July 31, 2026
This segregated fund invests primarily in stock of companies anywhere in the world currently through the Canada Life Global All Cap Equity Fund. On or about June 5, 2026, this fund's name changed to Global All Cap Equity II from Global Low Volatility. With this change the segregated fund changed from investing directly in stocks of companies anywhere in the world to investing in global stocks through the Canada Life Global All Cap Equity Fund and the fund's risk rating changed from "Low to Moderate" to "Moderate". The performance prior to the above dates were achieved under previous manager and/or investment objective.
Is this fund right for you?
- A person who is investing for the medium to longer term, seeking the growth potential of global stocks and is comfortable with moderate risk.
- Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.
RISK RATING
How is the fund invested? (as of May 31, 2026)
| Name | Percent |
|---|---|
| US Equity | 65.5 |
| International Equity | 28.8 |
| Canadian Equity | 2.4 |
| Cash and Equivalents | 2.4 |
| Foreign Bonds | 0.8 |
| Income Trust Units | 0.2 |
| Other | -0.1 |
| Name | Percent |
|---|---|
| United States | 65.6 |
| Japan | 7.4 |
| United Kingdom | 4.2 |
| Canada | 4.0 |
| Ireland | 3.3 |
| Germany | 2.8 |
| Israel | 2.7 |
| Netherlands | 2.4 |
| Hong Kong | 2.0 |
| Other | 5.6 |
| Name | Percent |
|---|---|
| Technology | 22.9 |
| Financial Services | 15.3 |
| Healthcare | 15.0 |
| Consumer Services | 9.8 |
| Real Estate | 8.5 |
| Consumer Goods | 6.7 |
| Telecommunications | 4.6 |
| Energy | 4.2 |
| Industrial Goods | 3.2 |
| Other | 9.8 |
Growth of $10,000 (since inception)
For the period 11/04/2019 through 07/31/2026 tr.with $10,000 CAD investment, The value of the investment would be $16,747
Fund details (as of May 31, 2026)
| Top holdings | Percent (%) |
|---|---|
| Apple Inc | 4.8 |
| Microsoft Corp | 3.6 |
| NVIDIA Corp | 3.1 |
| Alphabet Inc Cl A | 2.3 |
| Cisco Systems Inc | 1.7 |
| Cash and Cash Equivalents | 1.6 |
| Amazon.com Inc | 1.5 |
| Northern Trust Corp | 1.5 |
| AIB Group PLC | 1.4 |
| Exxon Mobil Corp | 1.4 |
| Total allocation in top holdings | 22.9 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 8.19% |
| Dividend yield | 2.59% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $1,135,094.7 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| -0.38 | 5.80 | 7.40 | 15.55 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 14.01 | 8.73 | - | 7.95 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 12.85 | 19.57 | 6.05 | -5.01 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 13.77 | -1.16 | - | - |
Range of returns over five years (December 01, 2019 - July 31, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| 10.44% | Feb 2026 | 6.26% | Dec 2024 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| 8.70% | 100 | 21 | 0 |
Q2 2026 Fund Commentary
Commentary and opinions are provided by Keyridge Asset Management Limited.
Market commentary
The global economy steadied in the second quarter after the energy shock that dominated the start of the year. Crude oil prices stayed high through much of the quarter before retreating late as tensions in the Middle East eased and shipping through the Strait of Hormuz began to resume. The pullback in oil lowered input costs for energy-importing economies and helped cool fears of a broader inflation shock.
Major central banks stayed cautious. The U.S. Federal Reserve Board (Fed) and the Bank of Canada both held interest rates unchanged, and the Fed signaled that rate increases were possible later in the year. The European Central Bank raised its policy interest rates at its June meeting in response to rising inflationary pressures.
Global equity markets rose in the second quarter. Developed markets gained about 13%, led by a strong rally in the U.S. Japanese equities delivered a strong return, supported by firm economic data and continuing corporate governance reforms, though a weaker yen stayed in focus for policymakers. Emerging markets outperformed, rising close to 23%, led by extraordinary gains in South Korea and Taiwan on demand tied to artificial intelligence (AI) and semiconductors, while Chinese and Indian equities lagged.
Performance
Stock selection in the communication services sector and underweight exposure to real estate contributed to performance.
Relative exposure to Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) cand Lam Research Corp. contributed to performance. TSMC shares benefited from demand for leading-edge process technologies and AI, reporting rising revenue and earnings. Lam Research reported record revenue and earnings, citing AI-driven demand across the chip industry.
Stock selection in the information technology, financials and industrials sectors detracted from performance.
Overweight exposure to CME Group Inc. and underweight exposure to Micron Technology Inc. detracted from the Fund’s performance. CME Group shares fell after it announced a major leadership transition that introduced uncertainty. Micron Technology benefited from accelerating AI-related memory demand, tight industry supply and stronger pricing.
Portfolio activity
Micron Technology and Banco Santander SA were added to the Fund. The sub-advisor increased NVIDIA Corp., Alphabet Inc. and Apple Inc. Other increases were TSMC, Amazon.com Inc. and Microsoft Corp., to add to information technology and semiconductor exposure.
McKesson Corp. and Japan Exchange Group Inc. were sold while Assa Abloy AB was reduced.
Summary
For the period 11/04/2019 through 07/31/2026 with $10,000 CAD investment
Total returns performance
67.47%
Last price
$16.75 CAD
as of market close 07/31/2026
Value of $10,000 investment
$16,746.90 CAD
