Fund overview & performance

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Canada Life Mutual Funds

CAN Canadian Value Balanced

75/100

Fund profile and commentary

Fund fact

February 28, 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 February 28, 2025)

Asset allocation (%)

	Name	Percent
	Canadian Equity	39.6
	Domestic Bonds	30.7
	US Equity	24.2
	Cash and Equivalents	3.1
	International Equity	2.3
	Foreign Bonds	0.1

Geographic allocation (%)

	Name	Percent
	Canada	73.4
	United States	24.2
	Ireland	1.3
	Switzerland	1.1
	France	0.1
	Other	-0.1

Sector allocation (%)

	Name	Percent
	Fixed Income	30.8
	Financial Services	18.5
	Consumer Services	7.6
	Consumer Goods	6.9
	Technology	6.8
	Industrial Services	6.5
	Healthcare	4.7
	Basic Materials	4.3
	Telecommunications	4.0
	Other	9.9

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of February 28, 2025)

Top holdings	%
Toronto-Dominion Bank	3.3
Royal Bank of Canada	2.9
Bank of Montreal	2.3
Canada Government 3.00% 01-Jun-2034	2.3
Canadian National Railway Co	1.5
Metro Inc	1.5
Canada Government 3.25% 01-Dec-2034	1.5
RB Global Inc	1.4
NortonLifeLock Inc	1.4
eBay Inc	1.3
Total allocation in top holdings	19.4

Portfolio characteristics
Standard deviation	10.3%
Dividend yield	2.6%
Yield to maturity	3.6%
Duration (years)	7.5
Coupon	3.9%
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 - February 28, 2025)

Best return	Best period end date	Worst return	Worst period end date
6.0%	Feb. 2025	4.9%	Dec. 2024

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
5.4%	100.0%	4	0

Q4 2024 Fund Commentary

Market commentary

Market volatility during the quarter was fuelled by the U.S. presidential election and other elections, tension over tariffs, lower interest rates and geopolitical conflicts. Despite the volatility, the Canadian and U.S. equity markets rose. The Canadian bond market declined.?

Performance

The Fund’s fixed income component had a positive impact on performance. Canadian and U.S. equities had a negative impact.

In fixed income, the Fund’s longer duration (higher sensitivity to interest-rate changes) was positive for performance as bond yields fell. Overweight exposure to corporate bonds also had a positive impact. The Fund’s yield curve positioning had a negative impact on performance because of its overweight exposure to 10-year bonds, which underperformed.

The Fund’s relative exposure to CAE Inc., RB Global Inc. and Bank of Montreal had the most positive impact on performance. CAE Inc.’s margins improved in its civil and defence segments. RB Global Inc. benefited from cost discipline and solid execution. Bank of Montreal outperformed, with its large loan-loss provisions and management commentary suggesting the worst was likely over for its loan portfolio.

The Fund’s relative exposure to The Toronto-Dominion Bank, Rogers Communications Inc., Polaris Inc. and Biogen Inc. had a negative impact on performance. The Toronto-Dominion Bank pled guilty to money laundering charges in the U.S. and was fined roughly US$3 billion. An unexpected asset cap on its U.S. retail operations contributed to the stock’s decline.

Rogers Communications Inc. agreed to acquire BCE Inc.’s stake in Maple Leaf Sports & Entertainment and announced a structured equity financing deal with Blackstone Inc. Both deals were negatively received by the market. Polaris Inc. faced a challenging environment for power sports equipment, which is expected to continue in 2025. Biogen Inc.’s slow launch of a new drug for Alzheimer’s disease continued into the fourth quarter.

In Canadian equities, stock selection in the industrials sector and underweight exposure to the materials sector had a positive impact on performance. Stock selection in and underweight exposure to information technology, and stock selection in financials, were negative.

In U.S. equities, stock selection in and overweight exposure to the financials sector had a positive impact on performance. Stock selection in industrials also had a positive impact. Stock selection in the consumer discretionary, communication services and information technology sectors was negative.

The sub-advisor added ATS Corp., Boyd Group Services Inc., Medtronic PLC and Chubb Ltd. to the Fund. Bank of Montreal, Canadian Pacific Kansas City Ltd., The Toronto-Dominion Bank, Merck & Co. Inc., Omnicom Group Inc., Qualcomm Inc. and Amgen Inc. were increased.

The sub-advisor decreased holdings including Brookfield Asset Management Ltd., Sun Life Financial Inc., Royal Bank of Canada and Saputo Inc. The sub-advisor also decreased BlackRock Inc., SEI Investments Co., The Carlyle Group Inc., Kellanova, Flowserve Corp. and Tempur Sealy International Inc.

Outlook

Despite several rate reductions, the Bank of Canada’s (BoC) policy rate remains much higher than during the early 2020s. The sub-advisor expects higher mortgage payments to lead to lower discretionary spending, which could have a negative impact on economic activity.

The new U.S. administration intends to pursue protectionist trade policies like tariffs. The U.S. is Canada’s largest trading partner, and tariffs could significantly affect sectors that rely on exporting to the U.S.

Given expectations for revenue acceleration, margin expansion and earnings growth, the sub-advisor anticipates continued equity market volatility. Should earnings announcements fall short of high expectations, the market could decline. The sub-advisor believes this risk is higher for U.S. equities.

In fixed income, bond yields remain significantly higher than the lows of the early part of the decade. The sub-advisor believes the U.S. Federal Reserve Board and BoC are likely to continue lowering interest rates, but at a less aggressive pace. As credit spreads (the difference in yield between government and corporate bonds) are already narrow, the sub-advisor doesn’t expect them to narrow much further. Therefore, the sub-advisor expects 2025 to provide opportunities for corporate bonds.

(December 31, 2023)

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 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 Canadian Value Balanced

Is this fund right for you?

Risk Rating

How is the fund invested? (as of February 28, 2025)

Asset allocation (%)

Geographic allocation (%)

Sector allocation (%)

Growth of $10,000 (since inception)

Fund details (as of February 28, 2025)

Understanding returns

Annual compound returns (%)

Calendar year returns (%)

Range of returns over five years (December 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