Fund overview & performance

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Canada Life Segregated Funds

Canada Life Canadian Value Balanced Fund

Fund profile and commentary

Fund fact

February 28, 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 December 31, 2024)

Asset allocation (%)

	Name	Percent
	Canadian Equity	39.9
	Domestic Bonds	28.6
	US Equity	24.7
	Cash and Equivalents	4.4
	International Equity	2.0
	Foreign Bonds	0.5
	Other	-0.1

Geographic allocation (%)

	Name	Percent
	Canada	72.5
	United States	25.2
	Ireland	1.1
	Switzerland	0.9
	France	0.3

Sector allocation (%)

	Name	Percent
	Fixed Income	29.1
	Financial Services	18.3
	Consumer Goods	8.0
	Consumer Services	7.7
	Technology	7.1
	Industrial Services	6.6
	Healthcare	4.5
	Cash and Cash Equivalent	4.4
	Telecommunications	4.1
	Other	10.2

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of December 31, 2024)

Top holdings	%
Cash and Cash Equivalents	3.1
Toronto-Dominion Bank	3.0
Royal Bank of Canada	3.0
Bank of Montreal	2.2
Ontario Province 4.15% 02-Jun-2034	2.1
RB Global Inc	1.9
Quebec Province 4.45% 01-Sep-2034	1.8
Canada Government 3.00% 01-Jun-2034	1.7
Metro Inc	1.6
Canadian National Railway Co	1.4
Total allocation in top holdings	21.8

Portfolio characteristics
Standard deviation	10.3%
Dividend yield	2.6%
Yield to maturity	4.0%
Duration (years)	8.1
Coupon	4.5%
Average credit rating	A+

Understanding returns

Annual compound returns (%)

1 MO	3 MO	YTD	1 YR
-	-	-	-

3 YR	5 YR	10 YR	INCEPTION
-	-	-	-

Calendar year returns (%)

2024	2023	2022	2021
-	-	-	-

2020	2019	2018	2017
-	-	-	-

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

Market volatility during the quarter was fuelled by the U.S. presidential election and other elections, tension over tariffs, lower interest rates and geopolitical conflicts. Despite the volatility, the Canadian and U.S. equity markets rose. The Canadian bond market declined.?

Performance

The Fund’s fixed income component had a positive impact on performance. Canadian and U.S. equities had a negative impact.

In fixed income, the Fund’s longer duration (higher sensitivity to interest-rate changes) was positive for performance as bond yields fell. Overweight exposure to corporate bonds also had a positive impact. The Fund’s yield curve positioning had a negative impact on performance because of its overweight exposure to 10-year bonds, which underperformed.

The Fund’s relative exposure to CAE Inc., RB Global Inc. and Bank of Montreal had the most positive impact on performance. CAE Inc.’s margins improved in its civil and defence segments. RB Global Inc. benefited from cost discipline and solid execution. Bank of Montreal outperformed, with its large loan-loss provisions and management commentary suggesting the worst was likely over for its loan portfolio.

The Fund’s relative exposure to The Toronto-Dominion Bank, Rogers Communications Inc., Polaris Inc. and Biogen Inc. had a negative impact on performance. The Toronto-Dominion Bank pled guilty to money laundering charges in the U.S. and was fined roughly US$3 billion. An unexpected asset cap on its U.S. retail operations contributed to the stock’s decline.

Rogers Communications Inc. agreed to acquire BCE Inc.’s stake in Maple Leaf Sports & Entertainment and announced a structured equity financing deal with Blackstone Inc. Both deals were negatively received by the market. Polaris Inc. faced a challenging environment for power sports equipment, which is expected to continue in 2025. Biogen Inc.’s slow launch of a new drug for Alzheimer’s disease continued into the fourth quarter.

In Canadian equities, stock selection in the industrials sector and underweight exposure to the materials sector had a positive impact on performance. Stock selection in and underweight exposure to information technology, and stock selection in financials, were negative.

In U.S. equities, stock selection in and overweight exposure to the financials sector had a positive impact on performance. Stock selection in industrials also had a positive impact. Stock selection in the consumer discretionary, communication services and information technology sectors was negative.

The sub-advisor added ATS Corp., Boyd Group Services Inc., Medtronic PLC and Chubb Ltd. to the Fund. Bank of Montreal, Canadian Pacific Kansas City Ltd., The Toronto-Dominion Bank, Merck & Co. Inc., Omnicom Group Inc., Qualcomm Inc. and Amgen Inc. were increased.

The sub-advisor decreased holdings including Brookfield Asset Management Ltd., Sun Life Financial Inc., Royal Bank of Canada and Saputo Inc. The sub-advisor also decreased BlackRock Inc., SEI Investments Co., The Carlyle Group Inc., Kellanova, Flowserve Corp. and Tempur Sealy International Inc.

Outlook

Despite several rate reductions, the Bank of Canada’s (BoC) policy rate remains much higher than during the early 2020s. The sub-advisor expects higher mortgage payments to lead to lower discretionary spending, which could have a negative impact on economic activity.

The new U.S. administration intends to pursue protectionist trade policies like tariffs. The U.S. is Canada’s largest trading partner, and tariffs could significantly affect sectors that rely on exporting to the U.S.

Given expectations for revenue acceleration, margin expansion and earnings growth, the sub-advisor anticipates continued equity market volatility. Should earnings announcements fall short of high expectations, the market could decline. The sub-advisor believes this risk is higher for U.S. equities.

In fixed income, bond yields remain significantly higher than the lows of the early part of the decade. The sub-advisor believes the U.S. Federal Reserve Board and BoC are likely to continue lowering interest rates, but at a less aggressive pace. As credit spreads (the difference in yield between government and corporate bonds) are already narrow, the sub-advisor doesn’t expect them to narrow much further. Therefore, the sub-advisor expects 2025 to provide opportunities for corporate bonds.

(September 30, 2024)

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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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 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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