Fund overview & performance

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Canada Life Mutual Funds

CAN Canadian Focused Value

75/100

Fund profile and commentary

Fund fact

February 28, 2025

This segregated fund invests primarily in Canadian stocks with exposure to foreign stocks.

Is this fund right for you?

A person who is investing for the longer term, seeking the growth potential of stocks which includes moderate exposure to foreign stocks and is comfortable with moderate risk.
Since the fund invests in stocks its value is affected 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	69.0
	US Equity	25.4
	Cash and Equivalents	3.2
	International Equity	2.5
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	Canada	72.1
	United States	25.4
	Ireland	1.3
	Switzerland	1.1
	Other	0.1

Sector allocation (%)

	Name	Percent
	Financial Services	28.8
	Consumer Services	12.1
	Industrial Services	11.3
	Consumer Goods	8.6
	Technology	8.5
	Basic Materials	6.6
	Telecommunications	5.3
	Energy	5.2
	Healthcare	4.9
	Other	8.7

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	5.8
Royal Bank of Canada	5.1
Bank of Montreal	4.1
Canadian National Railway Co	2.7
Metro Inc	2.6
RB Global Inc	2.5
Manulife Financial Corp	2.3
Canadian Pacific Kansas City Ltd	2.3
Alimentation Couche-Tard Inc	2.2
Nutrien Ltd	2.2
Total allocation in top holdings	31.8

Portfolio characteristics
Standard deviation	12.6%
Dividend yield	2.6%
Average market cap (million)	$81,598.9

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
9.0%	Feb. 2025	7.3%	Dec. 2024

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
7.9%	100.0%	4	0

Q4 2024 Fund Commentary

Market commentary

Canadian equities gained in the fourth quarter of 2024 despite a decline in December. The Bank of Canada (BoC) continued lowering interest rates to stimulate the Canadian economy. This primarily benefited the financials sector, the largest in the Canadian equity market. The BoC’s 50-basis-point (bp) rate cut in December brought its key lending rate to 3.25%, a reduction of 175 bps since June 2024.

The information technology performed well, led by Shopify Inc.’s gains at the end of the year.

Performance

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. and Canadian Pacific Kansas City Ltd. 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. Still, the sub-advisor believes the bank’s discounted valuation is attractive, supported by the earnings power of its Canadian franchise.

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. Canadian Pacific Kansas City Ltd. is facing industry-wide challenges, including labour union issues and concerns about U.S. trade policy impacting its Mexican franchise. However, the franchise’s growth opportunities are driven by the Kansas City Southern acquisition, market share gains, repricing opportunities and expanding services.

In Canadian equities, stock selection in industrials and underweight exposure to the underperforming materials sector had a positive impact on performance. Underweight exposure to and stock selection in the information technology sector had a negative impact on performance. Stock selection in financials, consumer staples and consumer discretionary was also 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 was also positive. Stock selection in consumer discretionary, communication services and information technology had a negative impact.

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 included 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 BoC’s 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. If the BoC continues to reduce its policy rate, lower borrowing rates could increase lending, benefiting the rate-sensitive financials and real estate sectors.

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.

Regardless of any disparity between the economy and the market, the sub-advisor remains focused on identifying high-quality companies trading below the sub-advisor’s estimate of their intrinsic value. This is the sub-advisor’s long-term approach, as valuations and business strength, rather than market events, remain the foundation of value investing.

(December 31, 2023)

Beutel, Goodman & Company Ltd.

FEL — CLGA056E

DSC^ — CLGA056F

CB2 — CLGA056R

CB4 — CLGA056G

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 Focused Value

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

Fund codes