Fund overview & performance

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Canada Life Segregated Funds

Canada Life Global Strategic Income Fund A

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Fund fact

November 30, 2025

A diversified fund that invests globally and aims to generate growth and income.

Is this fund right for you?

You want your investment to boost your income returns.
You want to invest in Canadian and foreign bonds and Canadian and foreign income-oriented stocks.
You're comfortable with a low to medium level of risk.

Risk Rating

How is the fund invested? (as of September 30, 2025)

Asset allocation (%)

	Name	Percent
	Foreign Bonds	36.1
	US Equity	35.2
	International Equity	20.6
	Domestic Bonds	4.7
	Cash and Equivalents	3.4

Geographic allocation (%)

	Name	Percent
	United States	60.1
	Canada	8.0
	United Kingdom	6.2
	Germany	5.0
	Japan	3.4
	France	3.3
	Ireland	1.5
	Brazil	1.5
	Belgium	1.2
	Other	9.8

Sector allocation (%)

	Name	Percent
	Fixed Income	40.8
	Technology	15.8
	Financial Services	8.5
	Healthcare	6.2
	Consumer Services	5.1
	Consumer Goods	5.0
	Industrial Goods	4.4
	Cash and Cash Equivalent	3.4
	Industrial Services	2.8
	Other	8.0

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of September 30, 2025)

Top holdings	%
United States Treasury 4.25% 15-May-2035	6.1
Cash and Cash Equivalents	3.9
Microsoft Corp	3.1
United States Treasury 4.38% 15-May-2034	3.1
Germany Government 2.30% 15-Feb-2033	2.7
NVIDIA Corp	2.5
United States Treasury 3.50% 15-Feb-2033	2.4
United States Treasury 4.63% 15-Feb-2035	2.4
Apple Inc	2.2
Amazon.com Inc	2.0
Total allocation in top holdings	30.4

Portfolio characteristics
Standard deviation	5.9%
Dividend yield	1.9%
Yield to maturity	4.5%
Duration (years)	7.3%
Coupon	4.1%
Average credit rating	AA-
Average market cap (million)	$1,383,814.5

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 (January 1, 2016 - November 30, 2025)

Best return	Best period end date	Worst return	Worst period end date
6.1%	Oct. 2025	0.2%	Oct. 2022

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
3.0%	100.0%	60	0

Q3 2025 Fund Commentary

Market commentary

The global economy was resilient in the third quarter despite trade uncertainty and geopolitical issues. U.S. tariffs weighed on sentiment, but monetary easing in key regions supported growth. Developed markets underperformed, while emerging markets, particularly in Asia, benefited from a weaker U.S. dollar.

Inflation moderated in most regions. Central banks in Canada and the U.K. cut interest rates, while the U.S. Federal Reserve Board lowered its policy rate to 4.00%–4.25%. Trade tensions continued to hamper investment and industrial activity, which government spending in Europe and China helped offset.

Global fixed income markets edged higher over the third quarter. Government bonds in developed markets benefited from moderating inflation and interest rate cuts, particularly in the U.S. The Bloomberg Global Aggregate Bond Index gained 2.4% in Canadian dollar terms, supported by strong demand for high-quality assets. Investment-grade corporate bonds outperformed government bonds in several regions.

High-yield bonds also gained, supported by improving risk sentiment and elevated coupon income. Credit spreads remained tight, reflecting low default rates and strong fundamentals.

Global equity markets rose. The MSCI World Index gained 9.7%, supported by strong earnings and enthusiasm for artificial intelligence (AI). U.S. large-cap technology stocks drove the S&P 500 Index and NASDAQ Composite Index to new highs. Emerging market equities outperformed their developed market peers.

Performance

The Fund’s relative exposure to AbbVie Inc., Contemporary Amperex Technology Co. Ltd. (CATL) and Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) contributed to performance. AbbVie results exceeded expectations and its full-year forecast was raised. CATL reported profit growth and margin improvement and could benefit from increasing demand for energy storage systems and electric vehicle batteries. TSMC benefited after growth in AI-related chip sales, which led to rising sales and earnings per share.

Exposure to Deutsche Boerse AG and Philip Morris International Inc. detracted from performance, as did lack of exposure to Tesla Inc. Deutsche Boerse stock fell after it reported mixed results, with revenue beating consensus but costs being worse than expected. Philip Morris’ net sales and revenue fell short of estimates amid regulatory scrutiny and societal pressure on tobacco companies during the transition to smoke-free products. Tesla stock rose after it reported better-than-expected vehicle deliveries and developments in autonomous driving.

Within equities, stock selection in the health care sector contributed to performance, as did overweight exposure to China. Stock selection within financials and in Germany detracted from the Fund’s performance.

Within fixed income holdings, longer duration (sensitivity to interest rate changes) in federal government bonds contributed to performance as interest rates fell. Exposure to corporate bonds in the securitization sector detracted from the Fund’s performance.

Portfolio activity

The sub-advisor increased NVIDIA Corp. based on its data centre spending plans. Amazon.com Inc. was increased as the sub-advisor believes its Amazon Web Services’ margins and growth rates are nearing a trough.

Government of Germany (2.2% 2034/02/15) was sold based on the sub-advisor’s outlook for European interest rates. German bund yields rose, driven by investor concerns over growing fiscal strains in Germany and political uncertainty. Philip Morris was reduced to diversify the Fund’s tobacco exposure, adding to another tobacco company benefiting from expansion of reduced risk products.

(September 30, 2025)

Mackenzie Investments

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Contact information

Toll free: 1-844-730-1633

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Summary

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Total returns performance

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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 Investment Management Ltd. 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 Sept. 30, 2025.

The views expressed in this commentary are those of the 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 Sept. 30, 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.

Canada Life Mutual Funds are managed by Canada Life Investment Management Ltd. The funds are distributed by Quadrus Investment Services Ltd., IPC Investment Corporation, and IPC Securities Corporation, and may also be available through other authorized dealers in Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

Canada Life Mutual Funds, Canada Life Investment Management and design, and Canada Life and design are trademarks of The Canada Life Assurance Company.

^Deferred Sales Charge (DSC) and Low Load Deferred Sales Charge (LSC) purchase options is closed to new investments given regulatory bans put in place for these purchase options that came into effect June 1, 2022.

^†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. For money market fund reports: The current yield is an annualized historical yield based on the seven-day period ended on the date noted above and does not represent an actual one-year return. Reports produced using this website are for information purposes only. Canada Life Investment Management Ltd., 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 the mutual fund company. Important information about Canada Life Mutual Funds is found in Fund Facts. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Money market fund units are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance of the funds may not be repeated. Canada Life Mutual Funds are managed by Canada Life Investment Management Ltd. The funds are distributed by Quadrus Investment Services Ltd., IPC Investment Corporation, and IPC Securities Corporation, and may also be available through other authorized dealers in Canada.

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