Fund overview & performance

Looking for segregated funds?

Canada Life Diversified Real Assets Fund

Fund fact

April 30, 2025

The fund seeks to provide long-term capital growth and to maximize real returns during inflationary environments. The fund invests primarily in a combination of equity and fixed income securities of issuers located anywhere in the world which are expected to be collectively resilient to inflation.

Is this fund right for you?

You are looking for a multi-asset fund to hold as part of your portfolio
You are seeking less exposure to inflation than is typical in other funds
You want a medium-term investment
You can handle the volatility of bond, stock, real estate and commodity markets

Risk Rating

How is the fund invested? (as of February 28, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	38.7
	International Equity	24.5
	Foreign Bonds	12.8
	Canadian Equity	11.2
	Cash and Equivalents	6.6
	Income Trust Units	2.0
	Other	4.2

Geographic allocation (%)

	Name	Percent
	United States	59.7
	Canada	12.7
	United Kingdom	6.1
	France	3.2
	Japan	2.6
	Australia	2.2
	Brazil	1.5
	Multi-National	1.5
	Hong Kong	1.2
	Other	9.3

Sector allocation (%)

	Name	Percent
	Real Estate	22.6
	Energy	21.3
	Fixed Income	12.8
	Utilities	10.9
	Basic Materials	9.9
	Cash and Cash Equivalent	6.6
	Consumer Goods	4.8
	Exchange Traded Fund	4.3
	Industrial Services	2.1
	Other	4.7

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of February 28, 2025)

Top holdings	%
Williams Cos Inc	2.1
TC Energy Corp	2.1
American Tower Corp	2.0
Welltower Inc	1.9
National Grid PLC	1.8
Shell PLC	1.8
Exxon Mobil Corp	1.7
Vinci SA	1.7
Targa Resources Corp	1.5
abrdn Blmbrg All Commodty Strat K-1 Free ETF (BCI)	1.5
Total allocation in top holdings	18.1

Portfolio characteristics
Standard deviation	-
Dividend yield	3.6%
Average market cap (million)	$80,908.9

Understanding returns

Annual compound returns (%)

1 MO	3 MO	YTD	1 YR
{{snapShot.Return1Mth\|customNumber:1}}	{{snapShot.Return3Mth\|customNumber:1}}	{{snapShot.ReturnYTD\|customNumber:1}}	{{snapShot.Return1Yr\|customNumber:1}}

3 YR	5 YR	10 YR	INCEPTION
{{snapShot.Return3Yr\|customNumber:1}}	{{snapShot.Return5Yr\|customNumber:1}}	{{snapShot.Return10Yr\|customNumber:1}}	{{snapShot.ReturnInception\|customNumber:1}}

Calendar year returns (%)

2024	2023	2022	2021
{{snapShot.Return1YrCalendar\|customNumber:1}}	{{snapShot.Return2YrCalendar\|customNumber:1}}	{{snapShot.Return3YrCalendar\|customNumber:1}}	{{snapShot.Return4YrCalendar\|customNumber:1}}

2020	2019	2018	2017
{{snapShot.Return5YrCalendar\|customNumber:1}}	{{snapShot.Return6YrCalendar\|customNumber:1}}	{{snapShot.Return7YrCalendar\|customNumber:1}}	{{snapShot.Return8YrCalendar\|customNumber:1}}

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

Q1 2025 Fund Commentary

Market commentary

In the first quarter of 2025, diversified real assets advanced. All core categories posted gains as investors shifted to less economically sensitive sectors amid heightened volatility. The U.S. Federal Reserve Board kept interest rates unchanged, while the European Central Bank cut interest rates by 50 basis points. The 10-year U.S. Treasury yield declined from around 4.6% to 4.2%.

Global real estate securities had positive returns amid declining interest rates, with health care, landlords, and seniors housing outperforming. Global listed infrastructure securities rose as investors moved toward less economically sensitive sectors. Top-performing segments included tower and satellite companies, as well as water and electric utilities.

Natural resource equities rose, led by the energy sector, with natural gas prices rising because of higher demand. Oil prices were mixed, while precious metals, aluminum and copper prices rose.

Performance

The Fund’s relative exposure to Agnico Eagle Mines Ltd., Wheaton Precious Metals Corp. and WH Group LTD. had the most positive impact on performance. Agnico Eagle and Wheaton Precious Metals Corp. benefited from rising gold and precious metals prices. WH Group posted positive quarterly results, driven by a stabilizing pork segment.

Relative exposure to Venture Global Inc., Bakkafrost P/F and Teck Resources Ltd. was negative for performance. Venture Global was affected by lower margin expectations on liquefied natural gas (LNG) exports. Bakkafrost’s stock declined because of falling salmon prices. Tariff announcements on Canadian goods weighed on Teck Resources’ near-term outlook.

At the sector level, underweight exposure to global real estate and overweight exposure to infrastructure and natural resources had a positive impact on performance. Security selection within global infrastructure also had a positive impact, as did security selection within gas distributors, communication services and toll roads.

Stock selection within global natural resource equities had a negative impact on the Fund’s performance. Underweight exposure to diversified metals and minging, gold miners and commodities had a negative impact. Overweight exposure to oil and gas exploration securities and short-term bonds was also negative for performance.

Portfolio activity

The sub-advisor added Smithfield Foods Inc. to the Fund based on improvements in the pork sector. Venture Global Inc. was added for its potential to benefit from the growth of LNG exports.

The sub-advisor increased Exxon Mobil Corp. for its attractive valuation, while Nutrien Ltd. was increased based on rising corn prices. Agnico Eagle was increased to raise the Fund’s gold exposure.

Freeport-McMoRan Inc. was sold based on the sub-advisor’s view that it may have production challenges in 2025. The sub-advisor sold ConocoPhillips in favour of the increase to Exxon Mobil.

The sub-advisor decreased CF Industries Holdings Inc. and AGCO Corp. CF Industries was reduced in favour of Nutrien, while AGCO was reduced following positive share price performance.

Outlook

At quarter end, the Fund had overweight exposure to global infrastructure and natural resource equities, and underweight exposure to commodities and global real estate. Within fixed income, the Fund has overweight exposure to short-term securities to help manage risk.

The sub-advisor believes global real estate stocks are less likely to be negatively affected by tariffs or inflation. The sub-advisor believes data centre holdings should benefit from rising demand for cloud computing and artificial intelligence (AI). The sub-advisor favours the logistics and self-storage segments, which tend to be less economically sensitive, and is more cautious about the retail and office segments.

Within global listed infrastructure, the sub-advisor favours higher-quality businesses that should be able to perform relatively well in a challenging growth environment. The sub-advisor sees power demand as increasingly important for power generation, power grid reliability and data centre growth. The need for electric and gas infrastructure to support data centre demand could drive investment opportunities within the asset class. However, the sub-advisor is closely monitoring customer affordability.

The sub-advisor’s outlook for natural resources is driven by trends like AI, the energy transition, urbanization, and the rising global middle class. The sub-advisor believes this shift could sustain demand for natural resources, leading to higher commodity prices and investment returns. The sub-advisor is optimistic about crude oil demand because of modest global growth expectations, although oversupply concerns could bring oil prices down.

(September 30, 2024)

Cohen & Steers Capital Management, Inc.

NL — MAX8250

Contact information

Toll free: 1-844-730-1633

Period:

From: to:

Chart type:

Simple moving average:

No matching records found.

Summary

For the period {{NAVPSPerformanceSummary.StartDate}} through {{NAVPSPerformanceSummary.EndDate}} with $10,000 CAD investment

Total returns performance

Last price

{{NAVPSPerformanceSummary.NAVPS | customCurrency}} CAD

as of market close {{NAVPSPerformanceSummary.NAVPSDate}}

Value of $10,000 investment

{{NAVPSPerformanceSummary.GrowthOfTenThousand | customCurrency}} CAD

Period:

From: to:

Interval:

Export to:

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.

Fund overview & performance

Asset class

Annualized returns

Fund management

Series