Fund overview & performance

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CAN Canadian Growth

75/100

Fund fact

July 31, 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 May 31, 2025)

Asset allocation (%)

	Name	Percent
	Canadian Equity	94.3
	US Equity	2.9
	Income Trust Units	2.7
	Cash and Equivalents	0.2
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	Canada	96.0
	United States	2.9
	Bermuda	1.1

Sector allocation (%)

	Name	Percent
	Financial Services	33.5
	Technology	13.5
	Energy	11.8
	Industrial Services	9.8
	Basic Materials	9.6
	Consumer Services	7.9
	Real Estate	6.3
	Utilities	3.2
	Industrial Goods	2.7
	Other	1.7

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of May 31, 2025)

Top holdings	%
Royal Bank of Canada	6.9
Constellation Software Inc	5.3
Shopify Inc Cl A	4.6
Toronto-Dominion Bank	4.5
Canadian Natural Resources Ltd	3.5
Canadian Imperial Bank of Commerce	3.2
Brookfield Corp Cl A	3.1
Fairfax Financial Holdings Ltd	3.0
Intact Financial Corp	3.0
Canadian Pacific Kansas City Ltd	2.9
Total allocation in top holdings	40.0

Portfolio characteristics
Standard deviation	10.8%
Dividend yield	1.8%
Average market cap (million)	$87,284.8

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 - July 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
12.1%	March 2025	6.2%	June 2024

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
9.0%	100.0%	14	0

Q2 2025 Fund Commentary

Market commentary

Canada’s economy slowed in the second quarter. Trade disruptions from U.S. tariff announcements generally weighed heavily on the economy. Gross domestic product and exports declined. The Bank of Canada (BoC) said ongoing trade tensions with the U.S. could lead to weaker growth for Canada.

The BoC kept its key interest rate at 2.75% and highlighted the need to act carefully between supporting growth and managing inflation. Business investment and household spending remained subdued. Canada’s unemployment rate rose to 7.0%, the highest level since 2021, as job creation lagged labour-force growth.

The Canadian equity market rose. Generally, the information technology, consumer discretionary and financials sectors outperformed, while the energy sector underperformed. Gold and base-metals stocks gained as investors sought relative safety amid economic uncertainty.

Performance

The Fund’s relative exposure to Dollarama Inc. and Atkinsrealis Group Inc. was positive for performance. Dollarama posted strong earnings results, while Atkinsrealis Group benefited from the emerging nuclear theme.

Relative exposure to Pembina Pipeline Corp. and Descartes Systems Group Inc. was negative for performance. Pembina Pipeline was affected by a tolling renegotiation on its Alliance pipeline. Descartes Systems reported disappointing quarterly results. A lack of exposure to Celestica Inc. also was negative for the Fund’s performance.

At the sector level, stock selection in financials, industrials and consumer discretionary was positive for the Fund’s performance. Underweight exposure to energy was also positive for performance. Stock selection in information technology was negative for the Fund’s performance.

Portfolio activity

The sub-advisor added Capital Power Corp. to the Fund following a positive U.S. acquisition.

Existing holdings in Aritzia Inc., Canadian Imperial Bank of Commerce (CIBC), Atkinsrealis and Shopify Inc. were increased. Aritzia was increased for its growth profile and solid plan to reduce tariff impacts. CIBC was increased given its earnings momentum and managed credit exposure. Atkinsrealis was increased because of its unique position within the nuclear theme. Shopify Inc. was increased after tariff concerns had eased.

Rogers Communications Inc. was sold as the sub-advisor awaits better visibility on pricing. Amazon.com Inc. was sold and Descartes Systems was reduced because of tariff challenges. Energy holdings in ARC Resources Ltd., Canadian Natural Resources Ltd. and Pembina Pipeline were reduced. A holding in Alamos Gold Inc. was trimmed after outperformance during the first quarter.

(December 31, 2024)

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 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 Canadian Growth

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 (July 1, 2019 - 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