Fund overview & performance

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Canada Life Mutual Funds

CAN American Value

75/100

Fund profile and commentary

Fund fact

February 28, 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 January 31, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	89.5
	International Equity	7.9
	Cash and Equivalents	2.7
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	United States	90.8
	Ireland	4.5
	Switzerland	3.4
	Canada	1.4
	Other	-0.1

Sector allocation (%)

	Name	Percent
	Financial Services	18.6
	Technology	18.5
	Consumer Goods	17.0
	Healthcare	16.9
	Telecommunications	8.6
	Consumer Services	6.1
	Industrial Goods	4.9
	Basic Materials	4.3
	Cash and Cash Equivalent	2.7
	Other	2.4

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of January 31, 2025)

Top holdings	%
eBay Inc	5.0
American Express Co	4.9
NortonLifeLock Inc	4.8
Amdocs Ltd	4.6
Merck & Co Inc	4.6
Medtronic PLC	4.5
Qualcomm Inc	4.5
Amgen Inc	4.3
PPG Industries Inc	4.3
Comcast Corp Cl A	4.2
Total allocation in top holdings	45.7

Portfolio characteristics
Standard deviation	14.3%
Dividend yield	2.3%
Average market cap (million)	$105,365.2

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
10.8%	Feb. 2025	9.3%	Dec. 2024

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
10.1%	100.0%	4	0

Q4 2024 Fund Commentary

Market commentary

U.S. equity market volatility was elevated over the quarter. The U.S. Federal Reserve Board (Fed) followed September’s 50-basis-point (bp) interest-rate cut with additional 25-bp cuts in November and December. Market performance was driven by strong economic data, the U.S. presidential election, and potential inflationary tariffs on goods from Canada, Mexico and China.

Despite elevated volatility, the U.S. equity market gained, led by the consumer discretionary, communication services, financials and information technology sectors. Performance was strongly supported by the “Magnificent 7” stocks, a group of mega-capitalization tech companies. Conversely, the materials, health care and real estate sectors declined.

U.S. growth stocks significantly outperformed value stocks, although value stocks still generated solid gains.

Performance

The Fund’s relative exposure to American Express Co., SEI Investments Co. and The Carlyle Group Inc. had a positive impact on performance. The Fund’s relative exposure to Polaris Inc., Biogen Inc. and Harley-Davidson Inc. was negative for performance.

American Express Co.’s third-quarter revenue increased by 8% year over year. The company’s investment in establishing its brand as a high-end consumer spending platform is helping to strengthen its competitive position. SEI Investments Co.’s operating margin improved to 27% from 23% a year ago, with all segments showing growth. The Carlyle Group Inc. was supported by strategic initiatives, including new leadership and a realigned compensation model.

Polaris Inc. faced a challenging environment for power sports equipment, which the company expects to continue in 2025. Biogen Inc.’s earnings beat expectations, but revenue fell 3% year over year. Concerns also grew about the slow launch of a new drug for Alzheimer’s disease. Shares of Harley-Davidson Inc. fell with North American and global retail sales declining.

At the sector level, stock selection in financials and industrials had a positive impact on performance. Having no exposure to the real estate, utilities and energy sectors also positively impacted performance.

Stock selection in the consumer discretionary and communication services sectors had a negative impact on performance. Stock selection in and an underweight exposure to information technology had a negative impact. Stock selection in and overweight exposures to the underperforming health care and consumer staples sectors also negatively impacted performance.

The sub-advisor added Medtronic PLC and Chubb Ltd. to the Fund. Merck & Co. Inc., Omnicom Group Inc., Qualcomm Inc. and Amgen Inc. were increased.

The sub-advisor decreased BlackRock Inc., SEI Investments Co., The Carlyle Group Inc., Flowserve Corp., Tempur Sealy International Inc. and Kellanova.

Outlook

After a second consecutive year of strong returns, the sub-advisor believes market valuations appear extended. Additionally, concentration within the U.S. equity market is extreme with 10 companies accounting for over a third of the S&P 500 Index.

Given expectations for revenue acceleration, margin expansion and earnings growth, the sub-advisor anticipates continued equity market volatility. Should earnings announcements fall short of high expectations, the market could decline. The sub-advisor believes this risk is elevated for growth stocks, and across the information technology, communication services and consumer discretionary sectors.

The Fund continues to offer a mix of quality and value characteristics. It maintains diverse exposure across the information technology, financials, health care and consumer discretionary sectors.

(December 31, 2023)

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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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 American Value

Is this fund right for you?

Risk Rating

How is the fund invested? (as of January 31, 2025)

Asset allocation (%)

Geographic allocation (%)

Sector allocation (%)

Growth of $10,000 (since inception)

Fund details (as of January 31, 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