Fund overview & performance

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CAN U.S. Concentrated Equity

75/100

Fund fact

February 28, 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 December 31, 2024)

Asset allocation (%)

	Name	Percent
	US Equity	87.4
	International Equity	11.4
	Cash and Equivalents	1.1
	Other	0.1

Geographic allocation (%)

	Name	Percent
	United States	87.4
	Japan	4.4
	France	3.5
	Switzerland	2.1
	Ireland	1.4
	Canada	1.1
	Other	0.1

Sector allocation (%)

	Name	Percent
	Financial Services	21.1
	Industrial Goods	15.1
	Technology	13.0
	Consumer Goods	13.0
	Healthcare	9.9
	Utilities	6.6
	Basic Materials	4.8
	Real Estate	4.6
	Telecommunications	4.6
	Other	7.3

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of December 31, 2024)

Top holdings	%
Parker-Hannifin Corp	4.6
Ameriprise Financial Inc	3.9
Microsoft Corp	3.8
Capital One Financial Corp	3.2
Lennar Corp Cl A	3.0
Corteva Inc	3.0
ANSYS Inc	2.8
Martin Marietta Materials Inc	2.6
Atmos Energy Corp	2.6
Sony Group Corp - ADR	2.6
Total allocation in top holdings	32.1

Portfolio characteristics
Standard deviation	13.5%
Dividend yield	2.1%
Average market cap (million)	$297,675.2

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
11.0%	Feb. 2025	8.5%	Dec. 2024

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
9.6%	100.0%	9	0

Q4 2024 Fund Commentary

Market commentary

U.S. equities rose over the quarter, outperforming bonds. Value stocks underperformed growth stocks. In terms of value stocks, the worst-performing sectors were materials, health care and real estate. Financials and communication services were the only sectors to generate positive returns, while information technology declined the least.

Higher exports and increases in consumer and federal government spending drove U.S. economic expansion. Retail sales rose, supported by an increase in disposable personal income. The labour market was generally resilient but showed signs of weakening, as unemployment rose to 4.2% in November. Inflation remained relatively stable.

The U.S. Federal Reserve Board implemented two rate cuts during the quarter, setting the federal funds target rate at 4.25% to 4.50%. Corporate earnings were strong, with many companies exceeding earnings-per-share (EPS) expectations and few issuing negative EPS expectations.

Performance

The Fund’s relative exposure to Capital One Financial Corp. and?Ameriprise Financial Inc. had?the most positive impact on performance. The Fund’s relative exposure to Lennar Corp. and Microchip Technology Inc. had a negative impact on performance.

Capital?One Financial?Corp. benefited from?increased optimism surrounding its proposed acquisition of Discover Financial?Services, which is expected to close in 2025. The?deal would position Capital One as the sixth-largest bank and second-largest credit card issuer by?purchase volume in the U.S. Ameriprise?Financial Inc.’s assets under management and administration rose?by 22% year over year. The company’s shift towards fee-based financial advice and asset management?allowed it to return US$713 million to shareholders.

Lennar Corp., one of the largest homebuilders in the U.S., faced rapidly increasing mortgage rates, resulting in new orders falling below expectations. Still, the company remains committed to its volume-based strategy. It is also open to acquisitions, like its recently announced purchase of Rausch Coleman Homes, which expands its footprint in Arkansas, Kansas and Missouri.

Microchip Technology Inc.’s revenue declined amid a significant inventory correction that has affected most end markets since early 2023. An unexpected change in leadership added uncertainty. The company is focusing on restructuring initiatives to resize its manufacturing footprint and reduce inventory. The sub-advisor remains optimistic about Microchip Technology’s ability to increase market share within the Internet of Things, 5G infrastructure, autonomous driving and data centres.

At the sector level, stock selection in materials and financials, and overweight exposure to financials, had a positive impact on performance. Stock selection in consumer discretionary and information technology, and overweight exposure to materials, was negative.

Outlook

The sub-advisor remains confident in the Fund’s investment process over the longer term. Value investors often seek to invest in companies that are out of favour with investors. As such, the sub-advisor believes returns are best measured over a full market cycle, which is generally three to five years.

Market performance was driven by narrow investment themes in 2024. Over the longer term, however, the sub-advisor expects stock prices to be more in line with company performance.

(December 31, 2023)

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 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 U.S. Concentrated Equity

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