Fund overview & performance

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Canada Life Segregated Funds

Canada Life Strategic Income Fund

Fund profile and commentary

Fund fact

May 31, 2025

A blended-style fund that emphasizes long-term growth while also providing income.

Is this fund right for you?

You’re looking to preserve your investment while still allowing it to grow.
You want to invest in a combination of Canadian common shares, bonds and debentures.
You're comfortable with a low to medium level of risk.

Risk Rating

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

Asset allocation (%)

	Name	Percent
	Canadian Equity	30.0
	Foreign Bonds	23.9
	US Equity	16.0
	Domestic Bonds	14.3
	International Equity	8.3
	Cash and Equivalents	6.4
	Income Trust Units	0.9
	Other	0.2

Geographic allocation (%)

	Name	Percent
	Canada	50.2
	United States	38.1
	Germany	2.6
	United Kingdom	1.6
	Japan	1.2
	Switzerland	0.8
	France	0.8
	Taiwan	0.5
	Bermuda	0.4
	Other	3.8

Sector allocation (%)

	Name	Percent
	Fixed Income	38.3
	Financial Services	14.1
	Energy	7.5
	Technology	7.2
	Cash and Cash Equivalent	6.4
	Basic Materials	4.6
	Industrial Services	4.6
	Consumer Services	4.4
	Consumer Goods	3.2
	Other	9.7

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of March 31, 2025)

Top holdings	%
Cash and Cash Equivalents	3.8
Royal Bank of Canada	2.4
Toronto-Dominion Bank	1.6
Canadian Natural Resources Ltd	1.4
Agnico Eagle Mines Ltd	1.3
Microsoft Corp	1.2
Canadian Pacific Kansas City Ltd	1.2
Bank of Montreal	1.1
Enbridge Inc	1.1
United States Treasury 4.63% 15-Feb-2055	1.1
Total allocation in top holdings	16.2

Portfolio characteristics
Standard deviation	8.3%
Dividend yield	2.8%
Yield to maturity	6.1%
Duration (years)	5.2
Coupon	4.8%
Average credit rating	BBB+

Understanding returns

Annual compound returns (%)

1 MO	3 MO	YTD	1 YR
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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 (August 1, 2013 - May 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
9.3%	March 2025	3.1%	March 2020

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
5.9%	100.0%	83	0

Q1 2025 Fund Commentary

Market commentary

The global economy faced significant challenges during the first quarter, driven by shifting tariff policies. The global gross domestic product growth forecast was revised downward. This was a reversal from the previous year’s growth of 3.3%, according to the International Monetary Fund.

Trade issues and weaker consumer spending affected various economies differently. Emerging markets showed more resilience compared to developed markets. Inflation concerns and tariff uncertainties further weighed on business investment.

Government bond yields fell across major economies. The yield on 10-year U.S. Treasuries declined from 4.57% to 4.21%. Declining yields led to higher bond prices, particularly for longer-term government bonds. European government bonds followed a similar trend and were further supported by the European Central Bank’s interest-rate cuts. Investment-grade and high-yield corporate bonds also gained.

Global equity markets experienced a volatile quarter. The MSCI World Index declined by 1.68% on a total return basis. Growth stocks, particularly in the information technology and communication services sectors, underperformed. Stocks in the materials, health care and energy sectors outperformed, benefiting from sector-specific strengths and investors’ shifting preferences.

Performance

The Fund’s relative exposure to Philip Morris International Inc., Shopify Inc. and Canadian Imperial Bank of Commerce (CIBC) was positive for performance. Philip Morris stock rose, driven by growth in its smoke-free product segment and appeal as a high-yield dividend stock. A lack of holdings in Shopify and CIBC was positive for performance as both underperformed. Shopify was affected by market volatility, particularly in the information technology sector.

Relative exposure to Broadcom Inc., Microsoft Corp. and NVIDIA Corp. was negative for performance. Broadcom and Microsoft underperformed because of investor concerns about tariffs and artificial intelligence spending. NVIDIA’s performance was affected by trade concerns and supply chain issues.

At the sector level, stock selection in financials, energy and consumer staples was positive for the Fund’s performance. Stock selection in information technology, communication services and consumer discretionary was negative for performance.

Within fixed income securities, exposure to federal and provincial government bonds was positive for performance. Exposure to corporate bonds, particularly in industrials, communication services and infrastructure, was negative for performance.

At a geographic level, stock selection in Canada, Germany and Switzerland was positive for performance, while selection in the U.S., Taiwan and Denmark was negative.

Portfolio activity

The sub-advisor added Schneider Electric SE to replace Air Liquide SA. Schneider Electric is growing faster, generates higher returns on capital, has a slightly higher dividend yield and trades for a lower valuation. Pembina Pipeline Corp. was increased based on growth in natural gas liquids. Cenovus Energy Inc. was increased based on improved free cash flow and attractive valuation.

TELUS Corp. was trimmed given the sub-advisor’s view that lower Canadian immigration targets could have negative implications for the sector. Bank of Montreal was reduced based on potential risks from slowing growth because of trade disputes.

(March 31, 2025)

Mackenzie Investments

NL — MAX8223

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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