Fund overview & performance

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CAN Global Low Volatility

75/100

Fund fact

April 30, 2025

This segregated fund invests primarily in stock of companies anywhere in the world with a focus on those companies and/or sectors that are believed to likely have lower sensitivity to broader market movements.

Is this fund right for you?

A person who is investing for the longer term, seeking the growth potential of global 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 April 30, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	64.2
	International Equity	31.1
	Cash and Equivalents	3.3
	Canadian Equity	1.3
	Other	0.1

Geographic allocation (%)

	Name	Percent
	United States	64.3
	Japan	9.2
	Canada	4.3
	United Kingdom	3.8
	Ireland	2.6
	Switzerland	2.6
	Israel	2.4
	Germany	2.2
	Hong Kong	1.7
	Other	6.9

Sector allocation (%)

	Name	Percent
	Technology	18.5
	Financial Services	16.3
	Healthcare	15.5
	Consumer Services	12.8
	Consumer Goods	8.2
	Real Estate	7.1
	Telecommunications	4.4
	Energy	3.6
	Cash and Cash Equivalent	3.3
	Other	10.3

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of April 30, 2025)

Top holdings	%
Apple Inc	4.2
Microsoft Corp	3.8
Cash and Cash Equivalents	3.0
NVIDIA Corp	1.9
E.On SE Cl N	1.6
Bank Hapoalim BM	1.5
Kroger Co	1.4
AT&T Inc	1.4
AmerisourceBergen Corp	1.4
Gilead Sciences Inc	1.4
Total allocation in top holdings	21.6

Portfolio characteristics
Standard deviation	10.1%
Dividend yield	2.7%
Average market cap (million)	$650,697.5

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 - April 30, 2025)

Best return	Best period end date	Worst return	Worst period end date
10.3%	March 2025	6.1%	Dec. 2024

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
7.7%	100.0%	6	0

Q4 2024 Fund Commentary

Market commentary

Global equity market performance was mixed across regions over the quarter. The U.S. stock market gained, partially driven by market anticipation of business-friendly policies from the new U.S. administration. The consumer discretionary sector led gains, followed by communication services, information technology and financials. Materials stocks were negatively affected by China’s slowing economy.

European stocks declined, as the region faced economic weakness, political uncertainty, ongoing geopolitical tensions and concerns about possible tariffs from the U.S. In Asia, Japanese stocks gained, particularly in the financials sector, with the Bank of Japan maintaining its short-term policy interest rate at 0.25%. Emerging markets equities declined slightly, with significant losses in Indian, Chinese and Brazilian stocks.

Performance

The Fund’s relative exposure to Apple Inc., Synchrony Financial and NVIDIA Corp. had a positive impact on performance. Relative exposure to Regeneron Pharmaceuticals Inc., CVS Health Corp. and Elevance Health Inc. had a negative impact on performance.

At the sector level, the Fund’s underweight exposure to industrial commodities and capital goods had a positive impact on performance. Overweight exposure to pharmaceuticals, real estate and health care, and underweight exposure to media, had a negative impact on performance. Overall, stock selection also had a negative impact, mainly because of underperformance in consumer cyclicals, technology and energy companies.

The sub-advisor added Apple Inc. and Microsoft Corp. after a loosening of the Fund’s maximum stock-holding constraint.

The sub-advisor sold Regions Financial Corp. and International Business Machines Corp. in November during a rebalancing of the Fund’s portfolio. Both stocks demonstrated increased volatility compared to the previous rebalancing in May, which supported the decision.

Overall, however, the sub-advisor maintained the Fund’s positioning during the quarter. The Fund maintained overweight exposure to the defensive consumer staples, health care and pharmaceuticals sectors, and underweight exposure to technology and capital goods. (Defensive sectors tend to be less sensitive to changes in the economy.)

Outlook

The Fund remains positioned to participate in rising equity markets while limiting exposure to market declines.

(December 31, 2023)

Irish Life Investment Managers Limited

FEL — CLGA076E

DSC^ — CLGA076F

CB2 — CLGA076R

CB4 — CLGA076G

Contact information

Toll free: 1-888-252-1847

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Summary

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Total returns performance

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Value of $10,000 investment

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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 Global Low Volatility

Is this fund right for you?

Risk Rating

How is the fund invested? (as of April 30, 2025)

Asset allocation (%)

Geographic allocation (%)

Sector allocation (%)

Growth of $10,000 (since inception)

Fund details (as of April 30, 2025)

Understanding returns

Annual compound returns (%)

Calendar year returns (%)

Range of returns over five years (December 1, 2019 - April 30, 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