Fund overview & performance

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Canada Life International Value Fund

February 28, 2025

The Fund seeks to achieve strong capital growth with a high degree of reliability over the long term. The Fund invests primarily in equities of companies 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

Risk Rating: Medium

How is the fund invested? (as of December 31, 2024)

Asset allocation (%)

Name Percent
International Equity 99.3
Cash and Equivalents 0.7

Geographic allocation (%)

Name Percent
Ireland 18.6
Switzerland 11.1
France 10.9
United Kingdom 10.6
Japan 7.3
Thailand 6.4
Germany 5.6
Denmark 5.0
Taiwan 4.7
Other 19.8

Sector allocation (%)

Name Percent
Healthcare 23.4
Consumer Goods 17.3
Industrial Goods 14.6
Financial Services 14.2
Technology 12.8
Energy 5.8
Real Estate 3.8
Industrial Services 3.7
Telecommunications 3.2
Other 1.2

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of December 31, 2024)

Top holdings %
Taiwan Semiconductor Manufactrg Co Ltd - ADR 4.7
Dcc PLC 4.3
Thai Beverage PCL 4.3
Crh PLC 4.2
Tencent Holdings Ltd 4.2
Deutsche Boerse AG Cl N 4.2
Samsung Electronics Co Ltd 3.9
Alcon AG 3.8
Ryanair Holdings PLC - ADR 3.7
EssilorLuxottica SA 3.5
Total allocation in top holdings 40.8
Portfolio characteristics
Standard deviation 12.5%
Dividend yield 2.8%
Average market cap (million) $165,722.7

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 (November 1, 2018 - February 28, 2025)

Best return Best period end date Worst return
Worst period end date
7.4% Feb. 2025 0.9% Oct. 2023
Average return % of periods with positive returns Number of positive periods Number of negative periods
3.9% 100.0% 17 0

Q4 2024 Fund Commentary

Market commentary

Equity markets across Europe, Australia and the Far East regions performed well in local-currency terms over the quarter, supported by a resilient global economy and declining global interest rates. Companies with U.S. exposure benefited from having their earnings denominated in the strong U.S. dollar. Japan was the top-performing country in EAFE markets.

In terms of sectors, the more cyclical industrials, financials and information technology sectors outperformed traditionally defensive sectors such as utilities, consumer staples and health care. (Cyclical sectors are generally more sensitive to changes in the economy than defensive sectors.) Materials and energy stocks underperformed because of weaker commodity prices.

Performance

The Fund’s relative exposure to Taiwan Semiconductor Manufacturing Co. Ltd., Bank Leumi Le-Israel BM and EssilorLuxottica SA had a positive impact on performance. Relative exposure to Samsung Electronics Co. Ltd., Kingspan Group PLC and Alcon Inc. had a negative impact.

At the sector level, stock selection in health care had the most positive impact on performance. However, the Fund’s overweight exposure to health care and underweight exposure to financials was negative for performance.

At the regional level, the Fund had underweight exposure to Japan, which had a negative impact on performance.

During the quarter, the sub-advisor added L’Oréal SA, Demant AS and Epiroc AB to the Fund. Sonova Holding AG and Amada Co. Ltd. were sold.

Outlook

The sub-advisor continues to search EAFE equity markets for attractively valued companies. The sub-advisor’s selection process isn’t driven by macroeconomic events and doesn’t include any macroeconomic forecasting.

Setanta Asset Management Limited

Contact information

Toll free: 1-844-730-1633

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Summary

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Total returns performance

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Last price

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Value of $10,000 investment

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