Fund Overview & Performance

Performance chart

Data not available based on date of inception

Commentary

Q2 2026 Fund Commentary

Commentary and opinions are provided by Keyridge Asset Management

Market Commentary

Listed private equity delivered a positive return over the second quarter of 2026 but didn't keep pace with the broad U.S. equity market, where gains came from a narrow group of artificial intelligence (AI) and technology companies.

Returns varied significantly across individual private equity firms, reflecting concerns about valuations, exits and financing conditions. In the sub-advisor's view, the growth of AI has also prompted greater caution toward software and technology assets, because assumptions about future revenues and competitive positioning continue to evolve.

Performance

The fund launched in May 2026 and does not yet have a sufficient track record to support meaningful performance commentary.

Portfolio Activity

The fund launched in May 2026 and does not yet have a sufficient history to provide meaningful commentary on portfolio activity.

Outlook

Looking beyond the short term, the sub-advisor views recent macroeconomic developments as a potential value opportunity, because the sector continues to offer exposure to a growing private markets industry.

In the sub-advisor's view, listed private equity may also provide access to AI infrastructure assets that are largely absent from public equity indices, which are instead dominated by large cloud-computing providers and semiconductor companies.

Disclaimer

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, 2026.

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 June 30, 2026. 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.

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.

Counsel Portfolios are managed by Canada Life Investment Management Ltd. Counsel Portfolios 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.