Fund overview & performance

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Canada Life Mutual Funds

CAN Global Balanced

75/75 - Preferred Partner

Fund profile and commentary

Fund fact

July 31, 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 May 31, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	52.7
	International Equity	20.5
	Foreign Bonds	18.6
	Domestic Bonds	2.7
	Cash and Equivalents	2.7
	Canadian Equity	2.7
	Other	0.1

Geographic allocation (%)

	Name	Percent
	United States	64.0
	United Kingdom	7.8
	Canada	7.4
	Germany	4.9
	France	2.6
	Ireland	2.0
	Switzerland	1.9
	Japan	1.6
	Netherlands	1.4
	Other	6.4

Sector allocation (%)

	Name	Percent
	Fixed Income	21.3
	Technology	21.2
	Financial Services	12.6
	Healthcare	11.1
	Consumer Services	10.7
	Industrial Goods	7.2
	Consumer Goods	6.4
	Industrial Services	5.4
	Cash and Cash Equivalent	2.7
	Other	1.4

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of May 31, 2025)

Top holdings	%
Microsoft Corp	3.5
Amphenol Corp Cl A	3.4
Alphabet Inc Cl A	3.2
Amazon.com Inc	3.0
Berkshire Hathaway Inc Cl B	2.7
Texas Instruments Inc	2.7
Brookfield Corp Cl A	2.6
Apple Inc	2.3
Marsh & McLennan Cos Inc	2.3
Automatic Data Processing Inc	2.3
Total allocation in top holdings	28.0

Portfolio characteristics
Standard deviation	8.9%
Dividend yield	1.5%
Yield to maturity	4.4%
Duration (years)	7.5
Coupon	3.7%
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 - July 31, 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
6.5%	100.0%	25	0

Q2 2025 Fund Commentary

Market commentary

The global economy slowed in the second quarter, driven by renewed U.S. tariff pressures and weaker consumer demand. The global growth forecast decreased because of trade uncertainty. Developed economies underperformed, while emerging markets, particularly in Asia, showed greater resilience.

Inflation remained relatively elevated worldwide, and central banks generally held interest rates steady. Trade tensions hampered business investment and industrial activity in export-dependent nations. Despite these challenges, government spending in Europe and China provided some support.

Global fixed income rose. Government bonds in developed markets benefited from weakening inflation and interest-rate cuts, particularly in Europe. Investment-grade corporate bonds outperformed government bonds in several regions.

High-yield bonds also gained. Credit spreads (the difference in yield between corporate and government bonds with the same maturity) were relatively narrow because of low default rates. However, renewed trade tensions and tariff concerns created challenges for some high-yield issuers, particularly those with global exposure.

Global equity markets rose. Developed market equities gained, with the MSCI World Index and S&P 500 Index reaching new highs. Large technology companies rebounded in the U.S.

Non-U.S. equities, including in Europe and emerging Asia, performed well as the U.S. dollar weakened. However, prospects of renewed tariffs led to ongoing uncertainty.

Performance

The Fund’s relative exposure to Amphenol Corp. and Oracle Corp. was positive for performance. Both companies reported strong results driven in part by artificial intelligence-related investments. Amphenol is a supplier of electrical interconnect to a range of end markets, including data centres and defense. Oracle reported improving growth in its cloud business.

Relative exposure to Marsh & McLennan Cos. Inc. and a lack of exposure to strongly performing NVIDIA Corp. was negative for the Fund’s performance. Marsh & McLennan reported softer-than-expected results and was negatively affected by its defensive characteristics.

At the sector level, underweight exposure to energy, materials and real estate was positive for the Fund’s performance. Stock selection in consumer discretionary was negative for performance, as was overweight exposure to health care. Regionally, stock selection in U.S. was negative for performance.

Portfolio activity

The sub-advisor took advantage of the early April equity market volatility to add new holdings in Starbucks Corp. and InterContinental Hotels Group PLC. Starbucks’ new Chief Executive Officer has a good track record and a sensible plan to improve the company, in the sub-advisor's view.. InterContinental Hotels is a capital-light hotel company with a strong portfolio of brands and attractive growth prospects.

Existing holdings in Danaher Corp., Novo Nordisk AS and LVMH Moet Hennessy Louis Vuitton SE were increased. Danaher continued to deliver growth in 2025, supported by strong execution in its bioprocessing segment and a focus on long-term value creation. Novo Nordisk was increased based on its competitive advantages and strong corporate culture, which position it well for the long term, in the sub-advisor's view.

RELX PLC was sold and VeriSign Inc., McDonald’s Corp. and Deutsche Boerse AG were reduced in favour of other investments.

(December 31, 2024)

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 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.

CAN Global Balanced

Is this fund right for you?

Risk Rating

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

Asset allocation (%)

Geographic allocation (%)

Sector allocation (%)

Growth of $10,000 (since inception)

Fund details (as of May 31, 2025)

Understanding returns

Annual compound returns (%)

Calendar year returns (%)

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

Q2 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