Fund overview & performance

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Canada Life US All Cap Growth Fund

Fund fact

July 31, 2025

The fund seeks long-term capital growth by investing primarily in equities of U.S.companies of any size. The fund uses a growth style of investing. It may invest up to 30% of its assetsin non-U.S. issuers

Is this fund right for you?

Are looking for a U.S. 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 May 31, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	91.6
	International Equity	4.0
	Canadian Equity	2.7
	Cash and Equivalents	1.7

Geographic allocation (%)

	Name	Percent
	United States	91.6
	Canada	4.4
	Ireland	2.0
	Luxembourg	1.2
	Switzerland	0.9
	Other	-0.1

Sector allocation (%)

	Name	Percent
	Technology	49.8
	Consumer Services	16.9
	Financial Services	8.7
	Healthcare	7.4
	Industrial Goods	4.3
	Consumer Goods	3.8
	Industrial Services	2.4
	Real Estate	2.4
	Basic Materials	1.8
	Other	2.5

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	9.8
NVIDIA Corp	9.6
Amazon.com Inc	7.3
Apple Inc	7.3
Broadcom Inc	5.1
Meta Platforms Inc Cl A	3.9
Alphabet Inc Cl C	3.7
Mastercard Inc Cl A	3.3
Tesla Inc	3.0
Eli Lilly and Co	2.8
Total allocation in top holdings	55.8

Portfolio characteristics
Standard deviation	15.3%
Dividend yield	0.4%
Average market cap (million)	$1,918,095.3

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 (February 1, 2001 - July 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
23.1%	Aug. 2021	-11.8%	Jan. 2006

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
10.0%	78.7%	185	50

Q2 2025 Fund Commentary

Market commentary

U.S. equity markets rose in the second quarter of 2025 with growth stocks posting strong returns. The quarter began with volatility following the U.S. administration’s announcement of tariffs on nearly all imports, which led to sharp losses for U.S. equities. However, stocks reversed course after a 90-day pause on certain tariffs to most countries was announced. In addition, first-quarter corporate earnings results and outlook statements were better than expected and macroeconomic fundamentals remained steady.

Performance

The Fund’s relative overweight exposure to Broadcom Inc. and Howmet Aerospace Inc. was positive for performance. Underweight exposure to Apple Inc. was also positive for the Fund’s performance. Relative overweight exposure to Copart Inc. was negative for the Fund’s performance.

At the sector level, stock selection in consumer discretionary and communication services was positive for the Fund’s performance. Underweight exposure to the poorly performing consumer staples sector was positive for performance. Stock selection in financials and information technology was negative for the Fund’s performance. The Fund’s cash allocation was negative for performance given outperformance by U.S. equities.

Portfolio activity

The sub-advisor added Vulcan Materials Co. to the Fund and increased existing holdings in The Progressive Corp. and CoStar Group Inc. Analog Devices Inc. and McCormick & Co. Inc. were sold. Apple was reduced.

Outlook

Uncertainty continues to surround the U.S. administration’s tariff policies but the U.S. economy was resilient, with U.S. equities rising to all-time highs in June. Still, the labour market is expected to soften, consumer sentiment remains fragile and proposed tariffs could reintroduce inflation, in the sub-advisor's view. Therefore, the sub-advisor expects volatility to continue.

The sub-advisor sees structurally positive and multi-year trends that should drive sustained growth for many businesses. More broadly, the sub-advisor believes that innovation is likely to come from traditional growth sectors in the next five years. These sectors include information technology, health care, consumer discretionary and industrials, which make up over 70% of the Fund.

The Fund’s active weights remain tight in order to reduce unintended factor risks and accentuate stock-specific risk. Currently, the Fund remains within +/-5% of all sectors. The Fund’s largest exposure is to information technology, but it is an underweight exposure compared to the benchmark. The Fund has underweight exposure to consumer staples and no weighting in energy or utilities.

(March 31, 2025)

Putnam Investments

NL — MAX8226

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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