Fund overview & performance

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Canada Life Segregated Funds

Canada Life Global Growth Equity Fund

Fund profile and commentary

Fund fact

July 31, 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 May 31, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	57.9
	International Equity	38.9
	Canadian Equity	2.1
	Cash and Equivalents	1.2
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	United States	57.9
	India	4.3
	Canada	3.3
	Germany	3.2
	Japan	3.2
	United Kingdom	3.1
	China	3.0
	Indonesia	2.6
	Philippines	2.4
	Other	17.0

Sector allocation (%)

	Name	Percent
	Technology	33.7
	Financial Services	19.2
	Consumer Services	9.3
	Industrial Goods	7.5
	Healthcare	7.0
	Consumer Goods	6.1
	Energy	4.0
	Basic Materials	3.9
	Industrial Services	3.3
	Other	6.0

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of May 31, 2025)

Top holdings	%
Microsoft Corp	5.1
NVIDIA Corp	3.9
Amazon.com Inc	3.6
Meta Platforms Inc Cl A	2.8
Apple Inc	2.4
Alphabet Inc Cl C	1.8
Bank of America Corp	1.3
Broadcom Inc	1.3
Netflix Inc	1.2
Taiwan Semiconductor Manufactrg Co Ltd - ADR	1.2
Total allocation in top holdings	24.6

Portfolio characteristics
Standard deviation	12.1%
Dividend yield	1.2%
Average market cap (million)	$927,284.2

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

Q2 2025 Fund Commentary

Market commentary

The second quarter of 2025 was volatile across global equity markets, driven by concerns about U.S. tariff policies and conflict in the Middle East. Despite these fears, major equity markets recovered and finished the quarter higher in Canadian dollar terms.

U.S. equities declined sharply following the U.S. administration’s early April tariff announcement but recovered after a pause in tariff implementation was announced. Major information technology stocks rose, supported by renewed investor confidence and strong earnings.

European equities rose for the period. The region, particularly Germany, was boosted by optimism about the eurozone’s economy, fueled by expectations of increased fiscal stimulus and reforms. Enthusiasm waned by the end of the quarter amid increased uncertainty over tariffs, and a fragile economic picture saw central banks provide cautious policy updates. The European Central Bank cut its key interest rate twice while the Bank of England reduced interest rates once.

Developed Asian equities saw positive performance, with investor sentiment improving regarding U.S. trade deals as the quarter progressed. Hong Kong and Australia posted gains, buoyed by information technology stocks. Japanese equities were supported by strong earnings from exporters and a broadly weaker yen. The Bank of Japan maintained its base interest rate and indicated it would postpone interest rate hikes until next year.

Easing trade tensions and a declining U.S. dollar benefited emerging market equities. In Asia, South Korea outperformed following the election of a market-friendly president, while Taiwan surged on the strength of technology stocks. Chinese stocks fell despite progress in trade talks and better-than-expected economic data. Latin America gained, led by Mexico and Peru, while the emerging Europe, Africa and Middle East region was largely unchanged.

Global equity sector performance was mostly positive. Information technology, communication services and industrials were the strongest performers, while health care and energy declined the most.

Performance

At the sector level, security selection in health care, consumer discretionary and communication services had a positive impact on the Fund’s performance. Underweight exposure to health care also had a positive impact on performance. Stock selection in financials and industrials, as well as business services companies, was negative for the Fund’s performance.

Portfolio activity

There were no notable transactions in the Fund during the period.

Outlook

At the beginning of 2025, the resilient U.S. economy was expected to continue driving the global economy. Corporate earnings were growing, and prospects for lower regulation and additional tax cuts appeared to be paving the way for equities to move higher. However, the outlook has deteriorated because of trade tensions and U.S. policy uncertainty, now anticipated to cause a slowdown in economic growth. Corporate earnings estimates have been revised downward, and the rising U.S. fiscal deficit is raising additional concerns.

While trade tensions have de-escalated, particularly between the U.S. and China, uncertainty remains about the path forward. The sub-advisor believes a range of outcomes is possible, so has maintained a balanced position in the Fund, neither pivoting defensively nor offensively. This should allow the sub-advisor to respond as the unknowns play out and sets up the Fund to benefit from the broader market environment.

The sub-advisor’s global equity outlook is more subdued than earlier in the year but is encouraged by pockets of growth emerging in the market. The sub-advisor expects the broadening market leadership observed across sectors and regions to continue in the second half of the year. However, elevated uncertainty leads the sub-advisor to focus on being diversified, balanced and positioned for resilience.

(March 31, 2025)

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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Value of $10,000 investment

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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 June 30, 2025.

The views expressed in this commentary are those of the 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 June 30, 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. The funds are distributed by Quadrus Investment Services Ltd., IPC Investment Corporation, and IPC Securities Corporation, and may also be available through other authorized dealers in Canada. 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. The funds are distributed by Quadrus Investment Services Ltd., IPC Investment Corporation, and IPC Securities Corporation, and may also be available through other authorized dealers in Canada.

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