Fund overview & performance

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Canada Life Global Equity and Income Fund F

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Fund fact

November 30, 2025

The fund seeks long-term capital growth and income by investing primarily in equities issued by companies around the world and Canadian fixed income securities directly or through other investment funds.

Is this fund right for you?

Are looking for a balanced fund to hold as part of their portfolio.
Want a long-term investment.
Can handle the volatility of stock and bond markets.

Risk Rating

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

Asset allocation (%)

	Name	Percent
	Domestic Bonds	35.6
	US Equity	32.2
	International Equity	23.1
	Foreign Bonds	4.3
	Cash and Equivalents	3.3
	Canadian Equity	1.5

Geographic allocation (%)

	Name	Percent
	Canada	40.3
	United States	36.5
	China	3.1
	Japan	2.9
	United Kingdom	2.9
	France	2.3
	Ireland	1.8
	Netherlands	1.5
	Switzerland	1.4
	Other	7.3

Sector allocation (%)

	Name	Percent
	Fixed Income	39.9
	Technology	14.7
	Financial Services	10.5
	Consumer Services	5.8
	Healthcare	5.6
	Industrial Services	5.2
	Consumer Goods	4.0
	Cash and Cash Equivalent	3.3
	Industrial Goods	3.3
	Other	7.7

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of September 30, 2025)

Top holdings	%
Canada Government 3.25% 01-Jun-2035	4.7
Ontario Province 3.60% 02-Jun-2035	1.8
Microsoft Corp	1.6
NVIDIA Corp	1.6
Apple Inc	1.5
Alphabet Inc Cl A	1.5
Baidu Inc - ADR	1.4
Canada Government 2.75% 01-Dec-2055	1.3
Cash and Cash Equivalents	1.2
Meta Platforms Inc Cl A	1.1
Total allocation in top holdings	17.7

Portfolio characteristics
Standard deviation	7.4%
Dividend yield	2.1%
Yield to maturity	4.0%
Duration (years)	7.1%
Coupon	4.2%
Average credit rating	A+
Average market cap (million)	$894,670.7

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 (August 1, 2017 - November 30, 2025)

Best return	Best period end date	Worst return	Worst period end date
9.6%	Oct. 2025	3.6%	Sept. 2022

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
6.0%	100.0%	41	0

Q3 2025 Fund Commentary

Market commentary

Canada’s economy faced challenges in the third quarter as trade tensions with the U.S. continued. This weighed on trade activity and the manufacturing sector. Household spending demonstrated resiliency despite a slowing labour market and economic uncertainty.

The Bank of Canada (BoC) lowered its key interest rate to 2.50%, citing a weaker labour market and easing inflation. The BoC emphasized a cautious approach to balancing growth and price stability. Canada’s unemployment rate was 7.1%, the highest since 2021, with youth unemployment rising sharply.

The Canadian fixed-income market posted gains. Yields on 10-year Government of Canada bonds finished at 3.18%, slightly lower than 3.27% at the beginning of the quarter. Government bond prices increased, while investment-grade corporate bonds outperformed. High-yield bonds rose driven by improving risk sentiment and appetite for income.

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. 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 equity markets rose. The MSCI World Index gained 9.7%, supported by strong earnings and enthusiasm for artificial intelligence (AI). U.S. large-capitalization 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 U.S. Treasury (2.125%, 2035/01/15) contributed to performance as it benefited from lower yields. Overweight exposure to Kleopatra Finco SARL (9.0%, 2029/09/01) detracted from performance. The bond declined because of lower end-market demand, the withdrawal of expected sponsor equity support and a liability management exercise that weakened market confidence.

Relative exposure to Baidu Inc., Alphabet Inc. and Alibaba Group Holdings Ltd. contributed to performance. Exposure to Baidu contributed to performance because of optimism about the company’s AI capabilities. Alphabet contributed because of a positive court ruling and momentum in AI. Alibaba contributed because of its aggressive AI investments.

Exposure to Dollar General Corp., and Barratt Redrow PLC detracted from performance. Dollar General faced potential impacts because of tariffs and inflationary pressures. Barratt Redrow detracted from performance because of concerns about the health of the U.S. housing market.

At the sector level, stock selection within health care and industrials contributed to performance. Exposure to the communication services and financials sectors, government bonds and China also contributed to performance.

Stock selection in financials detracted from performance amid weakness in Europe. Overweight exposure to consumer staples detracted from performance because of weakness in tobacco companies. Underweight allocations to the information technology sector and the U.S. overall detracted from performance. Security selection within industrials also detracted from performance.

Portfolio activity

Government of New Zealand (3.5%, 2033/04/14) was sold after the Reserve Bank of New Zealand lowered its interest rate in August.

NVIDIA Corp. was increased as it benefits from AI investment.

The sub-advisor added FedEx Corp. and increased ON Semiconductor Corp. as their stock prices were attractive. The sub-advisor sold Celanese Corp. because of disappointing earnings and reduced Wells Fargo & Co. because its stock price increased meaningfully.

Outlook

The sub-advisor believes the most attractive opportunities lie outside the U.S. as U.S. equity markets entered the fourth quarter near record highs. While policy support, deregulation and potential interest-rate cuts remain supportive, the sub-advisor views the risk-reward as increasingly unattractive. High valuations, elevated AI-related capital spending and policy uncertainty around tariffs and fiscal policy make the sub-advisor continue to look elsewhere.

The Fund remains intentionally diversified and valuation-disciplined, with overweight allocations in Europe, Latin America and Asia. The sub-advisor believes fundamentals are improving and expectations remain modest in those regions.

(September 30, 2025)

Mackenzie Investments,Brandywine Global Investment Management,Keyridge Asset Management

NL — MAX2159

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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