Fund overview & performance

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Canada Life Mutual Funds

CAN Canadian Value Balanced

75/100

Fund profile and commentary

Fund fact

July 31, 2025

This segregated fund invests primarily in Canadian fixed-income securities and stocks with exposure to foreign stocks.

Is this fund right for you?

A person who is investing for the medium to longer term and seeking exposure to bonds and Canadian and foreign stocks and is comfortable with low to moderate risk.
Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time

Risk Rating

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

Asset allocation (%)

	Name	Percent
	Canadian Equity	38.7
	Domestic Bonds	29.1
	US Equity	24.5
	Cash and Equivalents	4.2
	International Equity	2.7
	Income Trust Units	0.7
	Foreign Bonds	0.2
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	Canada	72.8
	United States	24.5
	Ireland	1.4
	Switzerland	1.3
	France	0.1
	Other	-0.1

Sector allocation (%)

	Name	Percent
	Fixed Income	29.4
	Financial Services	19.6
	Consumer Services	7.5
	Technology	7.1
	Industrial Services	5.7
	Healthcare	5.1
	Telecommunications	4.3
	Basic Materials	4.2
	Cash and Cash Equivalent	4.2
	Other	12.9

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of July 31, 2025)

Top holdings	%
Toronto-Dominion Bank	3.5
Royal Bank of Canada	2.9
Bank of Montreal	2.3
Canada Government 3.25% 01-Jun-2035	1.8
Alimentation Couche-Tard Inc	1.6
NortonLifeLock Inc	1.5
Amgen Inc	1.4
Medtronic PLC	1.4
Canadian National Railway Co	1.4
American Express Co	1.4
Total allocation in top holdings	19.2

Portfolio characteristics
Standard deviation	9.6%
Dividend yield	2.5%
Yield to maturity	3.8%
Duration (years)	7.7
Coupon	3.8%
Average credit rating	AA

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 (December 1, 2019 - July 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
7.7%	March 2025	4.9%	Dec. 2024

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
5.9%	100.0%	9	0

Q2 2025 Fund Commentary

Market commentary

The second quarter of 2025 began with uncertainty following the U.S. administration’s tariff announcement. On April 2, the U.S. introduced a 10% global baseline tariff and higher reciprocal tariffs targeting countries with large trade deficits. Equity markets declined significantly until a 90-day tariff pause was announced for most regions, leading equities to rebound. Overall, Canadian and U.S. equities ended the period higher while the Canadian bond market declined.

Performance

The Fund’s relative exposure to The Toronto-Dominion Bank (TD Bank), Royal Bank of Canada and NetApp Inc. had a positive impact on performance. TD Bank benefited from easing tariff concerns, reporting better-than-expected earnings. Royal Bank reported good operational performance with the successful integration of HSBC Canada. NetApp’s fourth-quarter results reassured investors that the reasons for last quarter’s miss were one-time in nature.

Relative exposure to Suncor Energy Inc., Restaurant Brands International Inc. and The Campbell’s Co. was negative for performance. Suncor was affected by falling oil prices. Restaurant Brands’ stock was under pressure because of lower consumer spending at restaurants and higher industry competition. Campbell’s results included 4% higher sales, but forecasted its adjusted earnings per shares to be at the low end of the range.

At the sector level, Canadian stock selection in communication services and U.S. selection within financials had the most positive impact on performance. Within fixed income holdings, a short duration (sensitivity to interest rates) had a positive impact, as did overweight exposure to corporate bonds.

Canada stock selection within the information technology and consumer discretionary sectors had a negative impact. In the U.S., stock selection in communication services, information technology and consumer staples was negative for performance. Within fixed income, security selection among corporate bonds had a negative impact.

Portfolio activity

The sub-advisor added Element Fleet Management Corp. and Elevance Health Inc. to the Fund. AltaGas Ltd., CGI Inc., Ameriprise Financial Inc., Westinghouse Air Brake Technologies Corp., Merck & Co Inc., Medtronic PLC, Qualcomm Inc. and Chubb Ltd. were increased. The Bank of Nova Scotia, Magna International Inc., Polaris Inc., Gentex Corp. and Somnigroup International Inc. were sold. Holdings in eBay Inc., Amdocs Ltd.,BRP Inc., Gen Digital Inc., Loblaw Cos. Ltd. and Cencora Inc. were reduced.

Outlook

U.S. equities underperformed their Canadian and international peers, negatively affected by the U.S. administration’s tariff policy. In this uncertain environment, the sub-advisor will assess the resilience of the Fund’s holdings, anticipating further changes to the portfolio. The Fund holds what the sub-advisor views as fundamentally sound companies with growing end markets, healthy margins and strong returns profiles.

In fixed income, tariff uncertainty has stalled business investment in Canada and weakened the global economic outlook. The current climate has led Canadians to reflect on its overreliance on the U.S., driving it to rethink interprovincial and international trade barriers. Higher support in Canada for spending on pipelines, ports, highways, public transportation and other infrastructure is encouraging. While projects may lead to a higher fiscal deficit, it should ultimately be more productive, leading to job creation and long-term revenue generation, in the sub-advisor's view.

(December 31, 2024)

Beutel, Goodman & Company Ltd.

FEL — CLGA037E

DSC^ — CLGA037F

CB2 — CLGA037R

CB4 — CLGA037G

Estate Protection — CLGF037E

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.