Fund overview & performance

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CAN Global Dividend and Income

75/75 - Partner

Fund fact

June 30, 2025

This segregated fund currently invests primarily in companies anywhere in the world through the AGF Global Dividend Fund.

Is this fund right for you?

A person who is investing for the longer term.
Seeking the growth potential of foreign stocks.
Comfortable with low to moderate risk.

Risk Rating

How is the fund invested? (as of June 30, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	60.0
	International Equity	36.3
	Income Trust Units	2.3
	Cash and Equivalents	1.4

Geographic allocation (%)

	Name	Percent
	United States	60.0
	United Kingdom	8.8
	Switzerland	7.0
	Japan	5.5
	Hong Kong	4.1
	Germany	2.8
	Ireland	2.6
	France	2.5
	Korea, Republic Of	1.5
	Other	5.2

Sector allocation (%)

	Name	Percent
	Financial Services	20.3
	Technology	16.3
	Industrial Goods	12.6
	Consumer Goods	12.0
	Healthcare	12.0
	Energy	6.1
	Consumer Services	5.1
	Telecommunications	5.1
	Industrial Services	3.9
	Other	6.6

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of June 30, 2025)

Top holdings	%
Microsoft Corp	5.5
JPMorgan Chase & Co	4.8
Abbvie Inc	4.4
Broadcom Inc	4.2
Waste Management Inc	3.9
TJX Cos Inc	3.8
Visa Inc Cl A	3.7
Shell PLC	3.6
Philip Morris International Inc	3.2
Mondelez International Inc Cl A	3.2
Total allocation in top holdings	40.3

Portfolio characteristics
Standard deviation	12.7%
Dividend yield	2.4%
Average market cap (million)	$649,168.2

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 - June 30, 2025)

Best return	Best period end date	Worst return	Worst period end date
12.4%	March 2025	-1.0%	Sept. 2023

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
5.4%	83.3%	20	4

Q1 2025 Fund Commentary

Market commentary

Global equities were volatile in the first quarter of 2025, as investors reacted to shifting trade dynamics, geopolitical uncertainty and rapid technological change. The Trump administration’s tariffs on key trade partners, including China, Canada and the European Union, sparked renewed fears of a global trade war. In response, many major central banks adopted a cautious stance, pausing further interest-rate cuts.

The U.S. Federal Reserve Board (Fed) held its benchmark interest rate steady at 4.25%–4.5%, signaling concern over inflation risks. Manufacturing activity fell driven by lower new orders and the largest rise in input prices in over two and a half years. U.S. equities delivered mixed performance, rising in January, but falling because of expectations of sustained high interest rates and tariff-driven inflation.

The European Central Bank (ECB) cut its refinancing rate from 3.4% to 2.65%, responding to a slowdown in inflation and weaker economic activity. Eurozone manufacturing showed signs of recovery, driven by output growth and a slowdown in job cuts. European equities rose in the latter half of the quarter because of positive corporate earnings and Germany’s announcement of an infrastructure spending initiative.

Japanese equities were positive, supported by positive earnings, share buybacks and optimism around new artificial intelligence investments. However, gains slowed in February and March as a stronger yen and trade policy uncertainty weighed on market sentiment.

Performance

The Fund’s relative exposure to AbbVie Inc. and Philip Morris International Inc. had the most positive impact on performance. AbbVie benefited from its immunology drugs, which offset its Humira patent expiration. Philip Morris stock rose, driven by sales of smoke-free products.

Relative exposure to Broadcom Inc. and Eaton Corp. PLC was negative for performance. Broadcom was affected by regulatory uncertainties, particularly in China, and rising research and development expenses. Eaton’s revenue fell short of expectations, partly driven by operational challenges, including supply chain disruptions.

At the sector level, stock selection in information technology, energy and consumer staples had a positive impact on the Fund’s performance. Underweight exposure to information technology also had a positive impact. Stock selection in communication services, consumer discretionary and materials had a negative impact on performance. Underweight exposure to communication services and overweight exposure to materials also had a negative impact.

At a regional level, stock selection in the U.S. and Netherlands had a positive impact on the Fund’s performance, as did exposure to Czech Republic. Selection in the U.K. and France, and exposure to South Korea had a negative effect on performance.

Portfolio activity

The sub-advisor added Alphabet Inc. and increased Shimadzu Corp. A holding in Shinhan Financial Group Co. Ltd. was sold and Broadcom Inc. was reduced.

Outlook

The sub-advisor’s outlook for the U.S. economy is less certain with the anticipation of tariffs and trade wars and possible stagflation. While the Fed’s monetary policy has brought inflation closer to its 2% target, potential disruptions from trade policies and immigration restrictions could create challenges. These factors may dampen economic activity, especially in labour markets and supply chains.

Tax reform and deregulation could help stimulate economic growth, particularly in domestic and cyclical sectors. However, the risk of stagflation, where inflation remains elevated while economic growth stalls, could challenge the broader economic picture. Tariffs and tighter immigration controls are expected, though their extent will likely be limited by the inflation outlook. On balance, these policy measures could bolster business confidence, driving growth in private assets and capital markets, but also introduce considerable volatility and uncertainty.

In Europe, trade uncertainties and the imposition of tariffs weigh heavily on economic conditions. The ECB has responded by adjusting its deposit rate to offset the impact of these pressures. The U.K., facing sluggish productivity growth, labour constraints and inflation from higher taxes, is in a similar position. The Bank of England is adjusting interest rates modestly to support the economy.

In China, the property market collapse and deflationary pressures are adding to economic challenges. The Chinese government’s response has been more reactive than proactive, which presents potential risks to its economic future.

AGF Investments Inc.

FEL — CLGB104A

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 March 31, 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 March 31, 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.