Fund overview & performance

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Canada Life International Concentrated Equity Fund

Fund fact

April 30, 2025

The Fund seeks to achieve long-term capital appreciation by investing primarily in equity securities of companies in any country outside of Canada and the United States.

Is this fund right for you?

You want your money to grow over a longer term.
You want to invest in companies outside of Canada and the U.S.
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
	International Equity	99.1
	Cash and Equivalents	0.9

Geographic allocation (%)

	Name	Percent
	United Kingdom	19.7
	France	16.2
	Japan	15.3
	Germany	13.5
	Sweden	8.1
	Taiwan	5.3
	India	5.1
	Denmark	4.2
	Hong Kong	3.1
	Other	9.5

Sector allocation (%)

	Name	Percent
	Industrial Goods	19.5
	Consumer Goods	14.7
	Technology	14.7
	Financial Services	14.4
	Healthcare	12.1
	Real Estate	9.4
	Basic Materials	4.7
	Industrial Services	3.7
	Consumer Services	3.5
	Other	3.3

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of January 31, 2025)

Top holdings	%
Sap SE	6.5
Taiwan Semiconductor Manufactrg Co Ltd - ADR	5.3
HDFC Bank Ltd - ADR	5.1
L'Air Liquide SA	4.7
Novo Nordisk A/S Cl B	4.2
Hoya Corp	4.2
Ferguson PLC	4.1
Relx PLC	3.7
AstraZeneca PLC	3.7
Sony Group Corp	3.6
Total allocation in top holdings	45.1

Portfolio characteristics
Standard deviation	13.9%
Dividend yield	1.7%
Average market cap (million)	$263,944.1

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 (November 1, 2018 - April 30, 2025)

Best return	Best period end date	Worst return	Worst period end date
9.6%	Aug. 2024	6.7%	Dec. 2024

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
8.4%	100.0%	19	0

Q4 2024 Fund Commentary

Market commentary

Global equity markets declined in December after reaching record highs in November following the U.S. presidential election. Equity markets fell in the U.S., Europe and most countries in Asia. The U.S. Federal Reserve Board lowered the federal funds rate for the third time since September. However, it signalled a more gradual approach to future rate cuts.

Performance

The Fund’s relative exposure to Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC), SAP SE and Sony Group Corp. had the most positive impact on performance. There are concerns about artificial intelligence (AI) spending going into 2026 and the need for graphics processing units to train the most advanced AI models. However, TSMC is still expected to benefit from robust growth beyond next year. The need for AI inference should support the growth of ASIC chips and, eventually, Edge AI.

Relative exposure to Novo Nordisk AS had a negative impact on performance. The company released the results of its long-awaited CagriSema trial at the end of December, which fell short of market expectations. This led to the stock falling by 21% in one day. On closer examination, however, the sub-advisor believes the results showed strong efficacy.

At the sector level, stock selection in information technology had a positive impact on the Fund’s performance. Stock selection in financials and industrials had a negative impact.

From a country perspective, exposure to Taiwan had the most positive impact on performance. Overweight exposure to Denmark was negative, driven by the Fund’s overweight holding in Novo Nordisk AS.

Outlook

The Fund remains invested in a balanced portfolio of companies along different parts of the growth spectrum. The sub-advisor continues to focus on unique growth companies with good cash flows and strong balance sheets. The sub-advisor believes this is a good approach for long-term investing and to manage the current environment.

(September 30, 2024)

C WorldWide Asset Management

FEL — MAX1266

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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