Fund overview & performance

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Canada Life Mutual Funds

CAN Global Value Balanced

75/100

Fund profile and commentary

Fund fact

July 31, 2025

A global value fund that seeks to generate income and long-term growth.

Is this fund right for you?

A person who is investing for the medium to longer term and seeking exposure to foreign bonds and stocks and is comfortable with low to Medium risk.
Since the fund invests in stocks and bonds anywhere in the world, its value is affected by changes in the interest rates and 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	42.4
	Domestic Bonds	25.0
	International Equity	23.5
	Cash and Equivalents	5.3
	Canadian Equity	3.5
	Foreign Bonds	0.3
	Income Trust Units	0.1
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	United States	42.4
	Canada	33.8
	Switzerland	5.0
	United Kingdom	4.2
	Germany	2.9
	Ireland	2.4
	Netherlands	1.8
	France	1.7
	Norway	1.6
	Other	4.2

Sector allocation (%)

	Name	Percent
	Fixed Income	25.3
	Financial Services	13.6
	Healthcare	12.4
	Technology	12.0
	Consumer Goods	8.5
	Industrial Goods	6.3
	Telecommunications	6.0
	Cash and Cash Equivalent	5.3
	Consumer Services	3.9
	Other	6.7

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	2.6
Amgen Inc	2.4
Medtronic PLC	2.4
Merck & Co Inc	2.4
American Express Co	2.4
PPG Industries Inc	2.3
Chubb Ltd	2.3
Qualcomm Inc	2.2
NetApp Inc	2.2
Amdocs Ltd	2.1
Total allocation in top holdings	23.3

Portfolio characteristics
Standard deviation	10.2%
Dividend yield	2.7%
Yield to maturity	4.0%
Duration (years)	7.9
Coupon	4.2%
Average credit rating	AA-

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

Best return	Best period end date	Worst return	Worst period end date
Data not available based on date of inception

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
Data not available based on date of inception

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 decline in equity markets, which reversed after a 90-day pause was placed on tariffs for most regions. Geopolitical events, including renewed conflict in the Middle East, tempered the market rebound.

Canadian equities rose over the quarter, outperforming both U.S. and international stocks, which also rose. The Canadian bond market declined.

Performance

The Fund’s relative exposure to The Toronto-Dominion Bank, NetApp Inc. and Heidelberg Materials AG had the most positive impact on performance. The Toronto-Dominion Bank performed well as tariff concerns eased and it reported better-than-expected earnings. NetApp’s positive fourth-quarter results reassured investors that its previous quarter’s miss was one-time in nature. Heidelberg Materials benefited from a better demand outlook, fuelled by Germany’s new infrastructure plans and the company’s strong operational performance.

Relative exposure to Suncor Energy Inc., The Campbell’s Co. and TGS ASA was negative for performance. Suncor Energy was affected by falling oil prices. Campbell’s reported a 4% year-over-year net sales increase but affirmed its lower-than-expected 2025 earnings forecast, excluding the impact of tariffs. Shares of TGS fell along with the energy sector as oil prices declined.

At the sector level, overweight exposure to Canadian financials stocks had the most positive impact on the Fund’s performance. In U.S. equities, stock selection within financials was positive for performance, as was a lack of exposure to energy. Within international equities, stock selection in materials and information technology had a positive impact on performance.

In Canadian equities, stock selection in information technology was negative for performance. Among U.S. equities, stock selection in communication services, information technology and consumer staples was negative for performance. Within international equities, stock selection in financials and consumer staples was negative.

Within fixed income holdings, the Fund’s shorter duration (lower sensitivity to interest rates) was positive for performance as bond yields rose. Overweight exposure to corporate bonds also had a positive impact on performance. Security selection in corporate bonds was negative for performance.

Portfolio activity

The sub-advisor added Element Fleet Management Corp., Elevance Health Inc., Whitecap Resources Inc., OMERS Realty Corp., Dollarama Inc. and NextEra Energy Inc. to the Fund. Existing holdings in AltaGas Ltd., CGI Inc., Ameriprise Financial Inc., Westinghouse Air Brake Technologies Corp., Merck & Co. Inc. and Medtronic PLC were increased. Other holdings increased included Qualcomm Inc., Chubb Ltd., Capgemini SE, Merck KGaA, BASF SE, GSK PLC, TGS and Nippon Telegraph and Telephone Corp.

The Bank of Nova Scotia, BRP Inc., Magna International Inc., Polaris Inc., Gentex Corp. and Somnigroup International Inc. were sold. Other sales included Loblaw Cos. Ltd., Cencora Inc., Koninklijke KPN NV, Gjensidige Forsikring ASA and Smiths Group PLC. The sub-advisor reduced eBay Inc., Amdocs Ltd. and Gen Digital Inc.

Outlook

Over the first half of 2025, U.S. equities generally underperformed Canadian and international equities. The U.S. is the world’s largest economy and a vital trading partner for many countries, including Canada. Thus far, however, U.S. tariffs have negatively affected U.S. equity markets more than global markets, in the sub-advisor’s view.

The sub-advisor believes tariff uncertainty has stalled business investment in Canada and weakened the global economic outlook. However, the political climate has driven a desire for Canada to strengthen interprovincial trade and trade with countries outside the U.S., in the sub-advisor’s view. The sub-advisor feels public support for spending for pipelines, ports, highways, public transportation and other infrastructure is encouraging. While these projects may lead to the expansion of Canada’s fiscal deficit, the sub-advisor believes they should also lead to job creation and long-term revenue generation.

The sub-advisor believes many of the Fund’s holdings are undervalued and has been purchasing additional shares in these holdings. The Fund invests in companies that, in the sub-advisor’s view, have growing end markets, healthy margins and strong return profiles, especially those trading at low valuations.

(December 31, 2024)

Beutel, Goodman & Company Ltd.

FEL — CLGA044E

DSC^ — CLGA044F

CB2 — CLGA044R

CB4 — CLGA044G

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.