Fund overview & performance

Looking for mutual funds?

Canada Life Mutual Funds

CAN American Value 75/100

Download

Fund fact

October 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 September 30, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	87.3
	International Equity	9.6
	Cash and Equivalents	3.1

Geographic allocation (%)

	Name	Percent
	United States	89.7
	Ireland	4.9
	Switzerland	4.7
	Canada	0.7

Sector allocation (%)

	Name	Percent
	Technology	20.2
	Financial Services	19.9
	Healthcare	18.4
	Consumer Goods	11.1
	Telecommunications	8.9
	Industrial Goods	5.9
	Consumer Services	5.9
	Basic Materials	4.5
	Cash and Cash Equivalent	3.1
	Other	2.1

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of September 30, 2025)

Top holdings	%
Merck & Co Inc	5.0
Medtronic PLC	4.9
Qualcomm Inc	4.9
NetApp Inc	4.9
NortonLifeLock Inc	4.8
Amgen Inc	4.8
Chubb Ltd	4.7
American Express Co	4.6
PPG Industries Inc	4.5
Westinghouse Air Brake Techs Corp	4.3
Total allocation in top holdings	47.4

Portfolio characteristics
Standard deviation	12.34%
Dividend yield	2.36%
Yield to maturity	-
Duration (years)	-
Coupon	-
Average credit rating	Not rated
Average market cap (million)	$112,626.8

Understanding returns

Annual compound returns (%)

1 MO	3 MO	YTD	1 YR
{{snapShot.Return1Mth\|customNumber:2}}	{{snapShot.Return3Mth\|customNumber:2}}	{{snapShot.ReturnYTD\|customNumber:2}}	{{snapShot.Return1Yr\|customNumber:2}}

3 YR	5 YR	10 YR	INCEPTION
{{snapShot.Return3Yr\|customNumber:2}}	{{snapShot.Return5Yr\|customNumber:2}}	{{snapShot.Return10Yr\|customNumber:2}}	{{snapShot.ReturnInception\|customNumber:2}}

Calendar year returns (%)

2024	2023	2022	2021
{{snapShot.Return1YrCalendar\|customNumber:2}}	{{snapShot.Return2YrCalendar\|customNumber:2}}	{{snapShot.Return3YrCalendar\|customNumber:2}}	{{snapShot.Return4YrCalendar\|customNumber:2}}

2020	2019	2018	2017
{{snapShot.Return5YrCalendar\|customNumber:2}}	{{snapShot.Return6YrCalendar\|customNumber:2}}	{{snapShot.Return7YrCalendar\|customNumber:2}}	{{snapShot.Return8YrCalendar\|customNumber:2}}

Range of returns over five years (December 1, 2019 - October 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
9.45%	100.00%	12	0

Q3 2025 Fund Commentary

Market commentary

After equities fell in early April following the U.S. administration’s tariff announcement, equities recovered in the third quarter of 2025. 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. Overall, the S&P 500 Index rose 10.3% led by information technology, communication services and consumer discretionary performance.

Recent data indicates the U.S. economy may be slowing as job market strength shows signs of weakening. In response, the U.S. Federal Reserve Board cut its policy rate in its September meeting and forecasted more cuts before the end of the year.

Performance

The Fund’s relative exposure to eBay Inc., Cummins Inc. and NetApp Inc. contributed to performance. eBay released positive earnings results, with revenue up 6% and merchandise volume up 4%, driven by its U.S. business, which was not affected by tariffs. Cummins posted positive earnings despite challenges in the trucking industry because of profitability in its power systems and distribution segments. NetApp reported results in line with forecasts on revenue, margins and earnings per share.

Relative exposure to Elevance Health Inc., Comcast Corp. and Amdocs Ltd. detracted from performance. Elevance reported that higher medical cost trends for both Medicaid and the Affordable Care Act in the U.S. will affect its margins in 2025. Comcast was affected by the highly competitive media environment, reporting earnings down 1% in residential broadband and 31% for studios. Despite positive results, Amdocs investors were focused on its AI capabilities, which are not yet a key part of the business.

At a sector level, stock selection in consumer discretionary and industrials contributed to performance. Selection and underweight exposure to information technology detracted from performance. Stock selection in communication services, materials, health care and financials detracted from performance, as did overweight exposure to health care and financials.

Portfolio activity

The sub-advisor increased Chubb Ltd. and PPG Industries Inc. A holding in eBay Inc. was reduced.

Outlook

Growth stocks, particularly those associated with AI, drove U.S. market returns, but concentration risk remains elevated. The top seven companies by market capitalization on the S&P 500 Index now account for almost one-third of the entire index. The sub-advisor is positive about the potential of AI but cautious amid many unknowns about how these tools will drive efficiency and productivity. The Fund has exposure to AI through Applied Materials Inc. and Amdocs Ltd., companies that operate in and outside of AI.

After the extreme disruption brought on by tariffs in the second quarter, businesses are adapting to the results of those levies. This uncertain economic and investment environment could spur volatility in markets, and the sub-advisor will monitor holdings and will aim to take advantage of market turbulence.

(December 31, 2024)

Beutel, Goodman & Company Ltd.

FEL — CLGA077E

DSC^ — CLGA077F

CB2 — CLGA077R

CB4 — CLGA077G

Contact information

Toll free: 1-888-252-1847

Period:

From: to:

Chart type:

Simple moving average:

No matching records found.

Summary

For the period {{NAVPSPerformanceSummary.StartDate}} through {{NAVPSPerformanceSummary.EndDate}} with $10,000 CAD investment

Total returns performance

Last price

{{NAVPSPerformanceSummary.NAVPS | customCurrency}} CAD

as of market close {{NAVPSPerformanceSummary.NAVPSDate}}

Value of $10,000 investment

{{NAVPSPerformanceSummary.GrowthOfTenThousand | customCurrency}} CAD

Period:

From: to:

Interval:

Export to:

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.