Fund overview & performance

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CAN International Value

75/100

Fund fact

February 28, 2025

The Fund seeks to achieve strong capital growth with a high degree of reliability over the long term. The Fund invests primarily in equities of companies outside of Canada and the United States.

Is this fund right for you?

You want your money to grow over a longer term.
You want to invest in companies outside of Canada and 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
	International Equity	99.3
	Cash and Equivalents	0.7

Geographic allocation (%)

	Name	Percent
	Ireland	18.5
	Switzerland	11.0
	France	10.9
	United Kingdom	10.6
	Japan	7.3
	Thailand	6.3
	Germany	5.6
	Denmark	5.0
	Taiwan	4.7
	Other	20.1

Sector allocation (%)

	Name	Percent
	Healthcare	23.4
	Consumer Goods	17.3
	Industrial Goods	14.5
	Financial Services	14.2
	Technology	12.8
	Energy	5.8
	Real Estate	3.8
	Industrial Services	3.6
	Telecommunications	3.2
	Other	1.4

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of December 31, 2024)

Top holdings	%
Taiwan Semiconductor Manufactrg Co Ltd - ADR	4.7
Dcc PLC	4.3
Thai Beverage PCL	4.3
Crh PLC	4.2
Tencent Holdings Ltd	4.2
Deutsche Boerse AG Cl N	4.2
Samsung Electronics Co Ltd	3.9
Alcon AG	3.8
Ryanair Holdings PLC - ADR	3.7
EssilorLuxottica SA	3.5
Total allocation in top holdings	40.8

Portfolio characteristics
Standard deviation	12.4%
Dividend yield	2.8%
Average market cap (million)	$165,722.7

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
5.3%	Feb. 2025	1.4%	June 2024

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
2.9%	100.0%	9	0

Q4 2024 Fund Commentary

Market commentary

Equity markets across Europe, Australia and the Far East regions performed well in local-currency terms over the quarter, supported by a resilient global economy and declining global interest rates. Companies with U.S. exposure benefited from having their earnings denominated in the strong U.S. dollar. Japan was the top-performing country in EAFE markets.

In terms of sectors, the more cyclical industrials, financials and information technology sectors outperformed traditionally defensive sectors such as utilities, consumer staples and health care. (Cyclical sectors are generally more sensitive to changes in the economy than defensive sectors.) Materials and energy stocks underperformed because of weaker commodity prices.

Performance

The Fund’s relative exposure to Taiwan Semiconductor Manufacturing Co. Ltd., Bank Leumi Le-Israel BM and EssilorLuxottica SA had a positive impact on performance. Relative exposure to Samsung Electronics Co. Ltd., Kingspan Group PLC and Alcon Inc. had a negative impact.

At the sector level, stock selection in health care had the most positive impact on performance. However, the Fund’s overweight exposure to health care and underweight exposure to financials was negative for performance.

At the regional level, the Fund had underweight exposure to Japan, which had a negative impact on performance.

During the quarter, the sub-advisor added L’Oréal SA, Demant AS and Epiroc AB to the Fund. Sonova Holding AG and Amada Co. Ltd. were sold.

Outlook

The sub-advisor continues to search EAFE equity markets for attractively valued companies. The sub-advisor’s selection process isn’t driven by macroeconomic events and doesn’t include any macroeconomic forecasting.

(December 31, 2023)

Setanta Asset Management Limited

FEL — CLGA070E

DSC^ — CLGA070F

CB2 — CLGA070R

CB4 — CLGA070G

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 International Value

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