Fund overview & performance

Looking for mutual funds?

Canada Life Mutual Funds

CAN U.S. Dividend

75/100 - Partner

Fund profile and commentary

Fund fact

March 31, 2025

A stable growth value fund with a diverse U.S. and dividend focus.

Is this fund right for you?

You want your money to grow over a longer term.
You want to invest in U.S. dividend-paying stocks.
You're comfortable with a moderate level of risk.

Risk Rating

How is the fund invested? (as of March 31, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	93.9
	International Equity	3.3
	Canadian Equity	1.7
	Cash and Equivalents	1.2
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	United States	93.9
	Ireland	2.4
	Canada	1.8
	Netherlands	0.9
	Other	1.0

Sector allocation (%)

	Name	Percent
	Technology	27.9
	Financial Services	17.0
	Consumer Services	12.0
	Healthcare	11.9
	Consumer Goods	6.2
	Energy	6.1
	Industrial Services	3.8
	Real Estate	3.1
	Industrial Goods	3.0
	Other	9.0

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of March 31, 2025)

Top holdings	%
Apple Inc	2.5
Apple Inc	2.5
Microsoft Corp	2.0
Microsoft Corp	2.0
Alphabet Inc Cl A	1.9
Alphabet Inc Cl A	1.9
Amazon.com Inc	1.9
Amazon.com Inc	1.9
Gilead Sciences Inc	1.8
JPMorgan Chase & Co	1.2
Total allocation in top holdings	19.6

Portfolio characteristics
Standard deviation	11.6%
Dividend yield	2.0%
Average market cap (million)	$955,053.3

Understanding returns

Annual compound returns (%)

1 MO	3 MO	YTD	1 YR
{{snapShot.Return1Mth\|customNumber:1}}	{{snapShot.Return3Mth\|customNumber:1}}	{{snapShot.ReturnYTD\|customNumber:1}}	{{snapShot.Return1Yr\|customNumber:1}}

3 YR	5 YR	10 YR	INCEPTION
{{snapShot.Return3Yr\|customNumber:1}}	{{snapShot.Return5Yr\|customNumber:1}}	{{snapShot.Return10Yr\|customNumber:1}}	{{snapShot.ReturnInception\|customNumber:1}}

Calendar year returns (%)

2024	2023	2022	2021
{{snapShot.Return1YrCalendar\|customNumber:1}}	{{snapShot.Return2YrCalendar\|customNumber:1}}	{{snapShot.Return3YrCalendar\|customNumber:1}}	{{snapShot.Return4YrCalendar\|customNumber:1}}

2020	2019	2018	2017
{{snapShot.Return5YrCalendar\|customNumber:1}}	{{snapShot.Return6YrCalendar\|customNumber:1}}	{{snapShot.Return7YrCalendar\|customNumber:1}}	{{snapShot.Return8YrCalendar\|customNumber:1}}

Range of returns over five years (August 1, 2018 - March 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
15.0%	March 2025	7.0%	Sept. 2023

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
10.7%	100.0%	21	0

Q4 2024 Fund Commentary

Market commentary

The U.S. equity market reached an all-time high during the quarter, led by large-cap U.S. information technology stocks. Market performance was supported by easing inflation, resilient economic growth and lower interest rates from the U.S. Federal Reserve Board. The top 10 stocks in the S&P 500 Index accounted for almost 40% of its return, representing a record-high concentration.

Performance

The Fund’s relative exposure to Broadcom Inc., Morgan Stanley and Ralph Lauren Corp. had a positive impact on performance. Relative exposure to Mondelez International Inc. had a negative impact.

Broadcom Inc. posted strong quarterly earnings and indicated its expectations for stronger-than-expected revenue potential from artificial intelligence (AI). Morgan Stanley reported solid earnings, noting positive capital market activity. Ralph Lauren Corp. benefited from better-than-expected North American wholesale growth, and positive revenues in Europe and China.

Mondelez International Inc. was negatively impacted by a strong U.S. dollar and its focus on GLP-1s (a medication used to treat diabetes).

At the sector level, overweight exposure to and stock selection in financials had a positive impact on performance. Relative exposure to the energy sector was also positive. Underweight exposure to large-cap U.S. technology stocks, including NVIDIA Corp., Apple Inc. and Amazon.com Inc., had a negative impact.

During the quarter, the sub-advisor increased the Fund’s exposure to the consumer discretionary sector because of resilient U.S. consumer spending. The sub-advisor decreased exposure to semiconductor companies based on a slower-than-expected recovery in non-AI-related revenues.

The sub-advisor added Salesforce.com Inc. and Stryker Corp. to the Fund. The sub-advisor expects AI trends to support Salesforce Inc.’s growth. Stryker Corp. provides joint replacements needed by an aging and active population and could benefit from an aging demographic.

The sub-advisor increased Amazon.com Inc. because of its strong retail business and cloud segment potential.

The sub-advisor sold Elevance Health Inc. because of uncertainties about industry cost trends and pricing mismatches. Constellation Brands Inc. was sold because the sub-advisor believes slowing consumption could pressure the company’s growth.

Outlook

U.S. inflation has been more persistent than anticipated. However, employment has remained solid and consumer spending has been resilient, leading to relatively strong U.S. economic growth. In the sub-advisor’s view, consumers are expected to keep spending as long as employment remains steady.

The Fund’s positioning reflects the sub-advisor’s positive outlook on the financials sector, consumer spending and manufacturing.

(December 31, 2023)

Mackenzie Investments

FEL — CLGB066E

Contact information

Toll free: 1-888-252-1847

Period:

From: to:

Chart type:

Simple moving average:

No matching records found.

Summary

For the period {{NAVPSPerformanceSummary.StartDate}} through {{NAVPSPerformanceSummary.EndDate}} with $10,000 CAD investment

Total returns performance

Last price

{{NAVPSPerformanceSummary.NAVPS | customCurrency}} CAD

as of market close {{NAVPSPerformanceSummary.NAVPSDate}}

Value of $10,000 investment

{{NAVPSPerformanceSummary.GrowthOfTenThousand | customCurrency}} CAD

Period:

From: to:

Interval:

Export to:

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 U.S. Dividend

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