Fund overview & performance

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Canada Life Segregated Funds

Canada Life Canadian Value Balanced Fund

Fund profile and commentary

Fund fact

July 31, 2025

A fund that aims to find balance between long-term growth and consistent income.

Is this fund right for you?

You want your money to grow over a longer term.
You want to invest in mid- to large- cap Canadian equities and fixed income securities.
You're comfortable with a low to medium level of risk.

Risk Rating

How is the fund invested? (as of May 31, 2025)

Asset allocation (%)

	Name	Percent
	Canadian Equity	40.8
	Domestic Bonds	28.2
	US Equity	22.6
	Cash and Equivalents	5.6
	International Equity	2.3
	Foreign Bonds	0.7
	Other	-0.2

Geographic allocation (%)

	Name	Percent
	Canada	74.3
	United States	23.2
	Ireland	1.2
	Switzerland	1.1
	France	0.3
	Other	-0.1

Sector allocation (%)

	Name	Percent
	Fixed Income	28.9
	Financial Services	19.0
	Consumer Services	7.8
	Technology	7.3
	Industrial Services	6.7
	Cash and Cash Equivalent	5.6
	Healthcare	4.5
	Basic Materials	4.3
	Consumer Goods	4.0
	Other	11.9

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of May 31, 2025)

Top holdings	%
Cash and Cash Equivalents	4.1
Toronto-Dominion Bank	3.7
Royal Bank of Canada	3.0
Bank of Montreal	2.4
Canadian National Railway Co	1.6
Canada Government 3.00% 01-Jun-2034	1.5
Quebec Province 4.45% 01-Sep-2034	1.5
Restaurant Brands International Inc	1.5
eBay Inc	1.5
RB Global Inc	1.4
Total allocation in top holdings	22.2

Portfolio characteristics
Standard deviation	9.6%
Dividend yield	2.5%
Yield to maturity	4.0%
Duration (years)	8.2
Coupon	4.3%
Average credit rating	A+

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 began with uncertainty following the U.S. administration’s tariff announcement. On April 2, the U.S. introduced a 10% global baseline tariff and higher reciprocal tariffs targeting countries with large trade deficits. Equity markets declined significantly until a 90-day tariff pause was announced for most regions, leading equities to rebound. Overall, Canadian and U.S. equities ended the period higher while the Canadian bond market declined.

Performance

The Fund’s relative exposure to The Toronto-Dominion Bank (TD Bank), Royal Bank of Canada and NetApp Inc. had a positive impact on performance. TD Bank benefited from easing tariff concerns, reporting better-than-expected earnings. Royal Bank reported good operational performance with the successful integration of HSBC Canada. NetApp’s fourth-quarter results reassured investors that the reasons for last quarter’s miss were one-time in nature.

Relative exposure to Suncor Energy Inc., Restaurant Brands International Inc. and The Campbell’s Co. was negative for performance. Suncor was affected by falling oil prices. Restaurant Brands’ stock was under pressure because of lower consumer spending at restaurants and higher industry competition. Campbell’s results included 4% higher sales, but forecasted its adjusted earnings per shares to be at the low end of the range.

At the sector level, Canadian stock selection in communication services and U.S. selection within financials had the most positive impact on performance. Within fixed income holdings, a short duration (sensitivity to interest rates) had a positive impact, as did overweight exposure to corporate bonds.

Canada stock selection within the information technology and consumer discretionary sectors had a negative impact. In the U.S., stock selection in communication services, information technology and consumer staples was negative for performance. Within fixed income, security selection among corporate bonds had a negative impact.

Portfolio activity

The sub-advisor added Element Fleet Management Corp. and Elevance Health Inc. to the Fund. AltaGas Ltd., CGI Inc., Ameriprise Financial Inc., Westinghouse Air Brake Technologies Corp., Merck & Co Inc., Medtronic PLC, Qualcomm Inc. and Chubb Ltd. were increased. The Bank of Nova Scotia, Magna International Inc., Polaris Inc., Gentex Corp. and Somnigroup International Inc. were sold. Holdings in eBay Inc., Amdocs Ltd.,BRP Inc., Gen Digital Inc., Loblaw Cos. Ltd. and Cencora Inc. were reduced.

Outlook

U.S. equities underperformed their Canadian and international peers, negatively affected by the U.S. administration’s tariff policy. In this uncertain environment, the sub-advisor will assess the resilience of the Fund’s holdings, anticipating further changes to the portfolio. The Fund holds what the sub-advisor views as fundamentally sound companies with growing end markets, healthy margins and strong returns profiles.

In fixed income, tariff uncertainty has stalled business investment in Canada and weakened the global economic outlook. The current climate has led Canadians to reflect on its overreliance on the U.S., driving it to rethink interprovincial and international trade barriers. Higher support in Canada for spending on pipelines, ports, highways, public transportation and other infrastructure is encouraging. While projects may lead to a higher fiscal deficit, it should ultimately be more productive, leading to job creation and long-term revenue generation, in the sub-advisor's view.

(March 31, 2025)

Beutel, Goodman & Company Ltd.

FEL — MAX7804

DSC^ — MAX7904

LSC^ — MAX8004

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 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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