending.

Celestica was trimmed after strong share price performance to manage the Fund’s information technology exposure.

Outlook

The sub-advisor is focused on its investment process, which seeks to identify attractively valued, high-quality growth companies. While geopolitical and macroeconomic concerns remain, the sub-advisor continues to favour a conservative quality growth approach.

(December 31, 2024)

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 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 Canadian Focused Premier Growth†