Fund overview & performance

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Canada Life Mutual Funds

CAN American Value 75/100

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Fund fact

August 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 July 31, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	87.0
	International Equity	9.5
	Cash and Equivalents	3.5

Geographic allocation (%)

	Name	Percent
	United States	90.5
	Ireland	4.9
	Switzerland	4.6
	Canada	0.1
	Other	-0.1

Sector allocation (%)

	Name	Percent
	Financial Services	21.1
	Technology	18.2
	Healthcare	18.1
	Consumer Goods	12.0
	Telecommunications	8.9
	Industrial Goods	6.1
	Consumer Services	5.4
	Basic Materials	4.7
	Cash and Cash Equivalent	3.5
	Other	2.0

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of July 31, 2025)

Top holdings	%
NortonLifeLock Inc	5.2
Amgen Inc	4.9
Medtronic PLC	4.9
American Express Co	4.8
Merck & Co Inc	4.8
PPG Industries Inc	4.7
Chubb Ltd	4.6
Qualcomm Inc	4.5
NetApp Inc	4.5
Amdocs Ltd	4.4
Total allocation in top holdings	47.3

Portfolio characteristics
Standard deviation	14.39%
Dividend yield	2.48%
Yield to maturity	-
Duration (years)	-
Coupon	-
Average credit rating	Not rated
Average market cap (million)	$102,426.8

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 - August 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
11.96%	March 2025	8.38%	Apri 2025

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
9.50%	100.00%	10	0

Q2 2025 Fund Commentary

Market commentary

The second quarter of 2025 began with the U.S. administration imposing trade tariffs on countries around the world. This led to a broad sell-off in equity markets, which reversed after a 90-day pause was placed on tariffs for most regions. Geopolitical events, including the bombing of nuclear facilities in Iran by Israel and the U.S., tempered the rebound. However, U.S. equities ended the period up overall.

Performance

The Fund’s relative exposure to NetApp Inc., American Express Co. and Wabtec Corp. had the most positive impact on performance. NetApp’s positive fourth-quarter results reassured investors that its previous quarter’s miss was one-time in nature. American Express released positive first-quarter earnings results, which included revenue growth of 7% year over year. Wabtec reported earnings per share up 20%, sales growth of 4% and ongoing margin expansion despite continued tariff uncertainty.

Relative exposure to The Campbell’s Co., Amgen Inc. and Merck & Co. Inc. was negative for performance. Campbell’s reported a 4% year-over-year net sales increase but reaffirmed its lower-than-expected 2025 earnings forecast, excluding the impact of tariffs. Amgen was affected by concerns about its competitiveness with companies like Eli Lilly and Co. on obesity and diabetes drugs, as well as weak market sentiment in pharmaceuticals. Merck & Co. was impacted by negative sentiment related to Gardasil vaccine sales in China.

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

Portfolio activity

The sub-advisor added Elevance Health Inc. Existing holdings in Ameriprise Financial Inc., Wabtec, Merck, Amgen, Medtronic PLC, Qualcomm Inc. and Chubb Ltd. were increased. Polaris Inc., Gentex Corp. and Somnigroup International Inc. were sold. The sub-advisor reduced eBay Inc., Amdocs Ltd. and Gen Digital Inc., and completed a process-driven one-third trim of Cencora Inc.

Outlook

In the past, the Fund has underperformed when equity valuations have detached from fundamentals, and it appears history is repeating itself. The current period includes valuations at all-time lows compared to the benchmark and a large disparity against the broader U.S. equity market.

The sub-advisor took a cautious approach to balance sheet resilience and valuations, which prompted the sale of three holdings. The sub-advisor monitors holdings for resilience in the face of the macroeconomic upheaval and anticipates further changes to the portfolio.

Despite challenges facing the U.S. equity market, there are reasons for optimism when assessing the investment landscape heading into the second half of 2025. The Fund is comprised of fundamentally sound companies with growing end markets, healthy margins and strong returns profiles. The sub-advisor is focused on the long term, despite market volatility.

(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 June 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 June 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.