Fund overview & performance

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CAN Canadian Growth

75/100

Fund fact

February 28, 2025

The Fund seeks to provide a high level of long-term capital growth by investment primarily in Canadian stocks. The Fund may also invest in foreign stocks and short-term investments.

Is this fund right for you?

You want your money to grow over a longer term.
You want to invest in medium- to large-cap Canadian stocks with above-average growth potential.
You're comfortable with a medium level of risk.

Risk Rating

How is the fund invested? (as of December 31, 2024)

Asset allocation (%)

	Name	Percent
	Canadian Equity	34.5
	Domestic Bonds	28.8
	US Equity	22.3
	Cash and Equivalents	5.8
	International Equity	5.4
	Foreign Bonds	2.1
	Income Trust Units	0.9
	Other	0.2

Geographic allocation (%)

	Name	Percent
	Canada	68.9
	United States	24.6
	Ireland	2.8
	France	0.8
	Switzerland	0.8
	United Kingdom	0.8
	Bermuda	0.5
	Multi-National	0.3
	Italy	0.3
	Other	0.2

Sector allocation (%)

	Name	Percent
	Fixed Income	30.9
	Financial Services	14.2
	Technology	13.5
	Cash and Cash Equivalent	5.8
	Consumer Services	5.8
	Industrial Goods	5.3
	Industrial Services	5.1
	Basic Materials	4.8
	Healthcare	4.2
	Other	10.4

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of December 31, 2024)

Top holdings	%
Cash and Cash Equivalents	3.7
Royal Bank of Canada	2.6
Canada Government 3.00% 01-Jun-2034	2.3
Canada Government 3.25% 01-Dec-2034	1.7
Quebec Province 4.40% 01-Dec-2055	1.7
Constellation Software Inc	1.7
Amazon.com Inc	1.6
Canada Government 2.75% 01-Dec-2055	1.6
Shopify Inc Cl A	1.5
Apple Inc	1.4
Total allocation in top holdings	19.8

Portfolio characteristics
Standard deviation	12.1%
Dividend yield	1.2%
Average market cap (million)	$436,271.5

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 (July 1, 2019 - February 28, 2025)

Best return	Best period end date	Worst return	Worst period end date
9.0%	Feb. 2025	6.2%	June 2024

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
7.8%	100.0%	9	0

Q4 2024 Fund Commentary

Market commentary

The Canadian and U.S. equity markets rose over the quarter, supported by interest-rate reductions from the U.S. Federal Reserve Board and Bank of Canada. The U.S. election results contributed to U.S. equity market strength as investors favoured risk assets, like equities. The outperformance of large-cap U.S. information technology stocks fuelled strength in related Canadian stocks.

Later in the quarter, concerns about tariffs grew, especially their potential impact on Canadian sectors and companies exposed to the U.S. market. The Canadian dollar fell by more than 6% against the U.S. dollar. Canadian political uncertainty further contributed to market volatility.

Performance

The Fund’s overweight exposure to Descartes Systems Group Inc. and ARC Resources Ltd. had a positive impact on performance. Lack of exposure to BCE Inc. and Barrick Gold Corp. was also positive. Underweight exposure to Shopify Inc. had a negative impact on performance.

Descartes Systems Group Inc. continues to grow and is expected to benefit from supply chain disruptions if the U.S. imposes tariffs. Shares of ARC Resources Ltd. rose as natural gas stocks performed well during the quarter. Large-cap stocks BCE Inc. and Barrick Gold Corp. underperformed the broad Canadian equity market.

Shares of Shopify Inc. outperformed, rising strongly in tandem with U.S. information technology stocks.

At the sector level, the Fund’s underweight exposure to communication services and overweight exposure to information technology had a positive impact on performance. Stock selection in the consumer discretionary and real estate sectors was also positive.

Stock selection in energy, financials and information technology had a negative impact. In energy, the Fund had underweight exposure to the traditionally lower-growth pipeline industry. In financials, the Fund had underweight exposure to insurance companies. Both of these industries performed well.

The sub-advisor added Aritzia Inc. and Canadian Imperial Bank of Commerce to the Fund. Aritzia Inc. has returned to growth, driven by store openings and e-commerce success. Canadian Imperial Bank of Commerce was added because of its improved earnings, return on equity, and capital generation.

The sub-advisor increased Mastercard Inc., Descartes Systems Group Inc. and Pembina Pipeline Corp. to increase exposure to financials, information technology and pipelines, respectively.

The sub-advisor decreased Intact Financial Corp. and Royal Bank of Canada on share price strength. Toronto-Dominion Bank was trimmed given uncertainty surrounding anti-money-laundering penalties. Underperforming holdings in Canadian Pacific Kansas City Ltd., Canadian National Railway Co. and Rogers Communications Inc. were also reduced.

Outlook

The sub-advisor has a positive outlook on Canadian equities. The sub-advisor expects continued strong performance from key growth sectors, including information technology, industrials and consumer discretionary, and select financial services companies. However, the sub-advisor believes volatility could increase in the Canadian economy, equity market and commodity markets.

The Fund maintains holdings across the market-capitalization spectrum.

(December 31, 2023)

Mackenzie Investments

FEL — CLGA054E

DSC^ — CLGA054F

CB2 — CLGA054R

CB4 — CLGA054G

Contact information

Toll free: 1-888-252-1847

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Summary

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Total returns performance

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Value of $10,000 investment

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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 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 Canadian Growth

Is this fund right for you?

Risk Rating

How is the fund invested? (as of December 31, 2024)

Asset allocation (%)

Geographic allocation (%)

Sector allocation (%)

Growth of $10,000 (since inception)

Fund details (as of December 31, 2024)

Understanding returns

Annual compound returns (%)

Calendar year returns (%)

Range of returns over five years (July 1, 2019 - February 28, 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