Fund overview & performance

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Canada Life Mutual Funds

CAN Canadian Value Balanced

75/100

Fund profile and commentary

Fund fact

May 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 May 31, 2025)

Asset allocation (%)

	Name	Percent
	Canadian Equity	40.7
	Domestic Bonds	29.4
	US Equity	22.6
	Cash and Equivalents	4.7
	International Equity	2.3
	Foreign Bonds	0.4
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	Canada	74.8
	United States	22.8
	Ireland	1.2
	Switzerland	1.1
	France	0.1

Sector allocation (%)

	Name	Percent
	Fixed Income	29.8
	Financial Services	19.1
	Consumer Services	7.8
	Technology	7.3
	Industrial Services	6.8
	Cash and Cash Equivalent	4.7
	Healthcare	4.5
	Basic Materials	4.4
	Consumer Goods	4.0
	Other	11.6

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of May 31, 2025)

Top holdings	%
Toronto-Dominion Bank	3.7
Royal Bank of Canada	3.0
Bank of Montreal	2.4
Canada Government 3.25% 01-Jun-2035	1.7
Canadian National Railway Co	1.7
Canada Government 27-Aug-2025	1.6
Restaurant Brands International Inc	1.5
eBay Inc	1.5
RB Global Inc	1.4
Nutrien Ltd	1.4
Total allocation in top holdings	19.9

Portfolio characteristics
Standard deviation	10.4%
Dividend yield	2.5%
Yield to maturity	3.7%
Duration (years)	8.1
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 - May 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%	7	0

Q1 2025 Fund Commentary

Market commentary

The first quarter of 2025 was characterized by uncertainty and financial market volatility amid persistent inflation and continued geopolitical conflict. The new U.S. administration’s tariffs strained relations between the U.S. and the rest of North America, which added to equity market volatility. Amid trade policy uncertainty, and as the April roll-out date for new tariffs approached, the U.S. equity market declined.

Performance

Within equities, the Fund’s relative exposure to The Toronto-Dominion Bank (TD), Franco-Nevada Corp. and RB Global Inc. had the most positive impact on performance.

TD reported higher-than-expected results in its U.S. retail segment and its Canadian insurance and wealth business. It also reported better credit costs. Franco-Nevada benefited from increasing gold prices, which reached record highs during the quarter. RB Global delivered positive financial results and a solid 2025 forecast.

Relative exposure to NetApp Inc., BRP Inc. and Magna International Inc. was negative for performance. NetApp’s stock declined after it released lower-than-expected third-quarter earnings results. Both BRP and Magna International were affected by U.S. tariff announcements.

Within Canada, at the sector level, stock selection in financials, industrials, utilities and consumer staples had a positive impact on performance. Underweight exposure to information technology also had a positive impact. Stock selection in materials, consumer discretionary, communication services and real estate had a negative impact, as did underweight exposure to materials.

Within the U.S., stock selection in information technology, consumer discretionary and communication services sectors had a positive impact on the Fund’s performance. Underweight exposure to information technology and overweight exposure to health care and financials also had a positive impact. Stock selection in financials, industrials and materials had a negative impact on the Fund’s performance. Lack of exposure to energy, utilities and real estate was also negative.

In fixed income, underweight exposure to 30-year bonds had a positive impact on the Fund’s performance. A short duration (lower sensitivity to interest rates) had a positive impact in an environment of rising yields. Overweight exposure to corporate bonds had a negative impact on performance. Security selection among government bonds, with overweight exposure to short- and mid-term provincial bonds, also had a negative impact.

Portfolio activity

The sub-advisor added AltaGas Ltd. to the Fund and increased several holdings. These included The Campbell’s Co., Amgen Inc., Chubb Ltd., and Comcast Corp. The sub-advisor sold Kellanova, and Saputo Inc. Franco-Nevada Corp., Metro Inc., RB Global Inc., The Bank of Nova Scotia and Magna International Inc. were trimmed.

Outlook

Following years of strong returns in equity markets, a slowdown wasn’t entirely unexpected, in the sub-advisor’s view. However, the extent of the trade dispute took markets somewhat by surprise. The sub-advisor expects to see increased global equity market volatility amid uncertainty around U.S. trade policy. This is likely to be an evolving situation over several months or quarters.

As the trade dispute evolves, the sub-advisor continues to engage with company management teams, prioritizing those that may be more negatively affected by tariffs. The sub-advisor focuses these engagements on understanding management views of the potential impact of tariffs on their business and discussing various scenarios and mitigation strategies. Potential issues range from supply chain management and inflation to cost-cutting initiatives and consumer pricing. If there were a material change, the sub-advisor would review the holding.

Given heightened uncertainty in fixed income markets, the sub-advisor believes there is potential for elevated volatility in the coming year. As such, the Fund’s fixed income component is defensively positioned in higher-rated corporate bonds, particularly in less economically sensitive sectors. The sub-advisor expects interest rates should continue to fall over the long term, particularly in Canada. At the end of the quarter, the Fund had overweight exposure to the mid-term part of the yield curve.

(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 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.