Fund overview & performance

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Canada Life Mutual Funds

CAN Canadian Dividend and Income

75/75 - Partner

Fund profile and commentary

Fund fact

January 31, 2025

This segregated fund invests primarily in Canadian equities currently through the AGF Canadian Dividend Income Fund.

Is this fund right for you?

A person who is investing for the longer term.
Seeking the growth potential of stocks, which includes exposure to foreign stocks.
You're comfortable with a moderate level of risk.

Risk Rating

How is the fund invested? (as of November 30, 2024)

Asset allocation (%)

	Name	Percent
	Canadian Equity	52.4
	US Equity	34.8
	International Equity	10.7
	Income Trust Units	1.4
	Cash and Equivalents	0.7

Geographic allocation (%)

	Name	Percent
	Canada	53.6
	United States	34.8
	Ireland	5.5
	United Kingdom	1.9
	France	1.5
	Switzerland	1.3
	Bermuda	0.9
	Italy	0.6
	Other	-0.1

Sector allocation (%)

	Name	Percent
	Financial Services	21.7
	Technology	20.8
	Industrial Goods	9.5
	Industrial Services	8.1
	Consumer Services	7.9
	Basic Materials	7.7
	Healthcare	7.3
	Energy	6.7
	Consumer Goods	3.8
	Other	6.5

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of November 30, 2024)

Top holdings	%
Royal Bank of Canada	4.0
Constellation Software Inc	2.7
Microsoft Corp	2.2
Apple Inc	2.2
Aon PLC Cl A	2.1
Roper Technologies Inc	2.0
Canadian Natural Resources Ltd	2.0
Pembina Pipeline Corp	2.0
Brookfield Corp Cl A	1.9
Linde PLC	1.9
Total allocation in top holdings	23.0

Portfolio characteristics
Standard deviation	12.5%
Dividend yield	1.3%
Average market cap (million)	$397,843.3

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 - January 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
9.3%	Nov. 2024	5.9%	Sept. 2023

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
8.0%	100.0%	19	0

Q4 2024 Fund Commentary

Market commentary

During the quarter, the Bank of Canada (BoC) cut interest rates twice, lowering its policy rate to 3.25%. This was meant to support economic growth amid high borrowing costs and a weaker labour market. The Canadian equity market rose, led by the energy, financials and materials sectors. Information technology, health care and consumer staples declined modestly as consumer spending shifted towards more discretionary spending.

The resilient U.S. economy outpaced other major developed economies, and mega-capitalization technology stocks helped U.S. equities outperform global markets. The “Magnificent Seven” group of stocks rose by 48%, while the other 493 stocks in the S&P 500 Index rose by just 10%.

Performance

The Fund’s relative exposure to Brookfield Asset Management Inc., Aon PLC and Cadence Design Systems Inc. had a positive impact on performance. Relative exposure to Alcon Inc. and Thermo Fisher Scientific Inc., and lack of exposure to Tesla Inc. and NVIDIA Corp., had a negative impact.

At the sector level, stock selection in communication services, industrials and consumer staples had a positive impact on performance. Stock selection in information technology and consumer discretionary was negative for performance.

Regionally, stock selection in the U.S. had a negative impact on performance.

Outlook

The sub-advisor has a positive outlook on Canadian equities. The sub-advisor expects continued strong performance from key growth sectors, including information technology, industrials and consumer discretionary, and select financial services companies.

The Fund maintains holdings across the market-capitalization spectrum.

AGF Investments Inc.

FEL — CLGB046A

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.

^†Soft capped

^‡Hard capped

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 Dividend and Income

Is this fund right for you?

Risk Rating

How is the fund invested? (as of November 30, 2024)

Asset allocation (%)

Geographic allocation (%)

Sector allocation (%)

Growth of $10,000 (since inception)

Fund details (as of November 30, 2024)

Understanding returns

Annual compound returns (%)

Calendar year returns (%)

Range of returns over five years (August 1, 2018 - January 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