Fund overview & performance

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Canada Life Mutual Funds

CAN Global Equity

75/100

Fund profile and commentary

Fund fact

April 30, 2025

A blended-style global all-cap equity fund seeking growth.

Is this fund right for you?

A person who is investing for the longer term, seeking the growth potential of foreign stocks and is comfortable with Medium 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 April 30, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	52.1
	International Equity	37.9
	Canadian Equity	6.6
	Cash and Equivalents	3.6
	Other	-0.2

Geographic allocation (%)

	Name	Percent
	United States	52.1
	Canada	10.1
	United Kingdom	6.4
	Taiwan	4.5
	France	4.3
	China	2.6
	India	2.5
	Japan	2.3
	Netherlands	2.3
	Other	12.9

Sector allocation (%)

	Name	Percent
	Technology	26.3
	Healthcare	14.9
	Financial Services	14.4
	Consumer Services	9.7
	Industrial Goods	9.2
	Consumer Goods	9.1
	Industrial Services	4.4
	Energy	3.9
	Cash and Cash Equivalent	3.6
	Other	4.5

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of April 30, 2025)

Top holdings	%
Taiwan Semiconductor Manufactrg Co Ltd	4.5
Broadcom Inc	3.8
Microsoft Corp	3.5
Eli Lilly and Co	2.8
UnitedHealth Group Inc	2.3
Apple Inc	2.3
Vertex Pharmaceuticals Inc	2.2
NVIDIA Corp	2.1
BAE Systems PLC	1.8
Meta Platforms Inc Cl A	1.6
Total allocation in top holdings	26.9

Portfolio characteristics
Standard deviation	11.7%
Dividend yield	1.4%
Average market cap (million)	$701,587.9

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

Q1 2025 Fund Commentary

Market commentary

U.S. and international equity market performance diverged over the quarter because of rising trade tensions, lower consumer confidence and high valuations in some sectors. U.S. equities fell roughly 10% in mid-March before recovering somewhat, while European stocks outpaced the U.S., helped by German equities. Canadian equities rose after the Bank of Canada lowered interest rates by 0.25%. Japanese stocks rose, as did emerging markets equities, supported by Chinese equities.

Information technology stocks fell because of valuation concerns, particularly for artificial intelligence (AI) stocks. The consumer discretionary sector fell because of lower U.S. consumer confidence. Energy and utilities stocks performed well based on elevated market volatility and falling yields.

Performance

The Fund’s relative exposure to BAE Systems PLC, Leonardo SPA and Vertex Pharmaceuticals Inc. had the most positive impact on performance. Shares of BAE rose because of a potential increase in defence spending. Leonardo benefited from better-than-expected financial results and investors’ expectations of an increase in European spending. Vertex Pharmaceuticals received regulatory approval for its non-opioid drug.

Relative exposure to Broadcom Inc., Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) and Novo Nordisk AS was negative for performance. Broadcom and TSMC were affected by the outlook for AI spending and rising U.S.-China trade tensions. Shares of Novo Nordisk fell because of concerns about competition in the weight-loss drug market.

At the sector level, stock selection in industrials and consumer discretionary had the most positive impact on the Fund’s performance. Stock selection in financials and information technology had a negative impact on performance.

Portfolio activity

The sub-advisor added Bank of America Corp., Mitsubishi Heavy Industries Ltd., The Sage Group PLC, Vinci SA and Citigroup Inc. to the Fund. Holdings in JD Sports Fashion PLC, Copa Holdings SA, Alimentation Couche-Tard Inc., Constellation Brands Inc. and Regeneron Pharmaceuticals Inc. were sold.

Outlook

The sub-advisor expects market volatility to continue, driven by uncertainty generated by the U.S. administration’s tariff policy. However, the Fund is invested in companies that the sub-advisor believes should demonstrate resilience over the long term.

(December 31, 2023)

Capital Group Companies Inc

FEL — CLGA079E

DSC^ — CLGA079F

CB2 — CLGA079R

CB4 — CLGA079G

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 March 31, 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 March 31, 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.