Fund overview & performance

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Canada Life Segregated Funds

Canada Life Canadian Fixed Income Balanced Fund W5

September 30, 2026

A fixed-income fund seeking to provide a high level of interest income with the potential for growth.

Is this fund right for you?

  • You want to protect your money from inflation while also protecting it from large swings in the market.
  • You want to invest in fixed-income securities from anywhere in the world.
  • You're comfortable with a low level of risk.

RISK RATING

Risk Rating: Low to Moderate

How is the fund invested? (as of July 31, 2026)

Asset allocation (%)
Name Percent
Domestic Bonds 63.9
Canadian Equity 14.3
US Equity 9.8
International Equity 5.7
Foreign Bonds 5.6
Income Trust Units 0.5
Cash and Equivalents 0.1
Other 0.1
Geographic allocation (%)
Name Percent
Canada 78.7
United States 13.9
United Kingdom 1.2
France 0.9
Norway 0.9
Japan 0.7
Germany 0.6
Switzerland 0.5
Ireland 0.4
Other 2.2
Sector allocation (%)
Name Percent
Fixed Income 69.4
Financial Services 7.5
Technology 5.3
Energy 3.7
Basic Materials 2.6
Industrial Services 2.2
Healthcare 2.0
Industrial Goods 1.9
Consumer Services 1.7
Other 3.7

Growth of $10,000 (since inception)

Period:

For the period 09/09/2020 through 09/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $11,816

Fund details (as of July 31, 2026)

Top holdings (%)
Top holdings Percent (%)
Canada Government 3.50% 01-Dec-2057 5.4
Canada Government 3.25% 01-Jun-2035 4.0
Canada Government 3.00% 01-Feb-2027 3.6
Ontario Province 3.95% 02-Dec-2035 3.2
Province of Ontario 3.90% 02-Jun-2036 2.4
Canada Government 3.25% 01-Jun-2036 1.9
Royal Bank of Canada 1.4
Quebec Province 4.40% 01-Dec-2055 1.4
British Clmbia Invst Mgmt Corp 4.00% 02-Jun-2035 1.3
United States Treasury 2.38% 15-Feb-2055 1.1
Total allocation in top holdings 25.7
Portfolio characteristics
Portfolio characteristics Value
Standard deviation 5.3%
Dividend yield 2.0%
Yield to maturity 4.0%
Duration (years) 7.6%
Coupon 4.0%
Average credit rating AA-
Average market cap (million) $909,838.3

Understanding returns

Annual compound returns (%)

Short term
1 MO 3 MO YTD 1 YR
-1.4 1.7 2.4 2.6
Long term
3 YR 5 YR 10 YR INCEPTION
8.3 3.0 - 2.8

Calendar year returns (%)

2025 - 2022
2025 2024 2023 2022
6.4 8.5 6.4 -10.1
2021 - 2018
2021 2020 2019 2018
2.2 - - -

Range of returns over five years (October 01, 2020 - September 30, 2026)

Best return / Worst return
Best return Best period end date Worst return
Worst period end date
3.6% Feb 2026 2.5% Dec 2025
Summary
Average return % of periods with positive returns Number of positive periods Number of negative periods
3.1% 100 13 0

Q2 2026 Fund Commentary

Commentary and opinions are provided by Mackenzie Investments.

Market commentary

Canada’s economy stayed under pressure in the second quarter as trade uncertainty continued to weigh on business confidence, though the labour market showed signs of stabilizing. Employment picked up in May, and the unemployment rate eased to 6.6%. Inflation accelerated, with the annual pace rising to 3.2% in May from 2.8% in April, as higher gasoline prices linked to the conflict in the Middle East pushed up energy costs. Core inflation measures held closer to 2%.

The Bank of Canada (BoC) held its policy rate at 2.25% at both its April and June meetings, its fourth and fifth consecutive holds. The BoC said it was looking through the temporary effect of higher energy prices while watching for signs that price pressures were becoming more persistent, and it pointed to risks on both sides from the trade dispute with the U.S. and the energy shock.

The Canadian fixed income market rose over the second quarter. The yield on the 10-year Government of Canada bond eased late in the period, falling below 3.40% by late June, its lowest level in more than three months, as contained core inflation supported expectations that the BoC would leave rates unchanged. Government bond prices firmed as yields declined, while corporate bonds were broadly stable.

Canadian equities advanced in the second quarter. The S&P/TSX Composite Index climbed to a record high in June, extending its gain for the year to about 10%. The energy sector was a standout early in the quarter as crude oil prices stayed elevated, and most sectors ended higher. The Materials sector was down as gold prices retreated sharply after their earlier record run. Market leadership broadened as the quarter progressed and oil prices eased.

Performance

Stock selection in communication services contributed to performance, as did exposure to Taiwan. Exposure to Lam Research Corp., Alphabet Inc. and Taiwan Semiconductor Manufacturing Co. Ltd. contributed to the Fund’s performance.

Stock selection in information technology and financials detracted, as did selection in the U.S. Overweight exposures to CME Group Inc., Agnico Eagle Mines Ltd. and Motorola Solutions Inc. detracted from performance.

Within fixed income, exposure to government bonds, particularly Canadian federal bonds, contributed to performance, supported by longer duration (interest rate sensitivity) and yield curve positioning. Exposure to corporate bonds, particularly in communication services, detracted from performance, due to yield curve positioning and security selection.

Portfolio activity

The sub-advisor added Government of Canada (GoC, 3.5%, 2057/12/01), GoC (3.25%, 2036/06/01) and U.S. Government (2.375%, 2055/02/15). These were added to adjust duration and yield curve exposure. GoC (3%, 2027/02/01) was increased to adjust short-term government bond exposure.

Province of Ontario (4.6%, 2055/12/02) was sold while GoC (2.75%, 2055/12/01) and GoC (3.25%, 2035/06/01) were reduced. These transactions were made to adjust federal and provincial bond exposures.

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Canada Life Canadian Fixed Income Balanced Fund W5

Canada Life Canadian Fixed Income Balanced Fund W5

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ID Effective date Price ($) Income Capital gain Return of capital Total distribution