Fund overview & performance

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CAN U.S. Concentrated Equity

75/100

Fund fact

June 30, 2025

The Fund seeks to maximize long-term capital appreciation by investment 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 April 30, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	87.8
	International Equity	10.8
	Cash and Equivalents	1.4

Geographic allocation (%)

	Name	Percent
	United States	87.8
	Japan	5.1
	Switzerland	2.4
	France	1.8
	Ireland	1.5
	Canada	1.4

Sector allocation (%)

	Name	Percent
	Financial Services	19.9
	Technology	17.0
	Consumer Goods	12.2
	Industrial Goods	10.5
	Healthcare	10.1
	Utilities	7.5
	Basic Materials	6.7
	Telecommunications	4.8
	Real Estate	4.1
	Other	7.2

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of April 30, 2025)

Top holdings	%
Parker-Hannifin Corp	4.5
Microsoft Corp	3.7
Ameriprise Financial Inc	3.6
Corteva Inc	3.3
Capital One Financial Corp	3.3
Sony Group Corp - ADR	3.1
Atmos Energy Corp	2.9
ANSYS Inc	2.9
Martin Marietta Materials Inc	2.9
Ecolab Inc	2.6
Total allocation in top holdings	32.8

Portfolio characteristics
Standard deviation	13.3%
Dividend yield	2.0%
Average market cap (million)	$332,214.8

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 - June 30, 2025)

Best return	Best period end date	Worst return	Worst period end date
12.9%	March 2025	8.5%	Dec. 2024

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
9.8%	100.0%	13	0

Q1 2025 Fund Commentary

Market commentary

U.S. economic data was mixed during the first quarter of 2025, with slowing gross domestic product growth and stable inflation. The labour market was resilient, with unemployment around 4%, but consumers showed signs of strain as retail sales slowed because of economic uncertainty. Trade policy was a source of uncertainty as the U.S. administration announced new tariffs on imports from Canada, Mexico and China.

The U.S. Federal Reserve Board kept the federal funds rate at 4.25%–4.50% based on inflationary pressures from tariffs and lower expectations for economic growth. Corporate earnings remained positive, but tariff-related uncertainties were a concern, with many companies referencing tariffs in earnings calls and some issuing negative earnings forecasts.

U.S. equity markets began 2025 with a modest decline, with value-oriented stocks outperforming growth stocks. The best-performing sectors were energy, communication services and health care, while information technology, consumer discretionary and industrials were the weakest.

Performance

The Fund’s relative exposure to Sony Group Corp. had the most positive impact on performance. It reported positive quarterly results driven by its gaming and music businesses and announced a new leadership structure. Relative exposure to Adobe Inc. was negative for performance despite the company reporting record revenue for the first quarter of 2025. Its shares fell because of investor concerns around rising competitive threats from generative artificial intelligence (AI) and lower-cost design platforms.

At the sector level, stock selection in consumer discretionary and information technology had the most positive impact on performance. Underweight exposure to information technology also had a positive impact on performance. Security selection in financials, industrials and materials had a negative impact on performance.

Portfolio activity

The sub-advisor added Air Products and Chemicals Inc. based on valuation and the recent sale of non-core businesses, including its liquified natural gas process technology. It has a 43-year history of dividend growth and favourable business mix compared with its peers.

Honeywell International Inc., Compagnie Generale des Etablissements Michelin (Michelin) and Millrose Properties Inc. were sold. Honeywell was sold after it split into three companies focused on automation, aerospace and advanced materials, which could take time to complete. Michelin was sold in favour of the sub-advisor’s purchase of Air Products and Chemicals. Millrose Properties, spun off from Lennar Corp. in February, was sold in favour of Lennar.

Outlook

Renewed trade conflicts have added uncertainty to equity markets. The sub-advisor doesn’t aim to capture short-term gains in the Fund based on the news of the day. Rather, the sub-advisor is focused on identifying companies they believe exhibit high-quality characteristics and the resilience to perform across full market cycles. The sub-advisor believes periods of economic uncertainty can allow high-quality companies to make decisions that result in market-share gains.

(December 31, 2024)

Aristotle Capital Management

FEL — CLGA069E

DSC^ — CLGA069F

CB2 — CLGA069R

CB4 — CLGA069G

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.