Fund overview & performance

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Canada Life Segregated Funds

Canada Life Global Growth Equity Fund

Fund profile and commentary

Fund fact

April 30, 2025

A growth-style equity fund seeking strong long-term growth from investments around the world.

Is this fund right for you?

You want your money to grow over a longer term.
You want to invest in a wide range of Canadian growth companies, including junior growth companies.
You're comfortable with a medium level of risk.

Risk Rating

How is the fund invested? (as of February 28, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	60.0
	International Equity	37.2
	Canadian Equity	2.0
	Cash and Equivalents	0.8

Geographic allocation (%)

	Name	Percent
	United States	60.0
	India	3.7
	China	3.4
	Germany	3.3
	Vietnam	3.2
	United Kingdom	2.9
	Canada	2.8
	Japan	2.6
	Indonesia	2.6
	Other	15.5

Sector allocation (%)

	Name	Percent
	Technology	35.0
	Financial Services	19.0
	Consumer Services	11.3
	Healthcare	8.4
	Industrial Goods	6.6
	Consumer Goods	5.3
	Industrial Services	3.7
	Energy	3.2
	Basic Materials	3.0
	Other	4.5

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of February 28, 2025)

Top holdings	%
Apple Inc	4.8
Microsoft Corp	4.3
Amazon.com Inc	3.9
Meta Platforms Inc Cl A	3.6
NVIDIA Corp	3.5
Alphabet Inc Cl C	2.0
Eli Lilly and Co	1.8
Bank of America Corp	1.5
Netflix Inc	1.5
Nu Holdings Ltd Cl A	1.3
Total allocation in top holdings	28.2

Portfolio characteristics
Standard deviation	13.5%
Dividend yield	1.1%
Average market cap (million)	$1,096,871.3

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

Q1 2025 Fund Commentary

Market commentary

Global equities fell in the first quarter of 2025, despite early optimism about the incoming Trump administration’s business-friendly policies. Sentiment turned negative because of concerns over unpredictable U.S. trade policy and rapidly shifting geopolitical dynamics. This led to market volatility as investors wrestled with potential impacts on global economic growth, trade and geopolitical relationships.

U.S. stocks fell because of U.S. trade policy, weaker-than-expected economic data, falling consumer spending and sentiment, and ongoing cuts to the federal workforce. Information technology stocks fell the most because of worries around the sustainability of artificial intelligence (AI)-related spending. Despite uncertainty, the U.S. Federal Reserve Board kept interest rates on hold.

Developed European equities were up, outperforming U.S. equity markets, driven by positive corporate earnings. Trade tensions affected sentiment, as did Donald Trump’s stance on the Russia–Ukraine war, leading European countries to announce increased fiscal spending on infrastructure and defense. The European Central Bank cut interest rates, while the Bank of England kept interest rates steady.

Developed Asian equity markets were positive, with Singapore outperforming as investors looked for large-capitalization banks for their perceived “safe haven” status. In Japan, equity markets were also modestly positive, but the strengthening yen weighed on the profit outlooks of Japan’s exporters. The Bank of Japan raised interest rates in January but adopted a cautious stance as the quarter progressed and kept rates steady thereafter. Both New Zealand and Australian equities were affected by tariff concerns, and share prices fell.

Emerging market equites gained, outperforming developed market peers. In Asia, foreign investor shares in China rose sharply thanks to growing optimism about the country’s AI advancements and supportive policies from Beijing. Indian stocks fell amid rising fears about stock valuations and economic growth as well as Trump’s tariffs. Latin American equities rose, especially in Colombia, Chile and Brazil, the latter’s economy benefiting from strong domestic demand.

Performance

At the sector level, stock selection in communication services and real estate had a positive impact on the Fund’s performance. Stock selection in consumer staples, financials, industrials and business services was negative for performance. Regionally, stock selection in North America was negative for performance.

Portfolio activity

There were no significant portfolio trades made during the first quarter of 2025.

Outlook

Uncertainties around U.S. tariffs, immigration, military strategy and government spending have led to wider investment opportunities for global equity investors. The sub-advisor believes there is greater market and recession risk, but investment opportunity across a wider range of sectors and regions is positive. The U.S. tariff situation is fluid, and the sub-advisor expects uncertainty and market volatility to continue.

The sub-advisor reduced the Fund’s volatility by adding more defensive positions and sectors as the risk of a recession has risen. The sub-advisor added new positions in Europe, where shifting fiscal policies aimed at becoming more self-reliant could lead to new investment cycles across the region. In the sub-advisor’s view, emerging markets, particularly countries like Vietnam, Indonesia, the Philippines and India, offer long-term growth opportunities despite their risks. The sub-advisor’s outlook for China is cautious because of tariff announcements and has been selective in Chinese holdings.

(September 30, 2024)

T. Rowe Price Group Inc

NL — MAX8206

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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