Fund overview & performance

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Canada Life Mutual Funds

CAN Global Multi-Sector Fixed Income

75/75 - Partner

Fund profile and commentary

Fund fact

July 31, 2025

A global fixed-income fund seeking potential interest income.

Is this fund right for you?

A person who is investing for the medium to longer term and seeking potential for interest income in their portfolio and is comfortable with low to Medium risk.
Since the fund invests in bonds anywhere in the world, its value is affected by changes in interest rates and foreign exchange rates between currencies.

Risk Rating

How is the fund invested? (as of June 30, 2025)

Asset allocation (%)

	Name	Percent
	Foreign Bonds	83.0
	Cash and Equivalents	2.2
	Domestic Bonds	0.3
	Other	14.5

Geographic allocation (%)

	Name	Percent
	Canada	107.3
	Germany	2.6
	Peru	2.3
	United States	1.7
	Italy	1.3
	Uzbekistan	1.2
	Poland	1.1
	Egypt	1.0
	Belgium	0.9
	Other	-19.4

Sector allocation (%)

	Name	Percent
	Fixed Income	84.4
	Cash and Cash Equivalent	2.2
	Other	13.4

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of June 30, 2025)

Top holdings	%
CAD Currency	99.0
CAD IRS 1/20/27 REC FIX 20250120 2.80% 20-Jan-2027	9.1
JPY IRS 2/10/30 REC FLT 20250210 0.48% 10-Feb-2030	7.1
EUR IRS 01/22/2030 REC FLT 20250122 2.66% 22-Jan-2030	6.5
USD ZCIS 4/29/28 REC CPI 20250429 318.99% 29-Apr-2028	6.4
USD ZCIS 4/10/30 REC CPI 20250410 318.09% 10-Apr-2030	5.9
Korea Government 2.63% 10-Mar-2030	4.6
United States Treasury 1.25% 15-Apr-2028	4.3
CDX IG CDSI S44 5Y 06/20/2030 20250320 1.00% 20-Jun-2030	4.1
CNY IRS 04/10/2030 REC FIX 20250410 1.34% 10-Apr-2030	3.2
Total allocation in top holdings	150.2

Portfolio characteristics
Standard deviation	6.0%
Yield to maturity	4.1%
Duration (years)	6.5
Coupon	4.2%
Average credit rating	A

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 (June 1, 2020 - July 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
0.2%	May 2025	-0.6%	July 2025

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
-0.2%	33.3%	1	2

Q2 2025 Fund Commentary

Market commentary

The global fixed income market rose during the second quarter of 2025. The option-adjusted spread widened sharply in early April after the U.S. administration’s reciprocal tariff announcement but trended tighter throughout the rest of the quarter. Developed market sovereign bonds largely ended the period stronger.

Performance

Underweight exposure to longer-dated U.S. Treasuries and overweight exposure to short-dated issues was positive for the Fund’s performance. Long duration (sensitivity to interest rates) positioning in Brazil and overweight duration in Malaysia was positive for the Fund’s performance. Brazil’s central bank raised interest rates, but softer inflation data increased expectations for future interest rate cuts. Exposure to the euro was positive for performance as the U.S. dollar weakened following tariff-driven growth concerns and a U.S. credit rating downgrade.

Security selection among global sovereign bonds was negative for performance. Exposure to high-yield and investment-grade bonds, mostly in the U.S., was negative for the Fund’s performance. These holdings were volatile because of U.S. tariff announcements and the escalating U.S.-China trade dispute.

At the sector level, security selection in high-yield bonds had a positive impact on the Fund’s performance. Security selection within global sovereign bonds was negative for performance.

Portfolio activity

The sub-advisor added an overweight exposure to the U.K. in anticipation of tax increases in the country’s autumn budget. A small overweight exposure to South Korea was added to the Fund where the sub-advisor saw potential for interest rate cuts. Within the eurozone, the sub-advisor added duration in Germany because of shifting sentiment at the European Central Bank. Exposure to the U.S. dollar was increased because the sub-advisor thinks it seems undervalued relative to history. The sub-advisor switched to an underweight exposure in the Canadian dollar.

A short position in agency mortgage-backed securities was sold. The sub-advisor reduced exposure to global high-yield and investment-grade corporate bonds as the environment for credit became more challenging. Exposure to currencies that were more exposed to the conflict in the Middle East, such as the Turkish lira and Egyptian pound, were reduced.

Outlook

The sub-advisor anticipates upward pressure on U.S. yields but expects volatility because of trade policy uncertainty. The sub-advisor believes that U.S. tariff policy is likely to lead to higher prices, lower consumption and slower growth. These factors, combined with high debt issuance, should result in higher U.S. Treasury yields versus the rest of the world and softer risk assets. U.S. fiscal policy may help boost near-term growth expectations, but it could worsen concerns about U.S. Treasury supply, the U.S. deficit and inflation.

It may be difficult for the U.S. Federal Reserve Board to deliver interest rate cuts in the next few months. Other central banks, such as the European Central Bank, have indicated they are nearing the end of the monetary easing cycle.

The sub-advisor has a cautious outlook for bonds because of stagflation risks and softening macroeconomic data, particularly in the U.S. The sub-advisor does not expect an extreme slowdown for bonds and remains flexible to capitalize on opportunities as market dislocations emerge. In terms of currencies, chaotic U.S. policies and a weakening of U.S. institutions have eroded the U.S. dollar’s dominance. This should lead to a weaker U.S. dollar.

(December 31, 2024)

T. Rowe Price Group Inc

FEL — CLGB029A

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.