Fund overview & performance

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Canada Life Mutual Funds

CAN U.S. Value

75/100

Fund profile and commentary

Fund fact

August 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 June 30, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	89.2
	International Equity	9.4
	Cash and Equivalents	1.0
	Canadian Equity	0.3
	Other	0.1

Geographic allocation (%)

	Name	Percent
	United States	89.2
	Ireland	5.8
	United Kingdom	2.4
	Canada	1.3
	France	1.3

Sector allocation (%)

	Name	Percent
	Financial Services	21.2
	Technology	11.7
	Consumer Goods	11.3
	Healthcare	9.8
	Consumer Services	9.7
	Industrial Goods	9.3
	Energy	5.6
	Utilities	4.5
	Telecommunications	4.2
	Other	12.7

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of June 30, 2025)

Top holdings	%
Citigroup Inc	3.4
Philip Morris International Inc	3.0
Microsoft Corp	2.9
Coca-Cola Co	2.6
Amazon.com Inc	2.5
Exxon Mobil Corp	2.5
Cisco Systems Inc	2.5
Alphabet Inc Cl A	2.5
Capital One Financial Corp	2.5
Walmart Inc	2.4
Total allocation in top holdings	26.8

Portfolio characteristics
Standard deviation	11.9%
Dividend yield	1.9%
Average market cap (million)	$526,767.8

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 - August 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
13.2%	100.0%	15	0

Q2 2025 Fund Commentary

Market commentary

U.S. equity markets rose in the second quarter of 2025 with value stocks posting modest losses. The quarter began with volatility following the U.S. administration’s announcement of tariffs on nearly all imports, which led to sharp losses for U.S. equities. However, stocks reversed course after a 90-day pause on certain tariffs to most countries was announced. A better-than-expected jobs report for April eased recession fears, and the U.S. Federal Reserve Board kept interest rates unchanged for a third consecutive meeting.

Performance

The Fund’s relative overweight exposure to NRG Energy Inc. was positive for performance. Out-of-benchmark holdings in Microsoft Corp. and Seagate Technology Holdings PLC were positive for the Fund’s performance. Relative overweight exposure to Regeneron Pharmaceuticals Inc. and UnitedHealth Group Inc. was negative for the Fund’s performance. An out-of-benchmark holding in Sanofi SA was also negative for performance.

At the sector level, stock selection in financials, utilities, information technology and consumer staples was positive for the Fund’s performance. Overweight exposure to information technology and underweight exposure to real estate was also positive for performance. Stock selection in health care, industrials and communication services was negative for the Fund’s performance. Underweight exposure to the top-performing industrials sector was negative for performance.

Portfolio activity

The sub-advisor added BlackRock Inc., Lululemon Athletica Inc. and Prologis Inc. to the Fund and increased an existing holding in Cisco Systems Inc. Gaming and Leisure Properties Inc. was sold.

Outlook

Uncertainty continues to surround the U.S. administration’s tariff policies but the U.S. economy was resilient, with U.S. equities rising to all-time highs in June. In the sub-advisor's view, the labour market is expected to soften, consumer sentiment remains fragile and proposed tariffs could reintroduce inflation. Therefore, the sub-advisor expects volatility to continue.

Corporate earnings remained strong and are expected to grow, albeit at a slower pace than previously expected. Continued tariffs could have a significant impact on earnings growth. Financials make up a considerable portion of the value stock universe, and the sub-advisor is watching for policies that ease the regulatory burden on banks.

Currently, the Fund’s largest overweight exposure is consumer staples and materials. Financials is one of the Fund’s largest weights, but is currently underweight relative to the benchmark. The real estate and communication sectors are also below benchmark weight.

(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 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.