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

May 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 May 31, 2025)

Asset allocation (%)

	Name	Percent
	Canadian Equity	69.0
	US Equity	19.6
	Income Trust Units	6.7
	Cash and Equivalents	2.9
	International Equity	1.9
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	Canada	75.0
	United States	19.9
	Bermuda	3.2
	Ireland	1.4
	United Kingdom	0.5

Sector allocation (%)

	Name	Percent
	Financial Services	28.2
	Energy	13.4
	Basic Materials	10.3
	Industrial Services	9.6
	Technology	8.0
	Consumer Services	6.8
	Real Estate	5.4
	Industrial Goods	4.7
	Healthcare	4.3
	Other	9.3

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of May 31, 2025)

Top holdings	%
Royal Bank of Canada	6.9
Toronto-Dominion Bank	4.3
Agnico Eagle Mines Ltd	4.1
Canadian Pacific Kansas City Ltd	3.8
Canadian Natural Resources Ltd	3.7
Brookfield Corp Cl A	3.5
Cameco Corp	3.4
Enbridge Inc	3.4
Canadian Imperial Bank of Commerce	2.5
Manulife Financial Corp	2.5
Total allocation in top holdings	38.1

Portfolio characteristics
Standard deviation	12.1%
Dividend yield	2.5%
Average market cap (million)	$325,350.4

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 - May 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
13.6%	March 2025	5.9%	Sept. 2023

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
8.7%	100.0%	23	0

Q1 2025 Fund Commentary

Market commentary

Early 2025 was challenging for global equities as potential economic impacts of trade tensions weighed on corporate and consumer sentiment. U.S. equity markets started the year positively but declined on the launch of DeepSeek, a low-cost Chinese artificial intelligence (AI) model. In February, the threat of tariffs from the U.S. eroded investor confidence. While the U.S. Federal Reserve Board held interest rates steady, ongoing conflict in Ukraine increased volatility in commodity markets, particularly in energy.

The Bank of Canada (BoC) cut interest rates twice during the quarter, bringing the overnight rate to 2.75%. In response to uncertainty around the U.S. administration’s trade policy, Canada’s manufacturing activity and export orders declined. The Canadian equity market rose, with positive performance in materials, utilities and energy, while health care, information technology and industrials were negative. Large-capitalization stocks outperformed small-cap and growth stocks.

Performance

The Fund’s relative exposure to Agnico Eagle Mines Ltd., Canadian Imperial Bank of Commerce and AbbVie Inc. had the most positive impact on performance. Agnico Eagle Mines benefited from high demand for gold and positive fourth-quarter earnings. Relative exposure to TFI International Inc., Broadcom Inc. and Cameco Corp. was negative for performance. TFI International reported a drop in profits because of higher costs, sluggish demand and competition.

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

Portfolio activity

There were no significant trades made during the quarter.

Outlook

Despite global uncertainties and domestic concerns, the sub-advisor believes the Canadian equity market is well-positioned for growth, with a positive long-term outlook. The BoC’s interest-rate cuts are expected to stimulate economic activity and support consumer and business confidence.

Resource-heavy sectors could benefit from rising global commodity demand, which could be positive for Canadian equities. Canadian companies could gain from momentum in European equities and potential U.S. policy shifts, particularly in industrials and financials. The sub-advisor focuses on identifying Canadian leaders in information technology and clean energy, sectors poised to benefit from global trends and government initiatives.

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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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.