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

August 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 July 31, 2025)

Asset allocation (%)

	Name	Percent
	Canadian Equity	72.0
	US Equity	18.7
	Income Trust Units	6.5
	International Equity	1.7
	Cash and Equivalents	1.1

Geographic allocation (%)

	Name	Percent
	Canada	76.6
	United States	18.7
	Bermuda	3.2
	Ireland	1.2
	United Kingdom	0.5
	Other	-0.2

Sector allocation (%)

	Name	Percent
	Financial Services	27.0
	Energy	15.3
	Basic Materials	11.0
	Industrial Services	9.5
	Consumer Services	8.0
	Technology	7.0
	Real Estate	5.6
	Industrial Goods	4.4
	Telecommunications	4.2
	Other	8.0

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of July 31, 2025)

Top holdings	%
Royal Bank of Canada	6.9
Agnico Eagle Mines Ltd	4.3
Toronto-Dominion Bank	4.2
Cameco Corp	4.0
Enbridge Inc	3.9
Canadian Natural Resources Ltd	3.6
Waste Connections Inc	3.4
Canadian Pacific Kansas City Ltd	3.4
Brookfield Corp Cl A	3.2
Alimentation Couche-Tard Inc	3.0
Total allocation in top holdings	39.9

Portfolio characteristics
Standard deviation	10.4%
Dividend yield	2.5%
Average market cap (million)	$353,577.9

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
13.6%	March 2025	5.9%	Sept. 2023

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
9.1%	100.0%	26	0

Q2 2025 Fund Commentary

Market commentary

Financial markets were volatile over the second quarter of 2025 after the U.S. administration announced new tariffs, prompting retaliatory measures from trading partners. Investor sentiment was negatively affected by a growing U.S. budget deficit, which resulted in a downgrade of the U.S. sovereign credit rating. Geopolitical tensions in the Middle East and Asia drove volatility in commodity markets, particularly oil futures, and in global fixed income markets.

The U.S. Federal Reserve Board (Fed) held the federal funds rate steady as inflation remained stable. The Fed stated it was watching for any potential economic impact of proposed U.S. tariffs. The U.S. labour market was resilient, with unemployment levels holding steady.

Manufacturing and services sector activity expanded in the U.S., reflecting underlying economic strength. Consumer sentiment improved, contributing to a return to positive gross domestic product growth during the quarter.

The Bank of Canada held its policy rate steady as heightened tariff uncertainty weighed on the economic outlook. The imposition of a 25% tariff on Canadian goods and autos, and a 50% levy on steel and aluminum exports, impacted Canada’s manufacturing sector. Canadian manufacturing and services sector activity contracted because of rising input costs, weakening demand and uncertainty around trade policy.

Canadian equities rose over the quarter. Information technology, consumer discretionary and financials outperformed because of strong corporate profits and high demand in these sectors. The energy, communication services and health care sectors underperformed. Small-capitalization stocks outperformed large-cap stocks, while growth stocks outperformed value stocks.

Performance

The Fund’s relative exposure to Cameco Corp., Broadcom Inc. and Microsoft Corp. was positive for performance. Cameco posted strong revenue and earnings growth. It also repaid the loan for its 2023 acquisition of Westinghouse Electric Co., boosting investor sentiment.

Relative exposure to Motorola Solutions Inc., Thermo Fisher Scientific Inc. and Eli Lilly and Co. was negative for performance. Motorola’s first-quarter revenues and earnings beat forecasts, but its strong North American growth was partially offset by declining international earnings. Motorola also lowered its revenue projection for the second quarter because of higher input costs owing to tariff uncertainty.

At the sector level, stock selection in energy, communication services and information technology was positive for the Fund’s performance. Overweight exposure to information technology was also positive. Stock selection in health care, financials and consumer staples was negative for performance, as was underweight exposure to financials.

Portfolio activity

During the quarter, the sub-advisor did not make any significant changes to the Fund’s portfolio.

Outlook

The sub-advisor maintains a positive outlook on Canadian equities, based on the resilience of the domestic economy. The sub-advisor expects the United States-Mexico-Canada Agreement and ongoing trade negotiations to reduce the long-term impact of tariffs on Canadian manufacturing and exports. Canada’s push for reindustrialization and structural transformation is likely to enhance investor optimism, in the sub-advisor’s view.

Markets have priced in two additional Bank of Canada interest-rate cuts this year amid concerns that tariff pressures could weigh on growth and labour markets. The sub-advisor expects lower borrowing costs to increase investment in cyclical sectors, particularly construction and housing. (Cyclical sectors are generally more sensitive to changes in the economy.) The sub-advisor believes strong corporate earnings and global demand for energy and commodities should support Canadian equities, especially in resource-heavy sectors like energy and mining.

AGF Investments Inc.

FEL — CLGB046A

Contact information

Toll free: 1-888-252-1847

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Summary

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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.