Fund overview & performance

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Canada Life Segregated Funds

Canada Life Global Low Volatility Fund

Fund profile and commentary

Fund fact

April 30, 2025

A global equity fund that seeks long-term growth while also providing lower volatility.

Is this fund right for you?

You want your money to grow over a longer term.
You want to invest in global equities with less volatility.
You're comfortable with a medium level of risk.

Risk Rating

How is the fund invested? (as of January 31, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	65.9
	International Equity	28.9
	Cash and Equivalents	3.9
	Canadian Equity	1.3

Geographic allocation (%)

	Name	Percent
	United States	65.9
	Japan	8.8
	Canada	5.1
	United Kingdom	3.5
	Ireland	2.6
	Switzerland	2.4
	Israel	2.1
	Germany	1.6
	Netherlands	1.6
	Other	6.4

Sector allocation (%)

	Name	Percent
	Technology	20.6
	Financial Services	16.0
	Healthcare	14.6
	Consumer Services	12.6
	Consumer Goods	7.4
	Real Estate	6.9
	Telecommunications	4.0
	Energy	3.9
	Cash and Cash Equivalent	3.9
	Other	10.1

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of January 31, 2025)

Top holdings	%
Apple Inc	4.7
Microsoft Corp	4.0
Cash and Cash Equivalents	3.8
NVIDIA Corp	2.1
Amazon.com Inc	1.6
Alphabet Inc Cl A	1.5
Bank Hapoalim BM	1.3
Walmart Inc	1.3
Visa Inc Cl A	1.3
Deere & Co	1.2
Total allocation in top holdings	22.8

Portfolio characteristics
Standard deviation	10.1%
Dividend yield	2.5%
Average market cap (million)	$834,558.0

Understanding returns

Annual compound returns (%)

1 MO	3 MO	YTD	1 YR
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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 (August 1, 2016 - April 30, 2025)

Best return	Best period end date	Worst return	Worst period end date
11.0%	March 2025	2.6%	June 2022

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
4.9%	100.0%	46	0

Q4 2024 Fund Commentary

Market commentary

Global equity market performance was mixed across regions over the quarter. The U.S. stock market gained, partially driven by market anticipation of business-friendly policies from the new U.S. administration. The consumer discretionary sector led gains, followed by communication services, information technology and financials. Materials stocks were negatively affected by China’s slowing economy.

European stocks declined, as the region faced economic weakness, political uncertainty, ongoing geopolitical tensions and concerns about possible tariffs from the U.S. In Asia, Japanese stocks gained, particularly in the financials sector, with the Bank of Japan maintaining its short-term policy interest rate at 0.25%. Emerging markets equities declined slightly, with significant losses in Indian, Chinese and Brazilian stocks.

Performance

The Fund’s relative exposure to Apple Inc., Synchrony Financial and NVIDIA Corp. had a positive impact on performance. Relative exposure to Regeneron Pharmaceuticals Inc., CVS Health Corp. and Elevance Health Inc. had a negative impact on performance.

At the sector level, the Fund’s underweight exposure to industrial commodities and capital goods had a positive impact on performance. Overweight exposure to pharmaceuticals, real estate and health care, and underweight exposure to media, had a negative impact on performance. Overall, stock selection also had a negative impact, mainly because of underperformance in consumer cyclicals, technology and energy companies.

The sub-advisor added Apple Inc. and Microsoft Corp. after a loosening of the Fund’s maximum stock-holding constraint.

The sub-advisor sold Regions Financial Corp. and International Business Machines Corp. in November during a rebalancing of the Fund’s portfolio. Both stocks demonstrated increased volatility compared to the previous rebalancing in May, which supported the decision.

Overall, however, the sub-advisor maintained the Fund’s positioning during the quarter. The Fund maintained overweight exposure to the defensive consumer staples, health care and pharmaceuticals sectors, and underweight exposure to technology and capital goods. (Defensive sectors tend to be less sensitive to changes in the economy.)

Outlook

The Fund remains positioned to participate in rising equity markets while limiting exposure to market declines.

(September 30, 2024)

Irish Life Investment Managers Limited

FEL — MAX1241

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LSC^ — MAX1441

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 Dec. 31, 2024.

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 Dec. 31, 2024. 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. offered exclusively through Quadrus Investment Services Ltd., IPC Investment Corporation and IPC Securities Corporation. 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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