A portfolio fund aiming to provide a balance between income and long-term growth.
Is this fund right for you?
- You want investment income and you want your money to grow over time.
- You want to invest in both equity funds and fixed-income funds (up to 40 per cent).
- You're comfortable with a low to medium level of risk.
Risk Rating
How is the fund invested?
(as of August 31, 2025)
Asset allocation (%)
|
Name |
Percent |
|
Domestic Bonds |
27.6 |
|
US Equity |
23.6 |
|
International Equity |
17.1 |
|
Canadian Equity |
17.0 |
|
Foreign Bonds |
7.0 |
|
Cash and Equivalents |
4.5 |
|
Income Trust Units |
0.5 |
|
Other |
2.7 |
Geographic allocation (%)
|
Name |
Percent |
|
Canada |
32.6 |
|
United States |
28.4 |
|
North America |
16.8 |
|
Multi-National |
2.8 |
|
United Kingdom |
2.4 |
|
Ireland |
1.7 |
|
China |
1.7 |
|
France |
1.5 |
|
Japan |
1.4 |
|
Other |
10.7 |
Sector allocation (%)
|
Name |
Percent |
|
Fixed Income |
35.4 |
|
Technology |
12.7 |
|
Financial Services |
12.6 |
|
Consumer Services |
4.8 |
|
Cash and Cash Equivalent |
4.5 |
|
Healthcare |
4.3 |
|
Industrial Goods |
4.3 |
|
Consumer Goods |
3.9 |
|
Basic Materials |
3.7 |
|
Other |
13.8 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of August 31, 2025)
| Top holdings |
% |
| Canada Life Canadian Core Fixed Income Fund Series R |
16.7 |
| Cash and Cash Equivalents |
3.7 |
| Canada Life Global Multi-Asset Defensive+ Fund R |
1.8 |
| Microsoft Corp |
1.5 |
| Royal Bank of Canada |
1.2 |
| Canada Government 3.25% 01-Jun-2035 |
1.2 |
| NVIDIA Corp |
1.2 |
| Amazon.com Inc |
1.1 |
| Apple Inc |
1.0 |
| Canada Life Global Inflation-Linked Fixed Income S |
1.0 |
| Total allocation in top holdings |
30.4 |
| Portfolio characteristics |
|
| Standard deviation |
7.4% |
| Dividend yield |
1.8% |
| Yield to maturity |
- |
| Duration (years) |
- |
| Coupon |
- |
| Average credit rating |
Not rated |
| Average market cap (million) |
$651,831.7 |
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
(February 1, 2001 - October 31, 2025)
| Best return |
Best period end date |
Worst return |
Worst period end date |
|
10.8% |
Feb. 2014 |
-0.4% |
Feb. 2009 |
| Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
|
5.3% |
99.6% |
237 |
1 |
Q3 2025 Fund Commentary
Market commentary
Global equities gained over the third quarter of 2025 and outperformed global bonds, which posted a small gain (all returns in Canadian-dollar terms on a total return basis). Expectations that the U.S. Federal Reserve Board (Fed) would lower interest rates and ongoing investment and development in artificial intelligence (AI) helped boost stocks over the quarter.
The U.S. equity market advanced, posting a double-digit return. Information technology was the strongest-performing sector. Canadian equities increased and outperformed U.S. equities, getting a strong performance from the materials sector. EAFE equities advanced, underperforming Canadian and U.S. equities.
Equities in Japan and the U.K. contributed to the performance of EAFE equities. Emerging markets equities also advanced and outperformed their developed market peers, with equities in China and Taiwan contributing to performance.
The FTSE Canada Universe Bond Index posted a total return of 1.5% over the quarter. As government yields moved lower, government bond prices increased. Government bonds underperformed corporate bonds, which also posted a gain.
Corporate bond prices benefited from narrowing credit spreads (the difference in yield between corporate and government bonds). Real estate bonds posted the largest increase in the corporate sector. High-yield bond prices rose on a total return basis and outperformed investment-grade corporate bonds.
Global bond yields remained largely unchanged over the quarter, and global bond prices posted a small gain. The Bank of Canada, the Fed and the Bank of England lowered their policy interest rates. The European Central Bank and Bank of Japan held their policy interest rates steady. The yield on 10-year Government of Canada bonds fell from 3.27% to 3.18%. Government yields in the U.S. also declined. Government bond yields in the U.K., Germany and Japan increased.
Performance
An allocation to Emerging Markets contributed to performance because of stock selection in Hong Kong, Taiwan, India and Mexico. U.S. Dividend contributed because of stock selection in the financials, communication services and materials sectors.
An allocation to Enhanced Bond and an off-benchmark allocation to Commercial Mortgage also contributed to performance.
Exposure to U.S. Growth Fund detracted from performance because of stock selection in the industrials, information technology, health care and financials sectors. Exposure to International Growth detracted because of stock selection in the financials, materials and utilities sectors. Exposure to Canadian Focus Value also detracted from performance.
Portfolio activity
The sub-advisor did not make any changes to the Portfolio during the quarter.
Outlook
In the sub-advisor’s view, the third quarter of 2025 highlighted divergence in global growth. The U.S. economy was resilient with gross domestic product growth near 3% annualized and productivity gains driven by AI adoption offsetting softer labour market trends. In contrast, Canada, Europe and the U.K. were weighed down by rising unemployment and trade challenges.
In the sub-advisor’s view, equity markets reflect investor optimism, particularly in the U.S., where AI-driven earnings drove elevated valuations. Market concentration in technology and swings in investor sentiment are causes for caution.
Within fixed income, we view alternatives such as private credit and mortgages as valuable sources of income and duration management, particularly in a higher-for-longer environment. Liquidity and flexibility remain central, allowing portfolios to absorb sudden shocks if risks around AI investment, funding markets, or fiscal policy materialize.
The sub-advisor’s approach emphasizes resilience over precision. Core U.S. equity exposure remains important, but we balance this with global diversification and multi-factor strategies that reduce dependence on narrow leadership.