Fund overview & performance

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Canada Life Precious Metals Fund

July 31, 2025

An all-cap equity fund investing in precious metals for long-term growth.

Is this fund right for you?

  • You want your money to grow over a longer term.
  • You want to invest in precious metals and equity or other securities of companies engaged in the precious metals business.
  • You're comfortable with a high level of risk.

Risk Rating

Risk Rating: High

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

Asset allocation (%)

Name Percent
Canadian Equity 64.8
International Equity 27.3
US Equity 2.9
Cash and Equivalents 2.2
Domestic Bonds 0.3
Other 2.5

Geographic allocation (%)

Name Percent
Canada 67.3
Australia 16.0
United Kingdom 8.3
South Africa 2.9
United States 2.9
Belgium 0.1
Other 2.5

Sector allocation (%)

Name Percent
Basic Materials 95.0
Cash and Cash Equivalent 2.1
Fixed Income 0.3
Other 2.6

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of May 31, 2025)

Top holdings %
Agnico Eagle Mines Ltd 9.4
Barrick Mining Corp 8.2
Lundin Gold Inc 5.1
Anglogold Ashanti PLC 5.1
OR Royalties Inc 3.5
Genesis Minerals Ltd 3.3
Kinross Gold Corp 3.2
OceanaGold Corp 3.0
Iamgold Corp 2.9
Endeavour Mining PLC 2.8
Total allocation in top holdings 46.5
Portfolio characteristics
Standard deviation 29.6%
Dividend yield 0.8%
Average market cap (million) $19,820.9

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 (September 1, 2013 - July 31, 2025)

Best return Best period end date Worst return
Worst period end date
31.6% July 2020 1.6% Aug. 2018
Average return % of periods with positive returns Number of positive periods Number of negative periods
13.8% 100.0% 84 0

Q2 2025 Fund Commentary

Market commentary

The global economy slowed in the second quarter, driven by renewed U.S. tariff pressures and weaker consumer demand. The global growth forecast decreased because of trade uncertainty. Developed economies underperformed, while emerging markets, particularly in Asia, showed greater resilience.

Inflation remained relatively elevated worldwide, and central banks generally held interest rates steady. In the sub-advisor's views, trade tensions hampered business investment and industrial activity in export-dependent nations. Despite these challenges, government spending in Europe and China provided some support.

Global equity markets rose. Developed market equities gained, with the MSCI World Index and S&P 500 Index reaching new highs. Large technology companies rebounded in the U.S.

Non-U.S. equities, including in Europe and emerging Asia, generally performed well as the U.S. dollar weakened. However, prospects of renewed tariffs led to ongoing uncertainty.

Gold prices rose to above US$3,400 per ounce as investors sought relative safety amid trade tensions and elevated inflation.

Performance

The Fund’s relative exposure to Lundin Gold Inc. and Rio2 Ltd. contributed to performance. Lundin Gold benefited from the rising gold price, raising its dividend twice this year, which was rewarded by investors. Rio2 was recognized by investors as an imminent gold producer with a very large resource base.

Relative exposure to Equinox Gold Corp. detracted from performance. The company raised its offer for Calibre Mining Corp. and downgraded its production outlook. In the sub-advisor’s view, and in light of the merger, the company needs to strengthen its management team in order to turn around its performance.

Portfolio activity

The sub-advisor added Discovery Silver Corp. and Newmont Corp. to the Fund and increased a holding in Rox Resources Ltd. Gold Fields Ltd. was sold and holdings in Harmony Gold Mining Co. Ltd. and Wesdome Gold Mines Ltd. were reduced.

Mackenzie Investments

Contact information

Toll free: 1-844-730-1633

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Summary

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Total returns performance

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Last price

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Value of $10,000 investment

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