Fund overview & performance

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Canada Life Segregated Funds

Canada Life Canadian Value Fund

Fund profile and commentary

Fund fact

February 28, 2025

A Canadian blended large-cap fund that aims to provide reliable long-term growth.

Is this fund right for you?

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

Risk Rating

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

Asset allocation (%)

	Name	Percent
	Canadian Equity	89.6
	US Equity	6.9
	Income Trust Units	3.1
	Cash and Equivalents	0.2
	International Equity	0.2

Geographic allocation (%)

	Name	Percent
	Canada	92.9
	United States	6.9
	Ireland	0.1
	Other	0.1

Sector allocation (%)

	Name	Percent
	Financial Services	33.1
	Energy	12.1
	Basic Materials	9.8
	Consumer Services	8.8
	Industrial Services	8.7
	Technology	7.5
	Real Estate	6.0
	Consumer Goods	4.5
	Utilities	3.0
	Other	6.5

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of December 31, 2024)

Top holdings	%
Royal Bank of Canada	7.0
Toronto-Dominion Bank	4.1
Canadian Natural Resources Ltd	3.2
Canadian Pacific Kansas City Ltd	3.2
Canadian National Railway Co	3.0
Bank of Montreal	3.0
Brookfield Corp Cl A	2.8
Agnico Eagle Mines Ltd	2.7
Suncor Energy Inc	2.6
Sun Life Financial Inc	2.5
Total allocation in top holdings	34.1

Portfolio characteristics
Standard deviation	14.2%
Dividend yield	2.6%
Average market cap (million)	$142,049.1

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

Best return	Best period end date	Worst return	Worst period end date
Data not available based on date of inception

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
Data not available based on date of inception

Q4 2024 Fund Commentary

Market commentary

The Canadian equity market rose over the quarter, but individual sector returns varied widely. The information technology sector’s outsized gains were primarily driven by one large-cap company, Shopify Inc. Conversely, all large-cap companies in the communication services sector declined significantly.

Performance

The Fund’s relative exposure to Cogeco Communications Inc. and Quebecor Inc. had a positive impact on performance. Relative exposure to Imperial Oil Ltd., CGI Inc. and Open Text Corp. had a negative impact on performance.

Cogeco Communications Inc. is Canada’s only cable and internet service provider operating in Canada and the U.S. The company’s most recent results were modestly better than market expectations. The sub-advisor expects the company’s valuation could improve under its revitalization plan. The sub-advisor also believes the company’s low valuation and high dividend yield are attractive, and its shares are undervalued.

Quebecor Inc., which also owns Freedom Mobile, is Canada’s fourth-largest wireless communications operator. Quarterly results were mixed as wireless operations increased while competition in its Quebec cable business negatively impacted profitability. Still, the sub-advisor believes the company’s valuation, dividend yield and long-term ability to gain market share are all attractive.

Imperial Oil Ltd.’s earnings fell because of lower oil prices, despite solid production. The company returned $1.5 billion to shareholders through dividends and share buybacks. Shares of the company underperformed because of a larger-than-expected capital program for 2025. The sub-advisor believes the shares are inexpensive for a well-run company.

CGI Inc. modestly increased revenue and earnings. Although new bookings relative to billings were down year over year, the ratio was still 104.4%, suggesting future growth. The stock is relatively expensive, but the sub-advisor believes its offers better value than many Canadian information technology companies.

Open Text Corp. is one of the world’s largest providers of enterprise-oriented cloud-based software and solutions for information management. The company provided a weak forecast for the first quarter of 2025 but expects better growth in subsequent quarters. The sub-advisor views the stock as undervalued.

At the sector level, the financials, industrials and materials sectors had a positive impact on performance. The energy and information technology sectors had a negative impact.

Outlook

The Fund was closed on December 13, 2024.

(September 30, 2024)

Foyston Gordon and Payne

NL — MAX2124

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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