Fund overview & performance

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Canada Life Segregated Funds

Canada Life Global Strategic Income Fund

Fund profile and commentary

Fund fact

July 31, 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 May 31, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	36.0
	Foreign Bonds	33.9
	International Equity	20.6
	Cash and Equivalents	5.6
	Domestic Bonds	3.9

Geographic allocation (%)

	Name	Percent
	United States	55.6
	Canada	8.7
	Germany	7.6
	United Kingdom	5.5
	Japan	3.9
	France	2.7
	Ireland	1.5
	Spain	1.5
	Switzerland	1.4
	Other	11.6

Sector allocation (%)

	Name	Percent
	Fixed Income	37.8
	Technology	14.6
	Financial Services	9.6
	Consumer Goods	6.1
	Cash and Cash Equivalent	5.6
	Healthcare	5.6
	Industrial Goods	4.6
	Consumer Services	4.3
	Industrial Services	3.9
	Other	7.9

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of May 31, 2025)

Top holdings	%
Cash and Cash Equivalents	4.6
United States Treasury 4.38% 15-May-2034	3.2
Microsoft Corp	2.9
Germany Government 2.30% 15-Feb-2033	2.7
Philip Morris International Inc	2.1
Apple Inc	2.1
United States Treasury 3.88% 15-Aug-2034	1.9
Germany Government 2.20% 15-Feb-2034	1.9
United States Treasury 3.50% 15-Feb-2033	1.9
United States Treasury 4.25% 15-May-2035	1.8
Total allocation in top holdings	25.1

Portfolio characteristics
Standard deviation	7.3%
Dividend yield	2.0%
Yield to maturity	4.4%
Duration (years)	7.6
Coupon	3.8%
Average credit rating	AA-

Understanding returns

Annual compound returns (%)

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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 - July 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
5.8%	March 2025	0.2%	Oct. 2022

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
2.8%	100.0%	56	0

Q2 2025 Fund Commentary

Market commentary

The global economy slowed in the second quarter, generally driven by renewed U.S. tariff pressures and weaker consumer demand. The global growth forecast decreased because of trade uncertainty. Developed economies underperformed, while emerging markets, particularly in Asia, showed greater resilience.

Inflation remained relatively elevated worldwide, and central banks generally held interest rates steady. Trade tensions hampered business investment and industrial activity in export-dependent nations. Despite these challenges, government spending in Europe and China provided some support.

Global fixed income rose. Government bonds in developed markets benefited from weakening inflation and interest-rate cuts, particularly in Europe. Investment-grade corporate bonds outperformed government bonds in several regions.

High-yield bonds also gained. Credit spreads (the difference in yield between corporate and government bonds with the same maturity) were relatively narrow because of low default rates. However, renewed trade tensions and tariff concerns created challenges for some high-yield issuers, particularly those with global exposure.

Global equity markets rose. Developed market equities gained, with the MSCI World Index and S&P 500 Index reaching new highs. Large technology companies rebounded in the U.S.

Non-U.S. equities, including in Europe and emerging Asia, performed well as the U.S. dollar weakened. However, prospects of renewed tariffs led to ongoing uncertainty.

Performance

The Fund’s relative exposure to Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC), BAE Systems PLC and Philip Morris International Inc. contributed to performance. TSMC reported higher total revenue fueled by growing demand for advanced artificial intelligence chips. BAE Systems released a market update ahead of its annual general meeting, reporting a strong start to 2025 as many countries announced defence budget increases. Philip Morris reported continued volume growth and margin expansion, and momentum in its smoke-free product portfolio contributed to the stock price increase.

Relative exposure to AbbVie Inc., Motorola Solutions Inc. and UnitedHealth Group Inc. was detracted from performance. AbbVie’s stock fell with the broader market sell-off caused by rising global trade tensions and the threat of U.S. tariffs. Motorola Solutions issued a weaker-than-expected second-quarter forecast, with lower projected revenue and earnings, largely because of U.S. tariff policies. UnitedHealth reported lower-than-expected first-quarter earnings and the company cut its annual profit forecast, citing higher-than-expected costs in its privately run Medicare plans.

At the sector level, stock selection in consumer staples and energy contributed to performance. Within fixed income, exposure to corporate bonds in securitization and industrials contributed to performance. Stock selection in information technology and health care detracted from performance, as was overweight exposure to consumer staples. In fixed income, exposure to federal bonds and term loans, particularly in industrials and financials, also detracted from performance.

At the regional level, overweight exposure to Taiwan contributed to performance. Stock selection in the U.S., the U.K. and Japan detracted from performance.

Portfolio activity

During the period, the sub-advisor added Contemporary Amperex Technology Co. Ltd. Marsh & McLennan Cos. Inc. and U.S. Treasury (4.25%, 2035/05/15) to the Fund. Contemporary Amperex Technology, the global leader in electric vehicle battery manufacturing, should play a critical role in transportation electrification and the decarbonization of energy systems. Marsh & McLennan was added because the sub-advisors believes its scale, intellectual capital and embedded client relationships, as well as its predictable earnings profile and cash generation look favourable. The U.S. Treasury addition reflected the sub-advisor’s positive view on U.S. duration (sensitivity to interest rates) in the 10-year segment.

Existing holdings in NVIDIA Corp., CME Group Inc. and Government of Germany (2.2%, 2034/02/15) were increased. The increase of NVIDIA was a function of reaction to stock appreciation. CME Group was increased based on its operating leverage to higher interest rate volatility. The Government of Germany bond was increased as it offers high credit quality, deep liquidity and a strong fiscal position.

Siemens AG was sold in favour of adding capital to existing holdings. Glencore PLC was sold in favour of Contemporary Amperex Technology.

Assa Abloy AB was reduced to lower the Fund’s exposure to non-residential construction. Broadcom was trimmed as the stock neared the sub-advisor’s estimate of intrinsic value.

(March 31, 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 June 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 June 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. offered exclusively through Quadrus Investment Services Ltd., IPC Investment Corporation and IPC Securities Corporation.

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