Fund overview & performance

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Canada Life Mutual Funds

CAN U.S. Value

75/100

Fund profile and commentary

Fund fact

May 31, 2025

The Fund seeks to provide above average total return by investing primarily in equity securities of U.S. corporations

Is this fund right for you?

You want your money to grow over a longer term.
You want to invest in large, established companies in the U.S.
You're comfortable with a medium level of risk.

Risk Rating

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

Asset allocation (%)

	Name	Percent
	US Equity	86.8
	International Equity	9.3
	Cash and Equivalents	3.5
	Canadian Equity	0.4

Geographic allocation (%)

	Name	Percent
	United States	86.8
	Ireland	5.1
	Canada	3.9
	United Kingdom	2.6
	France	1.6

Sector allocation (%)

	Name	Percent
	Financial Services	19.2
	Healthcare	14.3
	Consumer Goods	11.6
	Industrial Goods	9.1
	Consumer Services	7.9
	Technology	6.8
	Energy	6.5
	Telecommunications	4.9
	Utilities	4.2
	Other	15.5

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of March 31, 2025)

Top holdings	%
Cash and Cash Equivalents	3.2
Philip Morris International Inc	3.0
Citigroup Inc	2.9
Exxon Mobil Corp	2.9
Walmart Inc	2.9
Abbvie Inc	2.9
Coca-Cola Co	2.8
UnitedHealth Group Inc	2.5
Bank of America Corp	2.4
McKesson Corp	2.3
Total allocation in top holdings	27.8

Portfolio characteristics
Standard deviation	13.0%
Dividend yield	2.3%
Average market cap (million)	$349,755.3

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 - May 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
16.6%	March 2025	11.5%	June 2024

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
13.0%	100.0%	12	0

Q1 2025 Fund Commentary

Market commentary

U.S. large-capitalization value stocks rose in the first quarter, while broader equity markets declined. The release of artificial intelligence (AI) models developed by Chinese company DeepSeek led investors to question the AI spending outlook. Geopolitical and economic concerns led to higher financial market volatility. The U.S. administration’s tariff policy rollout contributed to uncertainty throughout the quarter.

Performance

The Fund’s overweight exposure to Philip Morris International Inc., AbbVie Inc. and McKesson Corp. was positive for performance. Relative exposure to Microsoft Corp. and Oracle Corp. was negative for performance. The Fund’s lack of exposure to Berkshire Hathaway Inc. was also negative for performance.

At the sector level, stock selection in consumer staples, industrials, communication services and health care had a positive impact on the Fund’s performance. Overweight exposure to consumer staples and health care, and underweight exposure to industrials and information technology, were also positive for performance. Stock selection in information technology, financials and consumer discretionary was negative for performance. Underweight exposure to energy and communication services was also negative as these sectors outperformed.

Portfolio activity

The sub-advisor added Accenture PLC, The Allstate Corp. and Seagate Technology Holdings PLC to the Fund. Holdings in Thermo Fisher Scientific Inc., Philip Morris International Inc. and Regeneron Pharmaceuticals Inc. were increased.

NXP Semiconductors NV, Vontier Corp. and Kenvue Inc. were sold. Positions in Boston Scientific Corp., AXA SA, Oracle Corp. and Walmart Inc. were reduced.

Outlook

As the first quarter of 2025 ended, the U.S. administration’s tariff policies continued to create uncertainty for financial markets. Riskier assets declined sharply, and the potential for an economic recession increased. While some areas of the market are directly affected by U.S. tariff policies, stocks that are less exposed have also declined. In the sub-advisor’s view, this environment could present unique buying opportunities.

At the end of the quarter, the Fund’s largest overweight exposures were to consumer staples, materials and health care. The Fund had underweight exposure to real estate and industrials.

(December 31, 2024)

Putnam Investments

FEL — CLGA068E

DSC^ — CLGA068F

CB2 — CLGA068R

CB4 — CLGA068G

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.