Fund overview & performance

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Canada Life Diversified Real Assets Fund

Fund fact

July 31, 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 May 31, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	37.7
	International Equity	24.5
	Foreign Bonds	13.8
	Canadian Equity	11.2
	Cash and Equivalents	6.4
	Income Trust Units	2.2
	Other	4.2

Geographic allocation (%)

	Name	Percent
	United States	58.7
	Canada	13.5
	United Kingdom	6.5
	France	3.6
	Japan	2.7
	Australia	2.4
	Multi-National	1.4
	Hong Kong	1.2
	Brazil	1.1
	Other	8.9

Sector allocation (%)

	Name	Percent
	Real Estate	22.3
	Energy	20.4
	Fixed Income	13.8
	Basic Materials	10.5
	Utilities	10.4
	Consumer Goods	7.2
	Cash and Cash Equivalent	6.4
	Exchange Traded Fund	4.2
	Industrial Services	1.9
	Other	2.9

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of May 31, 2025)

Top holdings	%
Cash and Cash Equivalents	2.1
Shell PLC	2.0
National Grid PLC	2.0
TC Energy Corp	2.0
Williams Cos Inc	1.9
American Tower Corp	1.7
Exxon Mobil Corp	1.7
Welltower Inc	1.7
Vinci SA	1.6
Bunge Global SA	1.6
Total allocation in top holdings	18.3

Portfolio characteristics
Standard deviation	-
Dividend yield	3.6%
Average market cap (million)	$75,829.7

Understanding returns

Annual compound returns (%)

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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

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

Q2 2025 Fund Commentary

Market commentary

Over the second quarter of 2025, diversified real assets rose but underperformed broader equity markets. The U.S. Federal Reserve Board kept interest rates unchanged, while the European Central Bank cut interest rates twice because of easing inflation. The 10-year U.S. Treasury yield remained range-bound as investors reacted to the U.S. budget bill.

Global real estate securities rose despite weakness in U.S. real estate and lower bond yields. Global infrastructure securities advanced based on the strong performance of passenger transportation stocks in non-U.S. markets.

Natural resource equities rose, led by agribusiness, with fertilizer and agricultural chemicals companies outperforming. The metals and mining sub-sector performed well because of gains in gold and silver prices. Commodities markets were volatile because of geopolitical tensions and shifting supply and demand dynamics.

Performance

The Fund’s relative exposure to Cameco Corp., Venture Global Inc. and Nutrien Ltd. had the most positive impact on performance. Cameco announced that a Pennsylvania-based nuclear power company, in which it holds a stake, expects higher earnings for 2025. Venture Global benefited from optimism around potential long-term liquefied natural gas contracts and progress at its third export terminal. Nutrien stock rose because of strong demand, strategic acquisitions and initiatives to improve operational efficiency.

Relative exposure to Pilgrim’s Pride Corp., Bakkafrost P/F and PPL Corp. was negative for performance. Pilgrim’s Pride reported lower-than-expected revenue and profit because of a shift in U.S. consumer demand from food service to retail. Bakkafrost reported disappointing quarterly results because of lower salmon prices amid a rise in global supply. PPL Corp. reported first-quarter earnings that missed estimates.

At the sector level, underweight exposure to diversified metals and mining, fertilizers and agricultural chemicals, and gold had a positive impact on performance. Security selection within global real estate, especially in the U.S. and Australia, also had a positive impact, as did overweight exposure to Spain. Underweight exposure to commodities was positive for performance as energy prices were volatile.

Stock selection within global listed infrastructure had a negative impact on the Fund’s performance. Underweight exposure to airports, water utilities and toll roads had a negative impact. Underweight exposure to global real estate was negative as the segment rose alongside lower bond yields.

Portfolio activity

The sub-advisor added Chevron Corp. based on its potential to win the arbitration dispute with Exxon Mobil Corp. over the Guyana Hess oil project. Based on the same assumption, Exxon Mobil and Hess Corp. were trimmed. Imperial Oil Ltd. was added to the Fund for its upstream assets, which are outperforming on volumes and cost estimates. Marathon Petroleum Corp. was added because it has higher free cash flow than its peers.

Digital Realty Trust Inc. was increased as the sub-advisor expects close to 10% growth over the next five years. Sempra Energy was increased because of reduced market concerns around the company’s wildfire risk.

The sub-advisor sold Cenovus Energy Inc. because of oil price volatility and because its operations were impacted by wildfires. Essential Utilities Inc. was sold in favour of higher-quality U.S. water companies. UDR Inc. was sold after the company reported weaker leasing, especially in the core Sun Belt region. The sub-advisor trimmed Targa Resources Corp. to reduce the Fund’s exposure to oil price volatility.

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 had 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 centres should benefit from rising demand for cloud computing and artificial intelligence (AI). The sub-advisor favours the logistics and self-storage segments, which may be less sensitive to economic change, and is 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 this challenging growth environment, in the sub-advisor's view. 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 significant 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 somewhat optimistic about crude oil demand because of modest global growth expectations, but believes oversupply concerns could bring oil prices down.

(March 31, 2025)

Cohen & Steers Capital Management, Inc.

NL — MAX8250

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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