Fund overview & performance

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Canada Life Mutual Funds

CAN American Value

75/100

Fund profile and commentary

Fund fact

May 31, 2025

This segregated fund invests primarily in U.S. stocks currently through the Beutel Goodman American Equity Fund.

Is this fund right for you?

A person who is investing for the longer term, seeking the growth potential of U.S. 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	88.6
	International Equity	9.0
	Cash and Equivalents	2.3
	Other	0.1

Geographic allocation (%)

	Name	Percent
	United States	89.8
	Ireland	4.8
	Switzerland	4.3
	Canada	1.2
	Other	-0.1

Sector allocation (%)

	Name	Percent
	Technology	19.6
	Financial Services	18.8
	Healthcare	17.4
	Consumer Goods	14.3
	Telecommunications	9.1
	Consumer Services	5.9
	Industrial Goods	5.8
	Basic Materials	4.7
	Cash and Cash Equivalent	2.3
	Other	2.1

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of April 30, 2025)

Top holdings	%
eBay Inc	5.5
NortonLifeLock Inc	5.1
Amdocs Ltd	5.0
Merck & Co Inc	4.9
Medtronic PLC	4.8
Amgen Inc	4.7
PPG Industries Inc	4.7
Comcast Corp Cl A	4.7
Kimberly-Clark Corp	4.6
American Express Co	4.5
Total allocation in top holdings	48.5

Portfolio characteristics
Standard deviation	15.2%
Dividend yield	2.5%
Average market cap (million)	$94,146.7

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
12.0%	March 2025	8.4%	Apri 2025

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
9.8%	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. Sector performance varied, with the consumer discretionary, information technology and communication services sectors posting negative returns, while less economically sensitive sectors outperformed.

Performance

The Fund’s relative exposure to Amgen Inc., Medtronic PLC and eBay Inc. had the most positive impact on performance. Amgen benefited from its drug pipeline and track record for drug development. Medtronic is simplifying its business and has become more focused on operational excellence (for example, on margins and returns). Shares of eBay benefited from improved investor sentiment, driven by positive financial results.

Relative exposure to NetApp Inc., Polaris Inc. and American Express Co. was negative for performance. NetApp’s stock declined after it released lower-than-expected third-quarter earnings results. Polaris was affected by negative sentiment across the powersports equipment industry, compounded by the uncertainty around the effect of tariffs. American Express was also impacted by uncertainty related to tariffs.

At the sector level, stock selection in information technology, consumer discretionary and communication services had the most positive impact on performance. Underweight exposure to information technology and overweight exposure to the health care and financials sectors also had a positive impact. Stock selection in the financials, industrials and materials sectors had a negative impact. Lack of exposure to energy, utilities and real estate was also negative for performance.

Portfolio activity

The sub-advisor added several holdings to the Fund. These included The Campbell’s Co., Amgen Inc., Chubb Ltd., Comcast Corp., PPG Industries Inc., Merck & Co. Inc., NetApp Inc. and Qualcomm Inc. The sub-advisor sold Kellanova and Biogen Inc.

Outlook

In the sub-advisor’s view, market participants are focused on day-to-day press releases rather than the longer-term investment horizon. While the shift in market dynamics has been difficult, in the sub-advisor’s view, market volatility can create long-term investment opportunities.

Last quarter, investors appeared to be anticipating deregulation and tax cuts from the new U.S. administration. In early 2025, however, their attention has shifted to the potential for disruption due to tariffs. Value stocks, including banks, energy, health care, telecommunications and defence companies, had positive performance despite tariff-related market disruption. The sub-advisor has added to existing holdings where there has been share price weakness.

(December 31, 2024)

Beutel, Goodman & Company Ltd.

FEL — CLGA077E

DSC^ — CLGA077F

CB2 — CLGA077R

CB4 — CLGA077G

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.