Fund overview & performance

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Canada Life U.S. Concentrated Equity Fund

Fund fact

August 31, 2025

The Fund seeks to maximize long-term capital appreciation by investment primarily in equity securities of U.S. corporations.

Is this fund right for you?

You want your money to grow over a longer term.
You want to invest in large, established companies in the U.S.
You're comfortable with a medium level of risk.

Risk Rating

How is the fund invested? (as of June 30, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	88.6
	International Equity	10.4
	Cash and Equivalents	1.0

Geographic allocation (%)

	Name	Percent
	United States	88.6
	Japan	5.0
	Switzerland	2.0
	France	1.9
	Ireland	1.5
	Canada	1.0

Sector allocation (%)

	Name	Percent
	Financial Services	21.0
	Technology	18.6
	Consumer Goods	11.8
	Industrial Goods	11.0
	Healthcare	9.1
	Utilities	6.8
	Basic Materials	6.6
	Telecommunications	4.6
	Energy	3.8
	Other	6.7

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of June 30, 2025)

Top holdings	%
Parker-Hannifin Corp	4.8
Microsoft Corp	4.3
Capital One Financial Corp	3.7
Corteva Inc	3.7
Ameriprise Financial Inc	3.1
ANSYS Inc	3.0
Sony Group Corp - ADR	2.9
Martin Marietta Materials Inc	2.8
Atmos Energy Corp	2.7
Ecolab Inc	2.6
Total allocation in top holdings	33.6

Portfolio characteristics
Standard deviation	12.6%
Dividend yield	1.9%
Average market cap (million)	$410,300.9

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 (November 1, 2018 - August 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
13.6%	March 2025	8.0%	Oct. 2023

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
10.2%	100.0%	23	0

Q2 2025 Fund Commentary

Market commentary

Despite early volatility in the second quarter of 2025, U.S. equities rose overall while bonds fell. In early April, the U.S. administration introduced a universal 10% import tariff, as well as reciprocal tariffs on dozens of countries. A week later, a 90-day pause on reciprocal tariffs was enacted for almost all countries, easing trade tensions somewhat.

Economic data painted a mixed picture, with the U.S. first-quarter gross domestic product contracting 0.5% primarily because of reduced government spending and rising imports. Meanwhile, inflation rose 2.4% year-over-year in May and the unemployment rate remained close to 4%. A key gauge of consumer confidence rebounded in June, increasing for the first time in six months. However, given macroeconomic uncertainty, the U.S. Federal Reserve Board held its policy rate steady at a range of 4.25% to 4.50%, signaling a cautious stance.

Corporate fundamentals were strong, with many companies exceeding earnings-per-share expectations. Still, concerns around global trade and input costs were evident, with many companies referencing tariffs in earnings calls. Management teams broadly emphasized cost discipline and capital flexibility in the face of persistent macroeconomic challenges.

In geopolitics, tensions in the Middle East escalated, with Israel striking key Iranian figures and military sites. The U.S. launched airstrikes on Iran’s nuclear infrastructure but a ceasefire was reached late in the quarter. In Europe, Russian forces entered eastern Ukraine in the Dnipropetrovsk region for the first time in three years. While the two sides engaged in a second round of negotiations and completed prisoner exchanges, prospects of advancement toward a ceasefire remained unclear.

Performance

The Fund’s relative exposure to Microchip Technology Inc. had the most positive impact on performance. After several quarters of underperformance, driven by prolonged customer destocking, company fundamentals began to improve. Bookings showed signs of stabilization, supported by more balanced inventories across customers and distribution channels as well as indications of recovering end-market demand.

Relative exposure to Amgen Inc. had a negative impact on performance. Despite positive performance from its branded drugs, Amgen was affected by concerns surrounding potential tariff impacts, tax reform and pressure on drug prices.

At the sector level, stock selection in materials, financials and industrials had the most positive impact on performance. Stock selection in information technology and consumer discretionary was negative for performance as was underweight exposure to information technology.

Portfolio activity

The sub-advisor added Uber Technologies Inc. based on its global scale, market leadership and valuation. In the sub-advisor’s view, the company should see higher profitability and free cash flow generation. More partnerships should expand its reach and reduce supply costs, as should expansion in non-urban markets.

Xylem Inc. was sold after strong performance following progress on its profitability improvement initiatives in favour of Uber Technologies.

Outlook

With shifting trade dynamics, complex monetary and fiscal policy decisions, and geopolitical conflicts, the broader implications for the global economy remain unclear. However, the sub-advisor doesn’t attempt to predict the timing or short-term market impact of these elements. Instead, the sub-advisor’s investment approach in the fundamentals of individual businesses and their long-term potential.

(March 31, 2025)

Aristotle Capital Management

FEL — MAX1264

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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