Fund overview & performance

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Canada Life Canadian Value Fund

Fund fact

June 30, 2025

The fund seeks long-term capital growth by investing mainly in Canadian equities. The fund uses a value equity style of investing and may hold up to 30% of its assetsin foreign investments.

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 April 30, 2025)

Asset allocation (%)

	Name	Percent
	Canadian Equity	90.8
	US Equity	5.2
	Income Trust Units	3.5
	Cash and Equivalents	0.4
	International Equity	0.2
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	Canada	94.6
	United States	5.2
	Australia	0.1
	Ireland	0.1

Sector allocation (%)

	Name	Percent
	Financial Services	31.1
	Basic Materials	12.6
	Energy	11.9
	Industrial Services	8.5
	Consumer Services	8.4
	Technology	7.5
	Real Estate	6.4
	Consumer Goods	4.3
	Utilities	2.8
	Other	6.5

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of April 30, 2025)

Top holdings	%
Royal Bank of Canada	6.4
Toronto-Dominion Bank	4.4
Agnico Eagle Mines Ltd	4.1
Canadian Pacific Kansas City Ltd	3.3
Canadian Natural Resources Ltd	3.0
Canadian National Railway Co	3.0
Brookfield Corp Cl A	2.6
Kinross Gold Corp	2.6
Suncor Energy Inc	2.5
Sun Life Financial Inc	2.5
Total allocation in top holdings	34.4

Portfolio characteristics
Standard deviation	13.1%
Dividend yield	2.6%
Average market cap (million)	$106,168.4

Understanding returns

Annual compound returns (%)

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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 (June 1, 2020 - June 30, 2025)

Best return	Best period end date	Worst return	Worst period end date
18.5%	June 2025	18.3%	May 2025

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
18.4%	100.0%	2	0

Q1 2025 Fund Commentary

Market commentary

The Canadian economy faced significant challenges during the first quarter, driven by trade disruptions and tariff uncertainty. While the U.S. postponed its broad-based tariffs multiple times, trade issues loomed large for investors and markets.

Despite these challenges, the Canadian economy was resilient. Canada’s gross domestic product growth was 1.5% last year and was expected to be 1.4% for 2025, according to the International Monetary Fund. However, productivity growth lagged, highlighting ongoing challenges to business investment in the current environment.

The Canadian equity market outperformed the U.S., with the S&P/TSX Composite Index gaining 1.52% on a total return basis. The materials, utilities and energy sectors were the top performers, while health care, information technology and industrials underperformed. Gold stocks rose strongly as investors sought lower-risk investments given the economic uncertainty.

Performance

The Fund’s relative exposure to Agnico Eagle Mines Ltd. and Kinross Gold Corp. was positive for performance, both of which benefited from higher gold prices. Underweight exposure to Shopify Inc. was positive for performance, as the shares fell with other information technology stocks as investors were concerned by shifting U.S. trade policy and weakening consumer sentiment.

Relative exposure to TransAlta Corp. was negative for performance as investors questioned future power demand for artificial intelligence. A lack of exposure to Wheaton Precious Metals Corp. and Barrick Gold Corp. was negative for performance as they benefited from rising gold prices. A lack of exposure Waste Connections Inc. was negative for performance as its stock outperformed as investors sought more defensive holdings.

At the sector level, security selection in energy and real estate was positive for performance. Underweight exposure to information technology was positive for performance. Security selection in utilities, materials and industrials was negative for performance. Underweight exposure to materials was negative for performance.

Portfolio activity

The sub-advisor added ARC Resources Ltd. based on its value relative to its peers. Shopify Inc. was increased for its attractive valuation. The sub-advisor also added to positions in industrials, consumer discretionary, information technology and real estate investment trusts.

South Bow Corp. was sold and holdings in Canadian banks were reduced. Positions in Empire Co. Ltd. and Loblaw Cos. Ltd. were trimmed.

(March 31, 2025)

Mackenzie Investments

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 March 31, 2025.

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 March 31, 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. 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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