Fund overview & performance

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CAN Global Dividend and Income

75/75 - Partner

Fund fact

March 31, 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 March 31, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	58.5
	International Equity	35.8
	Cash and Equivalents	3.5
	Income Trust Units	2.2

Geographic allocation (%)

	Name	Percent
	United States	58.5
	United Kingdom	8.7
	Switzerland	7.4
	Japan	5.5
	Hong Kong	3.8
	Canada	3.5
	Germany	2.8
	Ireland	2.3
	France	2.3
	Other	5.2

Sector allocation (%)

	Name	Percent
	Financial Services	19.8
	Healthcare	13.7
	Technology	13.1
	Industrial Goods	12.2
	Consumer Goods	11.9
	Energy	6.4
	Consumer Services	5.0
	Telecommunications	4.8
	Industrial Services	4.2
	Other	8.9

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of March 31, 2025)

Top holdings	%
Abbvie Inc	5.2
Microsoft Corp	4.3
JPMorgan Chase & Co	4.3
Waste Management Inc	4.1
Shell PLC	3.9
TJX Cos Inc	3.9
Visa Inc Cl A	3.8
Broadcom Inc	3.4
Mondelez International Inc Cl A	3.3
Northrop Grumman Corp	3.1
Total allocation in top holdings	39.3

Portfolio characteristics
Standard deviation	14.1%
Dividend yield	2.7%
Average market cap (million)	$489,238.7

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
12.4%	March 2025	-1.0%	Sept. 2023

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
4.6%	81.0%	17	4

Q4 2024 Fund Commentary

This fund was previously called Global Value Stock and was sub-advised by Mackenzie Investments. On February 14, 2025 the fund name changed to Global Dividend and Income and AGF Investments took over sub-advisory responsibilities. The commentary below reflects fund details provided by Mackenzie Investments prior to this change, covering the period Q4 2024.

Market commentary

Global equity market returns diverged over the quarter. In the U.S., investors weighed the benefits of possible tax cuts and higher domestic energy production against the potential impact of immigration reforms on the labour supply. The U.S. dollar strengthened and Treasury yields rose, alongside expectations of persistently elevated inflation.

Performance

The Fund’s relative exposure to Celestica Inc. had a positive impact on performance. Relative exposure to Teck Resources Ltd. had a negative impact on performance.

Celestica Inc. has become a leading supplier of artificial intelligence servers to hyperscale customers. The company is also gaining market share in networking switches, supported by its collaboration with Broadcom Inc.

Teck Resources Ltd. underperformed alongside other copper producers because of weak demand from China. The company’s flagship asset, major copper mine Quebrada Blanca Phase 2, increased production. In the long term, the sub-advisor expects the company to benefit from copper’s importance to the energy transition.

At the sector level, stock selection in industrials, information technology and financials had a positive impact on performance. Stock selection in consumer discretionary and health care had a negative impact.

Regionally, stock selection in Canada and France was positive for performance, while stock selection in the U.S. and U.K. was negative.

The sub-advisor added Goldman Sachs Group Inc. to the Fund. The investment bank is returning to its traditional mergers-and-acquisitions advisory, capital raising, trading and wealth management services. The sub-advisor increased exposure to Wells Fargo & Co.

The sub-advisor sold CVS Health Corp. because of several missed earnings targets and increasing regulatory challenges. Potential legislation could force the company to separate its pharmacy benefit manager and retail pharmacy, which could reduce profitability. The sub-advisor decreased exposure to D.R. Horton Inc.

Outlook

Most major central banks are lowering interest rates, with Japan being a notable exception. Despite this trend, the sub-advisor believes terminal interest rates are likely to remain higher than they have been over the past decade.

The Fund has overweight exposure to U.S. banks, which could benefit from deregulation, strong consumer and corporate spending, and a steepening yield curve, in the sub-advisor’s view. The sub-advisor also continues to find opportunities in the information technology sector.

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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Value of $10,000 investment

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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 Global Dividend and Income

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