Fund overview & performance

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Canada Life Mutual Funds

CAN Canadian Value Balanced 75/100

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Fund fact

October 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 October 31, 2025)

Asset allocation (%)

	Name	Percent
	Canadian Equity	38.1
	Domestic Bonds	29.2
	US Equity	23.8
	Cash and Equivalents	5.1
	International Equity	2.7
	Income Trust Units	0.8
	Foreign Bonds	0.4
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	Canada	73.4
	United States	23.7
	Switzerland	1.4
	Ireland	1.4
	France	0.2
	Other	-0.1

Sector allocation (%)

	Name	Percent
	Fixed Income	29.5
	Financial Services	18.0
	Consumer Services	7.9
	Technology	7.7
	Industrial Services	5.6
	Cash and Cash Equivalent	5.1
	Healthcare	5.1
	Telecommunications	4.1
	Basic Materials	4.0
	Other	13.0

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of October 31, 2025)

Top holdings	%
Toronto-Dominion Bank	3.7
Bank of Montreal	2.5
Royal Bank of Canada	2.1
Rogers Communications Inc Cl B	1.6
Alimentation Couche-Tard Inc	1.6
Manulife Financial Corp	1.5
Merck & Co Inc	1.4
Canadian National Railway Co	1.4
Chubb Ltd	1.4
Medtronic PLC	1.4
Total allocation in top holdings	18.6

Portfolio characteristics
Standard deviation	8.86%
Dividend yield	2.44%
Yield to maturity	3.48%
Duration (years)	7.51%
Coupon	3.85%
Average credit rating	AA-
Average market cap (million)	$89,142.2

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 (December 1, 2019 - October 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
7.70%	March 2025	4.94%	Dec. 2024

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
6.05%	100.00%	12	0

Q3 2025 Fund Commentary

Market commentary

Following disruption from U.S. tariffs in the second quarter of 2025, the global economy adjusted to the new trade environment during the third quarter. The trade war led Canadian exports to decline significantly in the second quarter.

The S&P 500 Index reached new highs, with growth stocks leading fueled by artificial intelligence (AI) investment. NVIDIA Corp. became the largest company in history by market capitalization after surpassing USD$4 trillion in valuation. The U.S. administration announced a 15% tariff on goods from the European Union and levies of 50% for both Brazil and India.

Despite tariff uncertainty, the S&P/TSX Composite Index was up 12.5%, while the S&P 500 Index (in Canadian dollars) was up 10.3%.

Performance

The Fund’s relative exposure to Bank of Montreal, Royal Bank of Canada and The Toronto-Dominion Bank (TD Bank) contributed to performance as the banks outperformed. Bank of Montreal reported better-than-expected credit and improvement in its impaired provision for credit. Royal Bank beat its earnings estimates, driven by capital markets and improved credit. TD Bank delivered better-than-expected earnings driven by lower credit provisions and Canadian and wholesale banking results.

Relative exposure to CGI Inc., Metro Inc. and ATS Corp. detracted from performance. CGI’s earnings came in ahead of expectations but sluggish organic growth and potential disruption from AI led the stock to fall. Metro reported lower same-store sales in food. ATS reported lower results in August amid a slowdown in bookings and declining backlog in its life sciences division.

At a sector level, stock selection in Canadian financials, communication services and utilities contributed to performance. Selection among the U.S. consumer discretionary and industrials sectors contributed to performance.

Stock selection and underweight exposure to Canadian materials stocks detracted from performance as the price of gold rose. Stock selection in Canadian consumer staples and information technology detracted from performance, as did overweight exposure to consumer staples and industrials. In U.S. equities, selection and underweight exposure to information technology detracted from performance, as did selection in communication services, materials, health care and financials. Overweight exposure to health care and financials also detracted from performance.

Within fixed income, overweight exposure to the middle of the yield curve contributed to performance, as did overweight exposure to corporate bonds. Security selection within corporate bonds contributed to performance as did overweight exposure to short- and mid-term corporate bonds, which outperformed long-term bonds.

Portfolio activity

The sub-advisor added Canadian Apartment Properties REIT for its track record of maximizing occupancy and mark-to-market rent opportunities that should drive margin expansion. Alimentation Couche-Tard Inc., Boyd Group Services Inc., CGI Inc., Element Fleet Management Corp., Tourmaline Oil Corp., Chubb Ltd. and PPG Industries Inc. were increased. CAE Inc., Royal Bank, RB Global Inc., TD Bank and eBay Inc. were reduced.

Outlook

Despite a redefinition of Canada’s trading relationships and exports to the U.S. down, Canadian equities performed well, up 23.9% year to date. Tariffs remain a challenge, damaging important Canadian industries. The United States–Mexico–Canada Agreement is scheduled for review in 2026 and maintaining its provisions are crucial, in the sub-advisor's view, for Canada’s exports and overall economy.

The outperformance of international equities over U.S. equities has been a notable feature of 2025. This was impressive in a positive year for U.S. equities, particularly those benefiting from AI investment. The S&P 500 Index’s growth was mostly AI-related, which has led to higher concentration risk, but is less of an issue with international indices.

With respect to fixed income, the year was characterized by uncertainty, with U.S. trade relations impacting bond markets. With tariff price pressures, inflation remains a key concern for the Bank of Canada, the U.S. Federal Reserve Board and consumers. However, in the sub-advisor’s view, upward pressure on inflation could be limited to 3% since a weaker jobs market and consumer sentiment could decrease demand.

The sub-advisor believes interest rates will decline over the medium term, particularly in Canada, and anticipates a steepening of the yield curve. As such, the Fund has overweight exposure to the middle of the yield curve, which has historically performed best during steepening environments.

The Fund is positioned defensively, holding higher-rated credit with a bias towards less cyclical sectors. Should credit spreads widen, this could create opportunities to add higher-beta credit. The Fund’s holdings of investment-grade and high-yield credits are concentrated in shorter-term maturities.

(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 Sept. 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 Sept. 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.