Fund overview & performance

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Canada Life Diversified Real Assets Fund

Fund fact

March 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 January 31, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	39.6
	International Equity	24.5
	Foreign Bonds	12.1
	Canadian Equity	10.9
	Cash and Equivalents	6.5
	Income Trust Units	2.1
	Other	4.3

Geographic allocation (%)

	Name	Percent
	United States	59.5
	Canada	12.0
	United Kingdom	6.0
	France	3.2
	Japan	2.6
	Australia	2.3
	Multi-National	2.2
	Brazil	1.5
	Hong Kong	1.3
	Other	9.4

Sector allocation (%)

	Name	Percent
	Real Estate	22.1
	Energy	21.8
	Fixed Income	12.1
	Utilities	10.7
	Basic Materials	10.4
	Cash and Cash Equivalent	6.5
	Consumer Goods	5.3
	Exchange Traded Fund	4.4
	Industrial Services	2.1
	Other	4.6

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of January 31, 2025)

Top holdings	%
abrdn Blmbrg All Commodty Strat K-1 Free ETF (BCI)	2.2
TC Energy Corp	2.1
Williams Cos Inc	2.1
Shell PLC	1.9
American Tower Corp	1.8
National Grid PLC	1.7
Welltower Inc	1.7
Vinci SA	1.7
AGCO Corp	1.6
Enbridge Inc	1.4
Total allocation in top holdings	18.2

Portfolio characteristics
Standard deviation	-
Dividend yield	3.6%
Average market cap (million)	$75,159.4

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

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

Q4 2024 Fund Commentary

Market commentary

Diversified real assets declined over the quarter. Global real estate securities declined, giving back some of their year-to-date gains. In the U.S., regional malls outperformed. Data centre real estate investment trusts (REITs) rose amid strong demand and limited supply, while industrial REITs declined.

Outside the U.S., European real estate securities declined. The U.K. underperformed amid persistent inflation and slow economic growth. Asia Pacific real estate securities also declined.

Listed infrastructure was little changed for the quarter as pressure on rate-sensitive sectors offset gains elsewhere.

Natural resource equities were the weakest real assets. Agriculture equities struggled with higher supply and lower demand, which weighed on prices. Gold declined because of higher real interest rates and a stronger U.S. dollar.

Performance

The Fund’s off-benchmark exposure to EQT Corp., BKV Corp. and LandBridge Co. LLC had a positive impact on performance. Off-benchmark exposure to Barrick Gold Corp. and Teck Resources Ltd., and overweight exposure to Crown Castle Inc., had a negative impact.

EQT Corp. benefited from its midstream joint venture with Blackstone Inc. Shares of BKV Corp. rose because of higher natural gas prices. Shares of Texas-focused LandBridge Co. have been gaining since its IPO in July.

Barrick Gold Corp. had a negative impact on performance as gold miners declined. Investors were disappointed about a lower-than-expected sales price for Crown Castle Inc.’s fibre and small cell businesses. Teck Resources Ltd. underperformed because of a worsening outlook for industrial metals.

At the sector level, security selection in global natural resource equities had a positive impact on performance. An off-benchmark allocation to packaged foods and meats, and overweight exposure to oil and gas exploration and production, were positive for performance. Security selection in fertilizers and agricultural chemicals, and in short-term bonds, was also positive.

Underweight exposure to global real estate securities had a positive impact on performance. These securities were negatively affected by rising interest rates. However, security selection in global real estate securities had a negative impact on performance. Security selection in global listed infrastructure and underweight exposure to commodities were also negative.

The sub-advisor added Barrick Gold Corp., Kinder Morgan Inc. and Agree Realty Corp. The sub-advisor believes Barrick Gold Corp. could benefit from new lower-cost mines. Kinder Morgan Inc. was added to reduce underweight exposure to large-cap midstream C-corporations. Agree Realty Corp. announced a business update that showed healthy investment and capital raising activity.

The sub-advisor increased Bunge Global SA, American Electric Power Co. Inc. and Mitsubishi Estate Co. Ltd. Bunge Global SA’s crush margin (profit earned from processing raw agricultural commodities into finished products) outlook improved, driven by sustainable aviation fuel mandates. American Electric Power Co. should benefit from data centre demand. Mitsubishi Estate Co. announced a clearer share-buyback program.

Agnico Eagle Mines Ltd., SBA Communications Corp. and Lineage Logistics Holdings LLC were sold. Agnico Eagle Mines Ltd. was sold to fund the purchase of Barrick Gold Corp. Lineage Logistics Holdings LLC was sold on expectations of weaker pricing.

The sub-advisor decreased Mosaic Co., and exited Atmos Energy Corp. and Sumitomo Realty & Development Co. Ltd. Mosaic Co. was trimmed as checks revealed farmers were reducing phosphate application. Atmos Energy Corp.’s stock exceeded its perceived fair value. The sub-advisor believes Sumitomo Realty & Development Co. remains attractive but near-term opportunities for growth are limited.

The Fund had overweight exposure to global infrastructure to manage risk. The Fund also had overweight exposure to natural resource equities, which the sub-advisor believes could benefit from inflation. The Fund had underweight exposure to commodities because of uncertain demand. The Fund had a modest overweight allocation to short-term bonds to manage near-term risk.

Within global real estate, the Fund had underweight exposure to self-storage as demand remains weak. The sub-advisor believes there are value opportunities in European real estate but is wary of rising geopolitical tensions.

In Asia Pacific, the sub-advisor favours Australian industrials and residential developers. In Singapore, the sub-advisor prefers hospitals. The sub-advisor reduced the Fund’s exposure to Japan and is cautious of Hong Kong given the economic conditions in China.

The Fund had underweight exposure to commodities because the sub-advisor believes there is more attractive relative value in other real assets.

Outlook

The sub-advisor views the current environment of stabilizing growth as supportive but is mindful of inflation. The sub-advisor believes natural resources are positioned for significant growth as markets shift from an era of abundance to one of scarcity. The sub-advisor also believes metals and mining securities could experience growth, supported by Chinese stimulus. However, the sub-advisor remains cautious of iron ore because of the struggles in China’s property market.

The sub-advisor seeks to maintain a generally balanced portfolio.

(September 30, 2024)

Cohen & Steers Capital Management, Inc.

NL — MAX8250

Contact information

Toll free: 1-844-730-1633

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Summary

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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 Dec. 31, 2024.

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 Dec. 31, 2024. 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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