Fund overview & performance

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Canada Life Mutual Funds

CAN Global Balanced

75/75 - Preferred Partner

Fund profile and commentary

Fund fact

April 30, 2025

A blended balanced fund that emphasizes long-term growth while also providing income.

Is this fund right for you?

You’re looking to preserve your investment while still allowing it to grow.
You want to invest in foreign equity securities and foreign fixed-income securities.
You're comfortable with a low to moderate level of risk.

Risk Rating

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

Asset allocation (%)

	Name	Percent
	US Equity	52.7
	International Equity	21.6
	Foreign Bonds	16.6
	Domestic Bonds	3.6
	Canadian Equity	2.7
	Cash and Equivalents	2.5
	Other	0.3

Geographic allocation (%)

	Name	Percent
	United States	64.9
	Canada	8.2
	United Kingdom	7.7
	Germany	4.7
	France	2.6
	Ireland	2.5
	Switzerland	2.4
	Netherlands	1.3
	Spain	1.2
	Other	4.5

Sector allocation (%)

	Name	Percent
	Technology	20.6
	Fixed Income	20.2
	Financial Services	13.9
	Healthcare	10.3
	Consumer Services	9.9
	Industrial Goods	7.1
	Industrial Services	7.0
	Consumer Goods	6.8
	Cash and Cash Equivalent	2.5
	Other	1.7

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of January 31, 2025)

Top holdings	%
Alphabet Inc Cl A	3.3
Berkshire Hathaway Inc Cl B	3.2
Amazon.com Inc	3.1
Microsoft Corp	2.8
Brookfield Corp Cl A	2.7
Accenture PLC Cl A	2.5
Amphenol Corp Cl A	2.5
Automatic Data Processing Inc	2.5
Apple Inc	2.5
Texas Instruments Inc	2.4
Total allocation in top holdings	27.5

Portfolio characteristics
Standard deviation	9.6%
Dividend yield	1.5%
Yield to maturity	4.6%
Duration (years)	7.4
Coupon	3.9%
Average credit rating	AA-

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 - April 30, 2025)

Best return	Best period end date	Worst return	Worst period end date
9.4%	March 2025	3.6%	Sept. 2023

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
6.3%	100.0%	22	0

Q1 2025 Fund Commentary

Market commentary

The global economy faced significant challenges during the first quarter, driven by shifting tariff policies. The global gross domestic product growth forecast was revised downward. This was a reversal from the previous year’s growth of 3.3%, according to the International Monetary Fund.

Trade issues and weaker consumer spending affected various economies differently. Emerging markets showed more resilience compared to developed markets. Inflation concerns and tariff uncertainties further weighed on business investment.

Government bond yields fell across major economies. The yield on 10-year U.S. Treasuries declined from 4.57% to 4.21%. Declining yields led to higher bond prices, particularly for longer-term government bonds. European government bonds followed a similar trend and were further supported by the European Central Bank’s interest-rate cuts. Investment-grade and high-yield corporate bonds also gained.

Global equity markets experienced a volatile quarter. The MSCI World Index declined by 1.68% on a total return basis. Growth stocks, particularly in the information technology and communication services sectors, underperformed. Stocks in the materials, health care and energy sectors outperformed, benefiting from sector-specific strengths and investors’ shifting preferences.

Performance

The Fund’s relative exposure to Deutsche Boerse AG and NVIDIA Corp. was positive for performance. Deutsche Boerse reported better-than-expected earnings results, with higher revenue and profit, from higher trading volumes and cost management efforts. A lack of exposure to NVIDIA was positive for the Fund as the stock underperformed, returning -19.4% for the quarter.

Relative exposure to Alphabet Inc. and Accenture PLC was negative for performance. Alphabet faced challenges, including increased competition in the artificial intelligence (AI) space, concerns over macroeconomic conditions and capital expenditures to expand its AI infrastructure. Accenture's stock price fell despite the company reporting positive earnings. It experienced increased competition in the consulting and managed services sectors.

At the sector level, stock selection in financials was positive for the Fund’s performance, as was underweight exposure to information technology. Stock selection within communication services was negative for performance, as was underweight exposure to utilities.

At a country level, security selection in the U.S. was positive for performance.

Portfolio activity

The sub-advisor added Home Depot Inc. for its competitive advantage in serving both professional and do-it-yourself customers, its brand, product superiority and scale. Novo Nordisk AS was added to the Fund based on its improved prospects, following challenges that resulted in its share price falling over 40%. The sub-advisor believes Novo Nordisk’s focus on diabetes and obesity, and its science-driven orientation position it well.

Johnson & Johnson was increased for its pharmaceutical strategy, which has proven successful. The company should also benefit from the higher disease burden of an aging population.

Adyen NV and Deutsche Boerse were reduced as their share prices rose. Both companies remain high quality in the sub-advisor’s view and continue to be held in the Fund at a lower weight.

(December 31, 2023)

Mackenzie Investments

FEL — CLGD034A

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.

CAN Global Balanced

Is this fund right for you?

Risk Rating

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

Asset allocation (%)

Geographic allocation (%)

Sector allocation (%)

Growth of $10,000 (since inception)

Fund details (as of January 31, 2025)

Understanding returns

Annual compound returns (%)

Calendar year returns (%)

Range of returns over five years (August 1, 2018 - April 30, 2025)

Q1 2025 Fund Commentary

Market commentary

Performance

Portfolio activity

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