Fund overview & performance

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Canada Life Mutual Funds

CAN Global Founders

75/100

Fund profile and commentary

Fund fact

May 31, 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 May 31, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	59.0
	International Equity	35.9
	Canadian Equity	3.6
	Cash and Equivalents	1.6
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	United States	59.0
	Switzerland	7.0
	United Kingdom	7.0
	Canada	5.2
	Germany	4.2
	Ireland	3.0
	Netherlands	2.9
	Norway	2.4
	France	2.4
	Other	6.9

Sector allocation (%)

	Name	Percent
	Technology	18.4
	Financial Services	17.6
	Healthcare	17.4
	Consumer Goods	13.1
	Industrial Goods	9.4
	Telecommunications	8.2
	Basic Materials	5.3
	Consumer Services	5.2
	Energy	1.7
	Other	3.7

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of May 31, 2025)

Top holdings	%
eBay Inc	3.8
Gen Digital Inc	3.6
Amdocs Ltd	3.4
Amgen Inc	3.2
Kimberly-Clark Corp	3.2
American Express Co	3.2
PPG Industries Inc	3.1
Comcast Corp Cl A	3.0
Medtronic PLC	3.0
Westinghouse Air Brake Techs Corp	3.0
Total allocation in top holdings	32.5

Portfolio characteristics
Standard deviation	13.5%
Dividend yield	2.7%
Average market cap (million)	$85,419.7

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 - May 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
8.2%	May 2025	8.2%	May 2025

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
8.2%	100.0%	1	0

Q1 2025 Fund Commentary

Market commentary

The first quarter of 2025 was characterized by uncertainty and financial market volatility amid persistent inflation and continued geopolitical conflict. The new U.S. administration’s tariffs strained relations between the U.S. and the rest of North America, which added to equity market volatility. Amid trade policy uncertainty, and as the April roll-out date for new tariffs approached, the U.S. equity market declined. Despite volatility, the Canadian equity and bond markets posted positive returns.

Performance

The Fund’s relative exposure to Amgen Inc., Medtronic PLC and Carlsberg AS had the most positive impact on performance. Amgen benefited from its drug pipeline and track record for drug development. Medtronic is simplifying its business and has become more focused on operational excellence (for example, on margins and returns). Carlsberg reported revenue growth and all-time high earnings in 2024.

Relative exposure to NetApp Inc., Polaris Inc. and American Express Co. was negative for performance. NetApp’s stock declined after it released lower-than-expected third-quarter earnings results. Polaris was affected by negative sentiment across the powersports equipment industry, compounded by the uncertainty around the effect of tariffs. American Express was also impacted by uncertainty related to tariffs.

Within Canadian equities, at the sector level, stock selection in financials, industrials, utilities and consumer staples had a positive impact on performance. Underweight exposure to information technology also had a positive impact. Stock selection in materials, consumer discretionary, communication services and real estate had a negative impact, as did underweight exposure to materials.

Within U.S. equities, stock selection in information technology, consumer discretionary and communication services sectors had a positive impact on the Fund’s performance. Underweight exposure to information technology and overweight exposure to health care and financials also had a positive impact. Stock selection in financials, industrials and materials had a negative impact on performance. Lack of exposure to energy, utilities and real estate was also negative for performance.

In international equities, stock selection in health care, materials and consumer staples had a positive impact on the Fund’s performance. Underweight exposure to consumer discretionary also had a positive impact. Stock selection in energy and underweight exposure to financials had a negative impact on performance.

Portfolio activity

The sub-advisor added AltaGas Ltd. to the Fund and increased several holdings. These included The Campbell’s Co., Amgen Inc., Chubb Ltd., Westinghouse Air Brake Technologies Corp. and Merck & Co. Inc. The sub-advisor sold Kellanova, Biogen Inc. and Saputo Inc. Franco-Nevada Corp., Metro Inc., RB Global Inc., The Bank of Nova Scotia and Magna International Inc. were trimmed.

Outlook

Following years of strong returns in equity markets, a slowdown wasn’t entirely unexpected, in the sub-advisor’s view. However, the extent of the trade dispute took markets somewhat by surprise. The sub-advisor expects to see increased global equity market volatility amid uncertainty around U.S. trade policy. This is likely to be an evolving situation over several months or quarters.

As the trade dispute evolves, the sub-advisor continues to engage with company management teams, prioritizing those that may be more negatively affected by tariffs. The sub-advisor focuses these engagements on understanding management views of the potential impact of tariffs on their business and discussing various scenarios and mitigation strategies. Potential issues range from supply chain management and inflation to cost-cutting initiatives and consumer pricing. If there were a material change, the sub-advisor would review the holding.

(December 31, 2024)

Beutel, Goodman & Company Ltd.

FEL — CLGA080E

DSC^ — CLGA080F

CB2 — CLGA080R

CB4 — CLGA080G

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.