Fund overview & performance

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Canada Life Mutual Funds

CAN Global Equity

75/100

Fund profile and commentary

Fund fact

February 28, 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 February 28, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	53.4
	International Equity	35.9
	Canadian Equity	7.3
	Cash and Equivalents	3.4

Geographic allocation (%)

	Name	Percent
	United States	53.4
	Canada	10.7
	Taiwan	5.8
	United Kingdom	4.4
	France	3.6
	Ireland	2.8
	India	2.6
	Denmark	2.6
	China	2.4
	Other	11.7

Sector allocation (%)

	Name	Percent
	Technology	30.2
	Healthcare	13.5
	Financial Services	12.3
	Consumer Services	10.4
	Consumer Goods	9.4
	Industrial Goods	7.3
	Industrial Services	4.7
	Energy	4.1
	Cash and Cash Equivalent	3.4
	Other	4.7

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of February 28, 2025)

Top holdings	%
Broadcom Inc	5.8
Taiwan Semiconductor Manufactrg Co Ltd	5.8
Microsoft Corp	3.9
NVIDIA Corp	2.7
Eli Lilly and Co	2.5
Novo Nordisk A/S Cl B	2.3
UnitedHealth Group Inc	2.1
Meta Platforms Inc Cl A	1.9
Alphabet Inc Cl A	1.8
Amazon.com Inc	1.7
Total allocation in top holdings	30.5

Portfolio characteristics
Standard deviation	12.1%
Dividend yield	1.2%
Average market cap (million)	$889,029.0

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

Q4 2024 Fund Commentary

Market commentary

Global equity market performance was mixed across regions over the quarter. The U.S. stock market gained, partially driven by market anticipation of business-friendly policies from the new U.S. administration. The consumer discretionary sector led gains, followed by communication services, information technology and financials. Materials stocks were negatively affected by China’s slowing economy.

European stocks declined, as the region faced economic weakness, political uncertainty, ongoing geopolitical tensions and concerns about possible tariffs from the U.S. In Asia, Japanese stocks gained, particularly in the financials sector, with the Bank of Japan maintaining its short-term policy interest rate at 0.25%. Emerging markets equities declined slightly, with significant losses in Indian, Chinese and Brazilian stocks.

The U.S. dollar rose sharply against most major currencies. The Canadian dollar ended the period almost 6% lower versus the U.S. dollar.

Performance

The Fund’s relative exposure to Apollo Global Management Inc., Blackstone Inc., PB Fintech Ltd. and International Consolidated Airlines Group SA had a positive impact on performance. Relative exposure to United Airlines Holdings Inc. and Broadcom Inc. was also positive. India-based online insurer PB Fintech Ltd. experienced strong growth in its core insurance business. Spanish-listed International Consolidated Airlines Group, which operates British Airways, Iberia and Aer Lingus, reported strong third-quarter revenue growth and a large share buyback program.

The Fund’s relative exposure to benchmark heavyweights Tesla Inc., Apple Inc., Amazon.com Inc. and NVIDIA Corp. had a negative impact on performance. Health care stocks Novo Nordisk AS and Eli Lilly and Co. also had a negative impact. Shares of Novo Nordisk AS declined as lower efficacy was linked to its Wegovy weight-loss drug. Eli Lilly and Co.’s stock fell following a period of strong performance.

At the sector level, financials, health care, consumer discretionary, industrials and information technology were positive for performance.

The sub-advisor added Hitachi Ltd., Contemporary Amperex Technology Co. Ltd., Herc Holdings Inc., Honeywell International Inc. and PT Bank Central Asia Tbk to the Fund.

Samsung Electronics Co. Ltd., The Home Depot Inc., Bajaj Auto Ltd., Union Pacific Corp. and Constellation Energy Corp. were sold.

Outlook

The sub-advisor is focused on companies with the ability to succeed in different, changing investment environments, with a flexible approach across geographies. In particular, the sub-advisor looks for companies with structural or cyclical growth drivers, resilient market structures, pricing power, strong balance sheets and good capital allocation.

(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 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 Global Equity

Is this fund right for you?

Risk Rating

How is the fund invested? (as of February 28, 2025)

Asset allocation (%)

Geographic allocation (%)

Sector allocation (%)

Growth of $10,000 (since inception)

Fund details (as of February 28, 2025)

Understanding returns

Annual compound returns (%)

Calendar year returns (%)

Range of returns over five years

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